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<SEC-DOCUMENT>0000891804-09-000034.txt : 20090109
<SEC-HEADER>0000891804-09-000034.hdr.sgml : 20090109
<ACCEPTANCE-DATETIME>20090109104437
ACCESSION NUMBER:		0000891804-09-000034
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20081031
FILED AS OF DATE:		20090109
DATE AS OF CHANGE:		20090109
EFFECTIVENESS DATE:		20090109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
		CENTRAL INDEX KEY:			0001219120
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21309
		FILM NUMBER:		09517333

	MAIL ADDRESS:	
		STREET 1:		1065 AVENUE OF THE AMERICAS
		STREET 2:		31ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>clay44995-ncsr.txt
<DESCRIPTION>AVK
<TEXT>
                                  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 811-21309
                                                     ---------

             Advent Claymore Convertible Securities and Income Fund
- --------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)


                 1065 Avenue of the Americas, New York, NY 10018
- --------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)

                             Robert White, Treasurer
                 1065 Avenue of the Americas, New York, NY 10018
- --------------------------------------------------------------------------------
                     (Name and address of agent for service)

       Registrant's telephone number, including area code: (212) 479-0675
                                                           --------------

                       Date of fiscal year end: October 31
                                                ----------

                   Date of reporting period: October 31, 2008
                                             ----------------

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. ss. 3507.

<PAGE>

ITEM 1. REPORTS TO STOCKHOLDERS.

The registrant's annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:


                                                                          ANNUAL
                                                                          REPORT
                                                                October 31, 2008

                                                     ADVENT CLAYMORE CONVERTIBLE
                                                      SECURITIES AND INCOME FUND

AVK

PHOTO: A suspension bridge as scene from below.


Logo: Advent Capital Management

                                                              Logo: CLAYMORE(SM)



<PAGE>

                                                            WWW.CLAYMORE.COM/AVK
                                                  ... YOUR BRIDGE TO THE LATEST,
                                           MOST UP-TO-DATE INFORMATION ABOUT THE
                          ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND


PHOTO: A suspension bridge as scene from below.

                           AVK            Advent Claymore
                          LISTED      Convertible Securities
                          NYSE(R)          and Income Fund


Logo: Advent Capital Management

                                                              Logo: CLAYMORE(SM)


    There can be no assurance the Fund will achieve its investment objective.
      The value of the Fund will fluctuate with the value of the Underlying
     securities. Historically, closed-end funds often trade at a discount to
                             their net asset value.

            NOT FDIC INSURED o NOT BANK-GUARANTEED o MAY LOSE VALUE


The shareholder report you are reading right now is just the beginning
of the story. Online at WWW.CLAYMORE.COM/AVK, you will find:

o  Daily, weekly and monthly data on share prices,
   net asset values, dividends and more

o  Portfolio overviews and performance analyses

o  Announcements, press releases and special notices

o  Fund and adviser contact information

Advent Capital Management and Claymore are continually updating and expanding
shareholder information services on the Fund's website, in an ongoing effort to
provide you with the most current information about how your Fund's assets are
managed, and the results of our efforts. It is just one more small way we are
working to keep you better informed about your investment in the Fund.




2 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Dear SHAREHOLDER|

Photo: Tracy V. Maitland
Tracy V. Maitland
President and Chief Executive Officer

We thank you for your investment in the Advent Claymore Convertible Securities
and Income Fund (the "Fund"). This report covers the Fund's performance for the
fiscal year ended October 31, 2008.

The Fund's investment objective is to provide total return through a combination
of capital appreciation and current income. Under normal market conditions, the
Fund will invest at least 80% of its managed assets in a diversified portfolio
of convertible securities and non-convertible income securities. Under normal
market conditions, the Fund will invest at least 60% of its managed assets in
convertible securities and up to 40% in lower grade, non-convertible income
securities. Convertible securities represented 73.7% of the portfolio as of
October 31, 2008.

All Fund returns cited--whether based on net asset value ("NAV") or market
price--assume the reinvestment of all distributions. For the 12-month period
ending October 31, 2008, the Fund provided a total return based on market price
of -41.96% and a return of -51.06% based on NAV. As of October 31, 2008, the
Fund's market price of $13.11 represented a premium of 4.71% to NAV of $12.52.

The Fund currently implements its leverage strategy primarily through issuance
of Auction Market Preferred Shares ("AMPS") and additionally through total
return swaps on bank loans. The broad auction-rate preferred securities market
remains essentially frozen. The auctions for nearly all auction-rate preferred
shares, including AMPS such as those issued by the Fund, are failing. We believe
that this increase in failed auctions is simply a liquidity issue. Investors
need to be aware that a failed auction is not a default, nor does it require the
redemption of a fund's auction-rate preferred shares. Provisions in the offering
documents of the Fund's AMPS provide a mechanism to set a maximum rate in the
event of a failed auction, and, thus, investors will continue to be entitled to
receive payment for holding these AMPS. This maximum rate is determined based
upon a multiple of or a spread to LIBOR--whichever is greater.

The Fund has six series of AMPS, three that auction each week and three that
auction every 28 days. The auctions for the Fund's AMPS have failed since
mid-February 2008, as have auctions of most AMPS. The established maximum rates
during this period were based on a spread of 125 basis points over the
applicable LIBOR rates, with the maximum rates ranging from 3.27% to 5.94%. From
mid-October 2008 and into November, LIBOR declined dramatically. As a result,
recent maximum rates have been below 2.50%. Subsequent to the reporting period
on December 1, 2008, the Fund announced a redemption of $13 million of its AMPS.
These redemptions are scheduled to take place between December 23, 2008 and
January 14, 2009. We will continue to evaluate the benefits and impacts of
leverage on the Fund, as well as explore other methods of utilizing leverage.

On December 1, 2008, the Fund declared its December monthly dividend of $0.0939
per share, reflecting a reduction of $0.0779 per share from the previous monthly
distribution rate of $0.1718 per share, which was maintained throughout the
Fund's fiscal year ended October 31, 2008. The Fund's management believes that
reducing the distribution is a necessary step to enhance our ability to maintain
and potentially grow the Fund's net asset value--which should benefit the Fund's
shareholders over time. This reduced dividend represents an annualized
distribution rate of 8.59% based upon the closing market price of $13.11 on
October 31, 2008.

                                            Annual Report | October 31, 2008 | 3


<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | DEAR SHAREHOLDER
continued


There is no guarantee of any future distributions or that the current returns
and distribution rate will be maintained.

We encourage shareholders to consider the opportunity to reinvest their
distributions from the Fund through the Dividend Reinvestment Plan ("DRIP"),
which is described in detail on page 27 of this report. When shares trade at a
discount to NAV, the DRIP takes advantage of the discount by reinvesting the
monthly dividend distribution in common shares of the Fund purchased in the
market at a price less than NAV. Conversely, when the market price of the Fund's
common shares is at a premium above NAV, the DRIP reinvests participants'
dividends in newly-issued common shares at NAV, subject to an IRS limitation
that the purchase price cannot be more than 5% below the market price per share.
The DRIP provides a cost-effective means to accumulate additional shares and
enjoy the benefits of compounding returns over time. The DRIP plan effectively
provides an income-averaging technique, which causes shareholders to accumulate
a larger number of Fund shares when the share price is depressed rather than
when the price is higher.

The following Questions & Answers section provides more information about the
factors that affected the Fund's performance during the past twelve months.

We are honored that you have chosen the Advent Claymore Convertible Securities
and Income Fund as part of your investment portfolio. For the most up-to-date
information on your investment, please visit the Fund's website at
www.claymore.com/avk.

Sincerely,


/s/ Tracy V. Maitland


Tracy V. Maitland

President and Chief Executive Officer of the Advent Claymore Convertible
Securities and Income Fund
December 2, 2008



4 | Annual Report | October 31, 2008

<PAGE>


AVK | Advent Claymore Convertible Securities and Income Fund | QUESTIONS
& ANSWERS


QUESTIONS & ANSWERS|

Advent Claymore Convertible Securities and Income Fund (the "Fund") is managed
by a team of seasoned professionals at Advent Capital Management, LLC,
("Advent"), led by Tracy V. Maitland, Advent's President and Chief Investment
Officer. In the following interview, Mr. Maitland discusses the convertible
securities and high-yield markets and the performance of the Fund during its
fiscal year ended October 31, 2008.


- --------------------------------------------------------------------------------
WILL YOU REMIND US OF THIS FUND'S OBJECTIVES AND HOW YOU SEEK TO ACHIEVE THEM?

The Fund's investment objective is to provide total return through a combination
of capital appreciation and current income. Under normal market conditions, the
Fund will invest at least 80% of its managed assets in a diversified portfolio
of convertible securities and non-convertible income securities. Under normal
market conditions, the Fund will invest at least 60% of its managed assets in
convertible securities and may invest up to 40% in lower grade, non-convertible
income securities. Historically, convertible securities have generally provided
returns similar to equity returns with lower risk. This is possible because a
significant portion of the return of convertible securities generally comes from
yield. Moreover, movement in the price of the convertible security tends to be
more sensitive to appreciation of the underlying stock than to setbacks in the
price of the stock.

More than half of the convertible market and a large portion of the Fund's
convertible investments are in securities issued by growth
companies--particularly companies within the healthcare, financial and
technology sectors. Growth companies generally issue convertible bonds or
convertible preferred stocks as a means of raising capital to build their
businesses. Convertibles represent something of a compromise between equity and
debt as a way to raise capital for growth; convertibles generally have a lower
interest rate than straight bonds, but entail less dilution than issuing common
stock. Financial companies, while not presently considered growth companies,
also issue a fair amount of convertible securities--typically convertible
preferreds with more attractive yields and higher credit ratings. By offering
preferreds, companies can raise capital while helping to keep their credit
ratings higher than if they offered bonds. This is because issuing bonds would
increase the proportion of debt on an issuing company's balance sheet, making a
downgrade in credit rating more likely, while preferred stock is classified as
equity. Credit ratings are especially important to financial companies, since a
lower credit rating generally results in higher borrowing costs.

The Fund's flexibility to shift between convertibles and high-yield bonds helps
provide diversification on an asset, sector and security level. Among the
attractions of convertible securities are that they generally offer a yield
advantage over common stocks; they have tended to move up in tandem with
equities in strong markets; and the yield advantage has historically provided
inherent downside protection in weaker markets.


- --------------------------------------------------------------------------------
PLEASE TELL US ABOUT THE ECONOMIC AND MARKET ENVIRONMENT OVER THE LAST 12
MONTHS.

In the mid-year report for this Fund, we described the six-month period ended
April 30, 2008, as a time of economic uncertainty and turmoil in capital
markets. Since that time, there has been pronounced further deterioration in the
economy and in equity and debt markets throughout the world.

The U.S. economy, as measured by real gross domestic product, contracted in the
third quarter of 2008, and most economists are now predicting several quarters
of negative real growth. Unemployment has risen sharply; consumer spending has
dropped; and business investment has weakened as even those firms in healthy
financial condition have become reluctant to expand in an environment of
heightened uncertainty and tighter credit.

The present crisis originated with the end of a housing boom fueled by
excessively easy credit. As the prices of houses fell, losses on mortgage-based
securities mounted, eroding the capital of financial institutions and initiating
a vicious cycle of deleveraging. The process began in late 2007 as a correction
in the sub-prime mortgage market, but it has intensified markedly, with profound
implications for the entire U.S. economy and related effects on global markets
and economies. In fact, many foreign economies, especially those that depend on
exports for growth, have weakened more than the U.S.

Credit markets have become so intolerant of risk that they are essentially
frozen. In an effort to alleviate the financial crisis, the U.S. government has
taken unprecedented actions, including instituting temporary insurance on money
market funds, expanding access by financial institutions to the Federal Reserve
(the "Fed"), and investing directly in some financial institutions. Some large
financial firms have been allowed to fail, while others were rescued, and
takeovers of troubled financial firms have been arranged. Other central banks
have also taken robust action to support banking systems and stimulate economic
growth.

In this very difficult environment, markets have been extremely volatile, and
essentially all asset classes except U.S. Treasury securities have had negative
returns. The Standard & Poor's 500 Index(1), which is generally regarded as a
good indicator of the broad stock market, returned -36.10% for the 12-month
period ended October 31, 2008. World equity markets performed even worse: the
MSCI World Index(2), which measures performance of world equity markets,
returned -41.51% during the same time period.



- ----------
1    Standard and Poor's 500 Index is a capitalization-weighted index of 500
     stocks. The index is designed to measure performance of the broad domestic
     economy through changes in the aggregate market value of 500 stocks
     representing all major industries

2    MSCI World Index is a free float-adjusted market capitalization index that
     measures global developed market equity performance of the developed market
     country indices of Europe, Australasia, the Far East, the U.S. and Canada.


                                            Annual Report | October 31, 2008 | 5


<PAGE>



AVK | Advent Claymore Convertible Securities and Income Fund | QUESTIONS &
ANSWERS continued


Convertible securities, which in the past have been less volatile than straight
equities, performed almost as poorly: the return of the Merrill Lynch All U. S.
Convertibles Index(3) was -35.42% for the same time period. A major reason for
negative performance was selling by hedge funds, which had made leveraged
investments in convertibles while shorting the underlying common stocks. Unable
to get the financing they had used in the past, hedge funds had to sell
convertibles into a market with little demand, and prices dropped precipitously.

In the bond market, we have seen unprecedented spreads between yields of
investment grade and high-yield corporate bonds and U.S. Treasury securities,
which are considered not to carry credit risk. In this disastrous market, the
only bonds with positive returns were those with little or no credit risk: the
Lehman 10-20 Year U.S. Treasury Index(4) returned 4.13%. The Lehman Brothers
Aggregate Bond Index(5), which measures return of the high-quality U.S. bond
market as a whole, returned 0.30%, but the return of the Merrill Lynch High
Yield Master II Index(6), which measures performance of the high-yield bond
market, was -25.40%. All Index returns are for the 12-month period ended October
31, 2008.


- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM IN THIS ENVIRONMENT?

All Fund returns cited--whether based on net asset value ("NAV") or market
price--assume the reinvestment of all distributions. For the 12-month period
ending October 31, 2008, the Fund provided a total return based on market price
of -41.96% and a return of -51.06% based on NAV. As of October 31, 2008, the
Fund's market price of $13.11 represented a premium of 4.71% to NAV of $12.52. A
year earlier, at October 31, 2007, the Fund's closing market price was $25.15
and NAV was $28.23. The market value of the Fund's shares fluctuates from time
to time, and it may be higher or lower than the Fund's NAV.


- --------------------------------------------------------------------------------
WHAT WERE THE MAJOR INVESTMENT DECISIONS THAT AFFECTED THE FUND'S PERFORMANCE?

In recent months convertibles have experienced the greatest setback in recorded
history. Records don't exist for the period of the market crash of the late
1920s and early 1930s, but today's conditions have been much worse than in the
worst periods of the 1970s and 1980s. In a severe bear market, convertibles
barely outperformed equities. So the Fund's 73.7% position in convertibles was
an impediment to performance.

Many convertibles, even those with short maturities, have been trading at higher
yields than the straight bonds of the same companies. This is an anomaly that
apparently reflects forced selling of convertibles by hedge funds and in our
opinion suggests superior returns from convertibles in the future.

Within the convertibles portion of the portfolio, a significant position in the
health care industry helped performance. The relative strength in health care
was more than offset by large exposure to the financial sector, which had been a
good source of relatively high income and equity appreciation potential for the
Fund over the years. Indeed, health care and financials typically are the two
largest sectors in the Fund.

While health care investments did relatively well, the definition of relatively
good performance in the second half of the Fund's fiscal year was a small
loss--rather than a strong gain. Our largest healthcare investment is in Teva
Pharmaceutical Finance LLC (3.6% of long-term investments), the world's largest
generic drug company; we swapped out of the 1.75% convertible bond for the 0.25%
"C" series convertible bond, which offered potential downside protection without
sacrificing upside potential. We raised Teva to the largest position in the Fund
on October 31. We also did relatively well with our investment in Watson
Pharmaceuticals, Inc. (1.6% of long-term investments), another generic drug
company, which declined only modestly during the market rout. We began to reduce
our position in Watson, however, because the convertible appeared to no longer
offer sufficient appreciation potential.

Unfortunately, financial stocks were hard hit, especially in the second half of
the Fund's fiscal year. We accumulated a small position in Lehman Brothers
Holdings Inc. (no securities were held in portfolio at period end) as the firm
appeared to be turning around--and consequently we were caught in the bankruptcy
filing, which drove the price of the Lehman convertible to pennies on the
dollar. We also suffered further losses in our reduced position in XL Capital
Ltd. (0.3% of long-term investments), a reinsurance company that appeared to be
turning around under new management, but continued to fall into disfavor in the
market.

We sold our small positions in Federal National Mortgage Association ("Fannie
Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") before the
convertible preferreds of these two entities became essentially worthless. (No
securities of these entities were held in the portfolio at period end.) The lack
of protection for the preferreds in the government rescues of these two
companies was reflected in lower prices of other


- ----------
3    The Merrill Lynch All U.S. Convertibles Index (VXA0) is comprised of
     approximately 500 issues of convertible bonds and preferred stock of all
     qualities.

4    The Lehman 10-20 Year U.S. Treasury Index is comprised of securities in the
     Treasury Index (i.e., public obligations of the U.S. Treasury) with a
     maturity from 10 up to (but not including) 20 years.

5    The Lehman Brothers Aggregate Bond Index covers the U.S.
     dollar-denominated, investment-grade, fixed rate, taxable bond market of
     SEC-registered securities. The Index includes bonds from the Treasury,
     government-related, corporate, mortgage-backed securities (agency
     fixed-rate and hybrid ARM passthroughs), asset-backed securities and
     collateralized mortgage-backed securities sectors. U.S. Agency Hybrid
     Adjustable Rate Mortgage (ARM) securities were added to the U.S. Aggregate
     Index on April 1, 2007.

6    The Merrill Lynch High Yield Master II Index is a commonly used benchmark
     index for high yield corporate bonds. It is a measure of the broad high
     yield market.

These indices are unmanaged and it is not possible to invest directly in any
index.


6 | Annual Report | October 31, 2008


<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | QUESTIONS &
ANSWERS continued


convertible preferreds--particularly convertible preferreds in the financial
sector--which are a major investment of the Fund.

All was not woe in the financial sector, however. We began accumulating
convertible bonds of Merrill Lynch & Co., Inc. (1.1% of long-term investments)
in mid-July. The September 14 announcement that Merrill Lynch would be acquired
by Bank of America Corporation (1.6% of long-term investments) caused these
preferreds to move up, helping to add to performance.

The Fund also made a modest profit on Boston Private Financial Holdings, Inc.
(0.5% of long-term investments) as the market began to recognize that the
convertible bonds--puttable July 15, 2009--are highly likely to prove "money
good" and as the company announced that it had bought back some of the
convertibles.

Our allocation to high-yield bonds was also a negative impact as credit spreads
widened dramatically, though not quite so negative as convertibles. Since
high-yield bonds are more difficult to hedge than convertibles, they are less
appealing to hedge funds, thus have not felt the extreme selling pressure
experienced by convertibles. Over this period, the Fund was underweight high
yield relative to its history. At inception, approximately 40% of the Fund's
assets were invested in high-yield bonds; high-yield bonds represented 10.4% of
total investments as of October 31, 2007, and 11.4% as of October 31, 2008. The
Fund would have faired better over this period with a greater weight in
high-yield bonds.

The Fund has also had some exposure to leveraged bank loans, which were under
pressure. Like convertibles, bank loans were widely held by hedge funds, often
with considerable leverage. And, like convertibles, they have been subject to
forced selling as hedge funds have found it necessary to raise cash. We believe
that the current prices of some bank loans still in the portfolio are
attractive, and such holdings are likely to perform better as different types of
investment entities begin to identify investment opportunities in these
instruments.


- --------------------------------------------------------------------------------
HOW HAS THE FUND'S LEVERAGE STRATEGY AFFECTED PERFORMANCE?

The Fund utilizes leverage (borrowing) as part of its investment strategy. The
purpose of leverage is to finance the purchase of additional securities that
provide increased income and potentially greater appreciation potential to
common shareholders than could be achieved from a portfolio that is not
leveraged. The Fund currently implements its leverage strategy primarily through
the issuance of Auction Market Preferred Shares ("AMPS").

Through the fiscal year ended October 31, 2008, the Fund's AMPS leverage was
maintained at a constant level of $275 million. We were conservative in not
maximizing leverage at times when the Fund's NAV was much higher than it is now.
In retrospect, this was a wise move because the recent setback has caused the
Fund's leverage to increase as a percentage of asset value.

The broad auction-rate preferred securities market remains essentially frozen.
The auctions for nearly all auction-rate preferred shares, including AMPS such
as those issued by the Fund, are failing. We believe that this increase in
failed auctions is simply a liquidity issue. Investors need to be aware that a
failed auction is not a default, nor does it require the redemption of a fund's
auction-rate preferred shares. Provisions in the offering documents of the
Fund's AMPS provide a mechanism to set a maximum rate in the event of a failed
auction, and, thus, investors will continue to be entitled to receive payment
for holding these AMPS. This maximum rate is determined based upon a multiple of
or a spread to LIBOR--whichever is greater.

The Fund has six series of AMPS, three that auction each week and three that
auction every 28 days. The auctions for the Fund's AMPS have failed since
mid-February 2008, as have auctions of most AMPS. The established maximum rates
during this period were based on a spread of 125 basis points over the
applicable LIBOR rates, with the maximum rates ranging from 3.27% to 5.94%. From
mid-October and into November, LIBOR declined dramatically. As a result, recent
maximum rates have been below 2.50%. We will continue to evaluate the benefits
and impacts of leverage on the Fund, as well as exploring other methods of
utilizing leverage. On December 1, 2008, the Fund announced a partial at-par
redemption of its outstanding AMPS, liquidation preference $25,000 per share.
The Fund will redeem $13 million of its outstanding AMPS. The redemption price
will be equal to the liquidation preference per share, plus accumulated but
unpaid dividends as of the applicable redemption date. See the Fund's website
for redemption schedule.

Subsequent to the reporting period, on December 1, 2008, the Fund announced a
partial redemption of its AMPS. The Fund will redeem $13 million of its
outstanding AMPS between December 23, 2008 and January 14, 2009. The redemption
price will be equal to the liquidation preference per share, plus accumulated
but unpaid dividends as of the redemption date.

There is no guarantee that the Fund's leverage strategy will be successful, and
the Fund's use of leverage may cause the Fund's NAV and market price of common
shares to be more volatile. During the recent market volatility, leverage has
been a handicap. Leverage adds value only when the return on securities
purchased exceeds the cost of leverage.

We believe that it seems more likely that leverage will again add to
performance, given the current relatively low rates on AMPS--and the relatively
low prices and high yields on our investments. Although the use of Financial
Leverage by the Fund may create an opportunity for increased return for the
common shares, it also results in additional risks and can magnify the effect of
any losses. If the income and gains earned on securities purchased with the
Financial Leverage proceeds are greater than the cost of the Financial Leverage,
the common shares' return will be greater


                                            Annual Report | October 31, 2008 | 7

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | QUESTIONS &
ANSWERS continued


than if Financial Leverage had not been used. Conversely, if the income or gains
from the securities purchased with the Financial Leverage proceeds are less than
the cost of the Financial Leverage, the return of the common shares will be less
than if Financial Leverage had not been used. There is no assurance that a
Financial Leveraging strategy will be successful.


- --------------------------------------------------------------------------------
WHAT IS YOUR CURRENT OUTLOOK FOR THE MARKETS AND THE FUND?

It is always disappointing to report a negative return, as nearly all funds have
in the recent market setback. As difficult as the market has been over the last
year, we believe that current market conditions provide many attractive
opportunities for this Fund, which has the ability to invest at a time when many
other investors are forced to sell holdings regardless of value.

A major advantage of investing in convertible securities is the feature of
asymmetry in the convertible market: convertibles tend to capture more of the
upside in a positive market than they lost on the downside in a negative market.
This feature makes convertibles very attractive to hedge funds, which, as
mentioned above, have invested heavily in these securities, providing a huge
source of liquidity in this market for the past few years. However, in recent
months, with many hedge funds in trouble, forced selling has put significant
pressure on the market for convertibles.

The positive aftermath of the disappointing performance in the recent
convertible market is that, we believe, the upside potential from convertibles
is now greater. Yields are higher, most issues are trading at discounts from
par, and conversion premiums are reasonable. We feel confident that over time
our diligence in security selection will continue to help the Fund's performance
both by providing favorable returns in rising markets and by providing
protection against down markets. Our two key asset classes--convertibles and
high-yield securities--historically have had much lower volatility and downside
risk than common stocks. Our proprietary credit analysis is intended to enable
us to invest in companies with what we believe are stable-to-improving
fundamentals and to avoid deteriorating situations that could be especially
dangerous during weak economic environments. Over time, convertible securities
have historically provided equity-like returns at lower risk by capturing much
of the appreciation of common stocks, while yielding more than equities and
experiencing less price deterioration during market corrections.

================================================================================
The conversion premium reflects the market price of a convertible relative to
the market value of the common shares into which the convertible security can be
converted. For example, a bond trading at a par value of $1,000 that is
convertible into 20 shares trading at $40 would have a conversion premium of 25%
over its conversion value of $800. The lower the conversion premium, the more
upside there is for convertible investors. If the stock performs poorly, the
convertible normally provides downside protection based on its yield and its
fixed-income value.
================================================================================





- --------------------------------------------------------------------------------
AVK RISKS AND OTHER CONSIDERATIONS

The views expressed in this report reflect those of the Portfolio Managers only
through the report period as stated on the cover. These views are subject to
change at any time, based on market and other conditions and should not be
construed as a recommendation of any kind. The material may also contain
forward-looking statements that involve risk and uncertainty, and there is no
guarantee they will come to pass. There can be no assurance that the Fund will
achieve its investment objectives. The value of the Fund will fluctuate with the
value of the underlying securities. Historically, closed-end funds often trade
at a discount to their net asset value. The Fund is subject to investment risk,
including the possible loss of the entire amount that you invest. Past
performance does not guarantee future results.

CONVERTIBLE SECURITIES. The Fund is not limited in the percentage of its assets
that may be invested in convertible securities. Convertible securities generally
offer lower interest or dividend yields than non-convertible securities of
similar quality. The market values of convertible securities tend to decline as
interest rates increase and, conversely, to increase as interest rates decline.
However, the convertible security's market value tends to reflect the market
price of the common stock of the issuing company when that stock price is
greater than the convertible's "conversion price, " which is the predetermined
price at which the convertible security could be exchanged for the associated
stock.

SYNTHETIC CONVERTIBLE SECURITIES. The value of a synthetic convertible security
will respond differently to market fluctuations than a convertible security
because a synthetic convertible security is composed of two or more separate
securities, each with its own market value. In addition, if the value of the
underlying common stock or the level of the index involved in the convertible
component falls below the exercise price of the warrant or option, the warrant
or option may lose all value.

LOWER GRADE SECURITIES. The Fund may invest an unlimited amount in lower grade
securities. Investing in lower grade securities (commonly known as "junk bonds")
involves additional risks, including credit risk. Credit risk is the risk that
one or more securities in the Fund's portfolio will decline in price, or fail to
pay interest or principal when due, because the issuer of the security
experiences a decline in its financial status.

LEVERAGE RISK. Certain risks are associated with the leveraging of common stock.
Both the net asset value and the market value of shares of common stock may be
subject to higher volatility and a decline in value.

INTEREST RATE RISK. In addition to the risks discussed above, convertible
securities and non-convertible income securities are subject to certain risks,
including:

o if interest rates go up, the value of convertible securities and
nonconvertible income securities in the Fund's portfolio generally will decline;

o during periods of declining interest rates, the issuer of a security may
exercise its option to prepay principal earlier than scheduled, forcing the Fund
to reinvest in lower yielding securities. This is known as call or prepayment
risk. Lower grade securities have call features that allow the issuer to
repurchase the security prior to its stated maturity. An issuer may redeem a
lower grade security if the issuer can refinance the security at a lower cost
due to declining interest rates or an improvement in the credit standing of the
issuer; and


8 | Annual Report | October 31, 2008


<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | QUESTIONS &
ANSWERS continued


o during periods of rising interest rates, the average life of certain types of
securities may be extended because of slower than expected principal payments.
This may lock in a below market interest rate, increase the security's duration
(the estimated period until the security is paid in full) and reduce the value
of the security. This is known as extension risk.

ILLIQUID INVESTMENTS. The Fund may invest without limit in illiquid securities.
The Fund may also invest without limit in Rule 144A Securities. Although many of
the Rule 144A Securities in which the Fund invests may be, in the view of the
Investment Manager, liquid, if qualified institutional buyers are unwilling to
purchase these Rule 144A Securities, they may become illiquid. Illiquid
securities may be difficult to dispose of at a fair price at the times when the
Fund believes it is desirable to do so. The market price of illiquid securities
generally is more volatile than that of more liquid securities, which may
adversely affect the price that the Fund pays for or recovers upon the sale of
illiquid securities.

FOREIGN SECURITIES AND EMERGING MARKETS RISK. Investing in non-U.S. issuers may
involve unique risks, such as currency, political, economic and market risk. In
addition, investing in emerging markets entails additional risk including, but
not limited to (1) news and events unique to a country or region (2) smaller
market size, resulting in lack of liquidity and price volatility (3) certain
national policies which may restrict the Fund's investment opportunities.

STRATEGIC TRANSACTIONS. The Fund may use various other investment management
techniques that also involve certain risks and special considerations, including
engaging in hedging and risk management transactions, including interest rate
and foreign currency transactions, options, futures, swaps, caps, floors, and
collars and other derivatives transactions.

AUCTION MARKET PREFERRED SHARES (AMPS) RISK. The AMPS are redeemable, in whole
or in part, at the option of the Fund on any dividend payment date for the AMPS,
and are subject to mandatory redemption in certain circumstances. The AMPS are
not listed on an exchange. You may buy or sell AMPS only through an order placed
at an auction with or through a broker-dealer that has entered into an agreement
with the auction agent and the Fund or in a secondary market maintained by
certain broker dealers. These broker-dealers are not required to maintain this
market, and it may not provide you with liquidity.

In addition to the risks described above, the Fund is also subject to:
Management Risk, Market Disruption Risk and Anti-Takeover Provisions. Please see
www.claymore.com/avk for a more detailed discussion about Fund risks and
considerations.



                                            Annual Report | October 31, 2008 | 9


<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund


Fund SUMMARY|AS OF OCTOBER 31, 2008 (unaudited)

FUND STATISTICS
- -----------------------------------------------------------
Share Price                                         $13.11
Common Share Net Asset Value                        $12.52
Premium/Discount to NAV                              4.71%
Net Assets Applicable to Common Shares ($000)     $295,101
- -----------------------------------------------------------

TOTAL RETURNS
- -----------------------------------------------------------
(INCEPTION 4/30/03)                    MARKET           NAV
- -----------------------------------------------------------
One Year                              -41.96%       -51.06%
Three Year - average annual            -8.96%       -13.31%
Five Year - average annual             -2.93%        -5.16%
Since Inception - average annual       -2.07%        -2.51%
- -----------------------------------------------------------

                                                        % OF LONG-TERM
TOP TEN INDUSTRIES                                         INVESTMENTS
- ----------------------------------------------------------------------
Pharmaceuticals                                                  12.0%
Banks                                                            11.8%
Telecommunications                                                8.1%
Oil & Gas and Oil & Gas Services                                  7.6%
Health Care Products and Healthcare Services                      7.1%
Biotechnology                                                     6.9%
Diversified Financial Services                                    5.8%
Insurance                                                         5.0%
Electric, Electronics and Electrical Components and Equipment     4.2%
Mining                                                            3.8%
- ----------------------------------------------------------------------

                                                        % OF LONG-TERM
TOP TEN ISSUERS                                            INVESTMENTS
- ----------------------------------------------------------------------
Teva Pharmaceutical Finance LLC                                   3.6%
Transocean, Inc.                                                  3.5%
New York Community Capital Trust V                                3.3%
Medtronic, Inc.                                                   2.9%
Prudential Financial, Inc.                                        2.3%
SLM Corp.                                                         2.3%
Intel Corp.                                                       2.2%
Schering-Plough Corp.                                             2.2%
Mylan, Inc.                                                       2.1%
Genzyme Corp.                                                     2.1%
- ----------------------------------------------------------------------

Past performance does not guarantee future results. All portfolio data is
subject to change daily. For more current information, please visit
www.claymore.com. The above summaries are provided for informational purposes
only and should not be viewed as recommendations.



SHARE PRICE & NAV PERFORMANCE

Line chart:
               Share
               Price       NAV
   11/1/07     25.03     27.84
               24.92     27.89
               24.71     27.89
               24.62     28.11
               24.25     27.64
               24.25     27.66
               23.82     27.50
               23.67     27.19
               23.51     27.31
               23.48     27.30
               23.49     27.02
               23.40     26.90
               23.25     26.42
               23.05     26.26
               22.65     26.04
               22.79     26.23
               22.58     26.00
               22.40     26.07
               23.00     26.56
               22.90     26.71
               23.50     26.97
               23.62     26.84
               23.79     26.67
               23.90     26.84
               24.08     27.09
               23.91     27.21
               23.99     27.26
               23.84     26.75
               23.50     26.62
               23.40     26.49
               23.21     26.23
               22.71     25.93
               22.50     25.96
               22.46     26.00
               22.50     25.99
               22.45     26.19
               23.25     26.34
               23.25     26.34
               22.92     26.14
               22.69     26.19
               23.25     26.16
               23.17     26.08
               23.63     26.04
               23.60     25.62
               23.18     25.56
               22.76     25.38
               22.90     25.37
               23.34     25.58
               23.08     25.48
               23.15     25.55
               23.25     25.22
               22.95     25.02
               22.59     24.51
               22.13     24.27
               21.95     24.04
               22.02     24.18
               22.33     24.51
               22.51     24.39
               22.89     24.62
               23.04     24.83
               23.31     24.86
               23.39     25.13
               23.74     25.46
               23.94     25.35
               23.35     24.77
               23.21     24.68
               23.00     24.74
               22.85     24.67
               23.04     24.79
               23.25     24.88
               23.10     24.91
               22.27     24.74
               22.13     24.76
               22.23     24.87
               22.38     24.94
               22.62     24.77
               22.50     24.81
               22.78     25.05
               22.91     25.25
               23.07     25.22
               23.00     25.10
               22.60     24.68
               22.80     24.61
               22.44     24.48
               22.49     24.59
               22.30     24.10
               22.30     23.91
               21.85     23.46
               21.95     23.81
               21.49     23.55
               21.40     23.60
               21.03     23.41
               20.24     22.88
               20.76     23.44
               20.48     23.06
               20.61     23.28
               20.83     23.61
               20.99     23.78
               21.23     23.76
               21.32     23.72
               21.43     23.55
               21.25     23.51
               21.69     23.98
               21.80     24.06
               21.96     24.16
               22.09     24.31
               22.33     24.44
               22.32     24.43
               22.20     24.34
               22.29     24.33
               22.12     24.01
               22.01     23.93
               22.26     23.97
               22.23     24.38
               22.08     24.39
               22.10     24.57
               22.45     24.64
               22.41     24.48
               22.86     24.51
               22.92     24.57
               23.11     24.73
               23.30     24.78
               23.44     24.72
               23.44     24.75
    5/1/08     23.40     24.93
               23.59     25.13
               23.50     25.11
               23.53     25.20
               23.29     24.96
               23.52     25.04
               23.53     24.95
               23.68     25.02
               23.50     24.91
               23.70     24.97
               23.85     25.24
               23.87     25.42
               23.90     25.46
               23.89     25.31
               23.75     25.06
               23.89     25.02
               23.85     24.77
               23.77     24.83
               23.58     24.89
               23.88     24.92
               23.89     25.04
               24.05     24.90
               24.17     24.84
               23.94     24.76
               24.08     25.11
               23.57     24.73
               23.52     24.69
               23.25     24.68
               22.59     24.26
               22.44     24.24
               22.61     24.48
               22.84     24.59
               22.83     24.56
               22.84     24.48
               22.73     24.51
               22.72     24.17
               22.48     24.12
               22.43     23.93
               22.57     24.05
               22.42     23.61
               22.29     23.60
               22.24     23.52
               22.14     23.43
               21.99     23.17
               21.52     22.95
               21.15     22.69
               21.29     22.91
               21.04     22.74
               20.88     22.65
               20.47     22.33
               20.01     22.20
               19.25     21.96
               20.03     22.11
               20.47     22.24
               20.14     22.30
               20.22     22.43
               20.19     22.50
               20.39     22.48
               20.19     21.98
               19.99     22.08
               19.85     21.83
               20.17     22.11
               20.15     22.33
               19.99     22.19
               20.20     22.04
               20.04     21.75
               20.01     21.93
               19.95     22.03
               19.79     21.82
               19.96     22.02
               19.92     22.09
               19.76     21.90
               19.54     21.74
               19.50     21.90
               19.39     21.90
               19.28     21.69
               18.99     21.54
               18.93     21.65
               18.91     21.69
               19.09     21.84
               18.70     21.54
               18.76     21.66
               19.07     21.87
               19.52     22.10
               19.58     21.99
               19.51     21.79
               19.38     21.72
               18.89     21.27
               18.78     21.36
               18.89     21.53
               18.56     20.75
               18.28     20.84
               17.92     20.73
               18.34     20.94
               17.96     20.10
               17.42     20.14
               16.77     19.24
               16.47     19.75
               17.77     20.27
               17.59     19.87
               17.25     19.56
               16.66     19.38
               17.30     19.34
               17.50     18.87
               16.65     17.59
               15.97     18.01
               15.80     17.78
               15.39     16.79
               15.19     16.72
               13.57     15.76
               13.23     15.05
               11.85     14.51
               10.35     13.61
                8.91     12.72
               10.72     13.66
               11.56     14.15
               10.66     13.00
               10.86     12.93
               11.70     12.90
               11.94     13.16
               11.46     12.96
               10.47     12.33
               10.80     11.86
               10.22     11.58
               10.88     11.17
               11.20     11.52
               11.43     11.91
               12.39     12.23
  10/31/08     13.11     12.52



MONTHLY DIVIDENDS PER SHARE

Bar chart:
Nov 07        0.1718
Dec*          0.2993
Jan 08        0.1718
Feb           0.1718
Mar           0.1718
Apr           0.1718
May           0.1718
June          0.1718
July          0.1718
Aug           0.1718
Sep           0.1718
Oct           0.1718
Nov           0.1718
Dec 08        0.0939

*  Includes long-term capital gains distribution of $0.1275.

PORTFOLIO COMPOSITION (% of  Total Investments)

Pie chart:
ASSET CLASS
- --------------------------------------------
Convertible Securities                 73.7%
High Yield Securities                  11.4%
Short-Term Investment                  13.6%
Term Loans                              1.3%
- --------------------------------------------

10 | Annual Report | October 31, 2008


<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Portfolio of INVESTMENTS|OCTOBER 31, 2008

<TABLE>
<CAPTION>
NUMBER
OF SHARES                                                                       VALUE
- -------------------------------------------------------------------------------------
<S>             <C>                                                     <C>
                LONG-TERM INVESTMENTS - 163.3%
                CONVERTIBLE PREFERRED STOCKS - 52.4%
                ADVERTISING - 1.2%
    335,800     Interpublic Group Cos., Elf Special Financing Ltd.,
                3.169%, 2009 (Cayman Islands) (a)(b)                    $   3,628,400
- -------------------------------------------------------------------------------------
                BANKS - 8.6%
     12,500     Bank of America Corp., Ser. L, 7.25%, 2049                  8,750,000
    125,000     Citigroup, Inc., Ser. T, 6.50%, 2015                        4,026,250
     80,500     Keycorp, Ser. A, 7.75%, 2049                                7,886,585
      7,000     Wachovia Corp., Ser. L, 7.50%, 2049                         4,655,000
- -------------------------------------------------------------------------------------
                                                                           25,317,835
- -------------------------------------------------------------------------------------
                DIVERSIFIED FINANCIAL SERVICES - 4.6%
     60,000     AMG Capital Trust II, 5.15%, 2037 (a)                         915,000
     77,076     Legg Mason, Inc., 7.00%, 2011                               1,765,040
     21,310     SLM Corp., Ser. C, 7.25%, 2010                             10,963,995
- -------------------------------------------------------------------------------------
                                                                           13,644,035
- -------------------------------------------------------------------------------------
                ELECTRIC - 4.1%
    150,660     Entergy Corp., 7.625%, 2009                                 7,087,046
     24,000     NRG Energy, Inc., 5.75%, 2009                               5,001,000
- -------------------------------------------------------------------------------------
                                                                           12,088,046
- -------------------------------------------------------------------------------------
                HEALTHCARE SERVICES - 1.0%
      7,000     HealthSouth Corp., 6.50%, 2049 (a)                          3,073,000
- -------------------------------------------------------------------------------------
                HOUSEHOLD PRODUCTS/HOUSEWARES - 3.1%
    271,379     Avery Dennison Corp., 7.875%, 2020                          9,235,027
- -------------------------------------------------------------------------------------
                INSURANCE - 4.4%
     70,000     Aspen Insurance Holdings, Ltd., 5.625%, 2049 (Bermuda)      2,747,500
    640,903     MetLife, Inc., Ser. B, 6.375%, 2009 (d)                     5,556,629
     70,000     Reinsurance Group of America, Equity Security Unit,
                5.75%, 2051                                                 3,094,700
    111,135     XL Capital Ltd., 10.75%, 2011 (Cayman Islands)              1,673,693
- -------------------------------------------------------------------------------------
                                                                           13,072,522
- -------------------------------------------------------------------------------------
                MINING - 6.2%
    186,000     Credit Suisse, Ser. Barrick Gold Corp., 9.00%, 2009
                (Switzerland) (c)                                           4,354,260
      1,500     Freeport-McMoRan Copper & Gold, Inc., Ser. B,
                5.50%, 2049                                                 1,007,250
     70,000     Freeport-McMoRan Copper & Gold, Inc., 6.75%, 2010           3,414,600
     38,463     Hecla Mining Co., 6.50%, 2011                                 996,192
    300,000     Vale Capital Ltd., Ser. RIO, 5.50%, 2010 (Brazil)           8,475,000
- -------------------------------------------------------------------------------------
                                                                           18,247,302
- -------------------------------------------------------------------------------------
                OIL & GAS SERVICES - 1.1%
    149,250     Merrill Lynch & Co., Inc., Ser. Halliburton Co.,
                8.00%, 2009 (a)(c)                                          3,201,413
- -------------------------------------------------------------------------------------
                PHARMACEUTICALS - 7.1%
     18,000     Mylan, Inc., 6.50%, 2010                                   10,253,880
     78,291     Schering-Plough Corp., 6.00%, 2010                         10,552,061
- -------------------------------------------------------------------------------------
                                                                           20,805,941
- -------------------------------------------------------------------------------------
                SAVINGS & LOANS - 5.3%
    402,200     New York Community Capital Trust V, 6.00%, 2051            15,685,800
- -------------------------------------------------------------------------------------
                TELECOMMUNICATIONS - 3.1%
    128,095     Crown Castle International Corp., 6.25%, 2012               4,795,557
     14,179     Lucent Technologies Capital Trust I, 7.75%, 2017            4,253,700
- -------------------------------------------------------------------------------------
                                                                            9,049,257
- -------------------------------------------------------------------------------------


 <CAPTION>
 NUMBER
 OF SHARES                                                                      VALUE
- -------------------------------------------------------------------------------------
 <S>            <C>                                                      <C>
                TRANSPORTATION - 2.6%
    200,000     Bristow Group, Inc. 5.50%, 2009                         $   6,500,000
      1,000     Kansas City Southern, 5.125%, 2049                          1,064,000
- -------------------------------------------------------------------------------------
                                                                            7,564,000
- -------------------------------------------------------------------------------------
                TOTAL CONVERTIBLE PREFERRED STOCKS - 52.4%
                (Cost $237,753,190)                                       154,612,578
- -------------------------------------------------------------------------------------

<CAPTION>
PRINCIPAL
AMOUNT                                                                          VALUE
- -------------------------------------------------------------------------------------
<S>             <C>                                                     <C>
                CONVERTIBLE BONDS - 86.9%
                AUTO MANUFACTURERS - 1.7%
$ 7,813,750     General Motors Corp., B-, Ser. D, 1.50%, 6/01/09         $  5,157,075
- -------------------------------------------------------------------------------------
                BANKS - 9.4%
 10,000,000     BES Finance Ltd., Ser. EMTN, A, 1.25%, 2/26/11
                (Portugal)                                                  8,078,000
  2,900,000     Boston Private Financial Holdings, Inc., NR,
                3.00%, 7/15/27                                              2,533,875
  4,000,000     National City Corp., A-, 4.00%, 2/01/11                     3,355,000
  7,000,000     PrivateBancorp, Inc., NR, 3.625%, 3/15/27                   6,623,750
  8,000,000     US Bancorp, AA, 1.454%, 9/20/36 (b)                         7,040,000
- -------------------------------------------------------------------------------------
                                                                           27,630,625
- -------------------------------------------------------------------------------------
                BIOTECHNOLOGY - 11.2%
  8,750,000     Amgen, Inc., A+, 0.125%, 2/01/11                            8,137,500
  9,500,000     Genzyme Corp., BBB+, 1.25%, 12/01/23                        9,975,000
  7,000,000     Gilead Sciences, Inc., NR, 0.50%, 5/01/11                   8,513,750
  8,000,000     Invitrogen Corp., BB+, 3.25%, 6/15/25                       6,460,000
- -------------------------------------------------------------------------------------
                                                                           33,086,250
- -------------------------------------------------------------------------------------
                COAL - 0.3%
  1,500,000     Massey Energy Co., BB-, 3.25%, 8/01/15                        832,500
- -------------------------------------------------------------------------------------
                COMMERCIAL SERVICES - 1.5%
  4,600,000     Quanta Services, Inc., NR, 3.75%, 4/30/26                   4,479,250
- -------------------------------------------------------------------------------------
                COMPUTERS - 1.6%
  5,000,000     EMC Corp., A-, 1.75%, 12/01/11                              4,787,500
- -------------------------------------------------------------------------------------
                DIVERSIFIED FINANCIAL SERVICES - 4.5%
  6,250,000     Merrill Lynch & Co. Inc., NR, 0.00%, 3/13/32 (e)            6,414,375
  7,000,000     Nasdaq OMX Group, BB+, 2.50%, 8/15/13 (a)                   5,250,000
  3,000,000     National Financial Partners Corp., NR, 0.75%, 2/01/12       1,488,750
- -------------------------------------------------------------------------------------
                                                                           13,153,125
- -------------------------------------------------------------------------------------
                ELECTRICAL COMPONENTS AND EQUIPMENT - 0.2%
  1,100,000     Suntech Power Holdings Co. Ltd., NR, 0.25%,
                2/15/12 (China)                                               694,375
- -------------------------------------------------------------------------------------
                ELECTRONICS - 2.5%
  9,000,000     Flextronics International Ltd., BB-, 1.00%,
                8/01/10 (Singapore)                                         7,335,000
- -------------------------------------------------------------------------------------
                HEALTHCARE PRODUCTS - 6.7%
 11,355,000     Hologic, Inc., B+, 2.00%, 12/15/37 (f)                      5,932,988
 16,000,000     Medtronic, Inc., AA-, 1.625%, 4/15/13                      13,880,000
- -------------------------------------------------------------------------------------
                                                                           19,812,988
- -------------------------------------------------------------------------------------
                INSURANCE - 3.8%
  5,000,000     Prudential Financial, Inc., A+, 0.419%, 12/12/36
                (b)(d)                                                      4,884,500
  7,000,000     Prudential Financial, Inc., A+, 1.189%, 12/15/37 (b)        6,379,100
- -------------------------------------------------------------------------------------
                                                                           11,263,600
- -------------------------------------------------------------------------------------



See notes to financial statements.


                                           Annual Report | October 31, 2008 | 11

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | PORTFOLIO OF
INVESTMENTS continued

<CAPTION>
PRINCIPAL
AMOUNT                                                                          VALUE
- -------------------------------------------------------------------------------------
<S>             <C>                                                     <C>
                LEISURE TIME - 2.6%
$ 9,000,000     Carnival Corp., A-, 2.00%, 4/15/21 (Panama)             $   7,571,250
- -------------------------------------------------------------------------------------
                MISCELLANEOUS MANUFACTURING - 3.9%
  9,000,000     Eastman Kodak Co., B, 3.375%, 10/15/33                      7,436,250
  8,000,000     Trinity Industries, Inc., BB-, 3.875%, 6/01/36              4,100,000
- -------------------------------------------------------------------------------------
                                                                           11,536,250
- -------------------------------------------------------------------------------------
                OIL & GAS-- 10.1%
  5,000,000     Carrizo Oil & Gas, Inc., NR, 4.375%, 6/01/28                2,687,500
  1,800,000     Chesapeake Energy Corp., BB, 2.25%, 12/15/38                  902,250
  2,900,000     Chesapeake Energy Corp., BB, 2.75%, 11/15/35                2,019,125
  5,000,000     Nabors Industries, Inc., BBB+, 0.94%, 5/15/11               3,962,500
  5,000,000     Petroplus Finance Ltd., Ser. PPHN, BB-, 3.375%, 3/26/13
                (Switzerland)                                               3,471,995
 12,500,000     Transocean, Inc., Ser. A, BBB+, 1.625%, 12/15/37
                (Cayman Islands)                                           11,062,500
  7,000,000     Transocean, Inc., Ser. B, BBB+, 1.50%, 12/15/37
                (Cayman Islands)                                            5,635,000
- -------------------------------------------------------------------------------------
                                                                           29,740,870
- -------------------------------------------------------------------------------------
                PHARMACEUTICALS - 11.3%
  5,000,000     Allergan, Inc., NR, 1.50%, 4/01/26                          4,531,250
  4,000,000     Medicis Pharmaceutical Corp., NR, 2.50%, 6/04/32            2,700,000
 18,250,000     Teva Pharmaceutical Finance LLC, Ser. C, BBB+, 0.25%,
                2/01/26 (Israel) (d)                                       17,177,812
 10,000,000     Watson Pharmaceuticals, Inc., BB+, 1.75%, 3/15/23           8,837,500
- -------------------------------------------------------------------------------------
                                                                           33,246,562
- -------------------------------------------------------------------------------------
                REAL ESTATE INVESTMENT TRUSTS - 4.0%
  7,000,000     Hospitality Properties Trust, BBB, 3.80%, 3/15/27           3,990,000
 11,300,000     Host Hotels & Resorts LP, BBB-, 2.625%, 4/15/27 (a)         7,076,625
  1,500,000     Prologis, BBB+, 2.25%, 4/01/37                                690,000
- -------------------------------------------------------------------------------------
                                                                           11,756,625
- -------------------------------------------------------------------------------------
                SEMICONDUCTORS - 3.7%
 15,000,000     Intel Corp., A-, 2.95%, 12/15/35                           10,781,250
- -------------------------------------------------------------------------------------
                SOFTWARE - 4.4%
  3,369,000     Novell, Inc., NR, 0.50%, 7/15/24                            3,251,085
 10,000,000     Red Hat, Inc., BB-, 0.50%, 1/15/24                          9,837,500
- -------------------------------------------------------------------------------------
                                                                           13,088,585
- -------------------------------------------------------------------------------------
                TELECOMMUNICATIONS - 2.9%
  8,600,000     NII Holdings, Inc., NR, 3.125%, 6/15/12                     4,773,000
  5,000,000     Qwest Communications International, Inc., B+, 3.50%,
                11/15/25                                                    3,825,000
- -------------------------------------------------------------------------------------
                                                                            8,598,000
- -------------------------------------------------------------------------------------
                TRANSPORTATION - 0.6%
  3,189,000     YRC Worldwide, Inc., B+, 5.00%, 8/08/23                     1,817,730
- -------------------------------------------------------------------------------------
                TOTAL CONVERTIBLE BONDS - 86.9%
                (Cost $307,962,236)                                       256,369,410
- -------------------------------------------------------------------------------------
                CORPORATE BONDS - 21.6%
                AGRICULTURE - 0.5%
  2,000,000     Vector Group Ltd., NR, 11.00%, 8/15/15                      1,570,000
- -------------------------------------------------------------------------------------
                AUTO PARTS & EQUIPMENT - 0.5%
  1,000,000     Tenneco, Inc., Ser. B, BB, 10.25%, 7/15/13                    855,000
  1,000,000     Tenneco, Inc., BB-, 8.125%, 11/15/15                          525,000
- -------------------------------------------------------------------------------------
                                                                            1,380,000
- -------------------------------------------------------------------------------------

<CAPTION>
PRINCIPAL
AMOUNT                                                                          VALUE
- -------------------------------------------------------------------------------------
<S>             <C>                                                     <C>
                BANKS - 1.4%
$ 5,000,000     JPMorgan Chase & Co., A, 7.90%, 04/29/49                $   4,062,630
- -------------------------------------------------------------------------------------
                COMMUNICATIONS, MEDIA & ENTERTAINMENT - 0.9%
  3,000,000     Rainbow National Services LLC, BB, 8.75%, 9/01/12 (a)       2,655,000
- -------------------------------------------------------------------------------------
                COMPUTERS - 1.1%
  4,500,000     SunGard Data Systems, Inc., B-, 10.25%, 8/15/15             3,172,500
- -------------------------------------------------------------------------------------
                DIVERSIFIED FINANCIAL SERVICES - 0.3%
    125,000     GMAC LLC, B-, 4.054%, 5/15/09 (b)                             108,940
    625,000     GMAC LLC, B-, 5.625%, 5/15/09                                 530,063
    375,000     GMAC LLC, B-, 7.75%, 1/19/10                                  280,943
- -------------------------------------------------------------------------------------
                                                                              919,946
- -------------------------------------------------------------------------------------
                HEALTHCARE PRODUCTS - 1.9%
  6,100,000     Hanger Orthopedic Group, Inc., CCC+, 10.25%, 6/01/14        5,581,500
- -------------------------------------------------------------------------------------
                HEALTHCARE SERVICES - 0.9%
  3,000,000     HCA, Inc., BB-, 9.25%, 11/15/16                             2,557,500
- -------------------------------------------------------------------------------------
                HOLDING COMPANIES - DIVERSIFIED - 1.8%
  6,000,000     Leucadia National Corp., BB+, 8.125%, 9/15/15               5,340,000
- -------------------------------------------------------------------------------------
                LEISURE TIME - 0.2%
  1,400,000     Travelport LLC, B, 9.875%, 9/01/14                            672,000
- -------------------------------------------------------------------------------------
                MEDIA - 0.4%
  1,500,000     Nielsen Finance LLC/Co., B-, 10.00%, 8/01/14                1,095,000
- -------------------------------------------------------------------------------------
                OFFICE/BUSINESS EQUIPMENT - 0.9%
 3,500,000      Xerox Capital Trust I, BB+, 8.00%, 2/01/27                  2,607,752
- -------------------------------------------------------------------------------------
                OIL & GAS SERVICES - 1.2%
  4,500,000     CCS, Inc., B-, 11.00%, 11/15/15 (Canada) (a)                3,487,500
    250,000     Forbes Energy Services Ltd., B, 11.00%, 2/15/15
                (Bermuda)                                                     175,000
- -------------------------------------------------------------------------------------
                                                                            3,662,500
- -------------------------------------------------------------------------------------
                PHARMACEUTICALS - 1.3%
  4,760,000     Axcan Intermediate Holdings, Inc., B-, 12.75%,
                3/01/16 (a)                                                 3,927,000
- -------------------------------------------------------------------------------------
                PIPELINES - 0.9%
  3,000,000     Williams Cos., Inc., BB+, 8.125%, 3/15/12                   2,745,000
- -------------------------------------------------------------------------------------
                SEMICONDUCTORS - 1.2%
  5,900,000     Amkor Technology, Inc., B+, 9.25%, 6/01/16                  3,540,000
- -------------------------------------------------------------------------------------
                TELECOMMUNICATIONS - 5.9%
  4,500,000     Broadview Networks Holdings, Inc., CCC+, 11.375%,
                9/01/12                                                     3,262,500
  6,173,000     Centennial Cellular Co., B, 10.125%, 6/15/13                5,493,970
  2,750,000     Fairpoint Communications, Inc., B+, 13.125%, 4/01/18        1,952,500
  5,500,000     Intelsat Jackson Holdings Ltd., CCC+, 11.25%, 6/15/16
                (Bermuda)                                                   4,730,000
  1,000,000     Intelsat Ltd., CCC+, 6.50%, 11/01/13 (Bermuda)                505,000
  2,000,000     Sprint Capital Corp., BB, 8.375%, 3/15/12                   1,611,100
- -------------------------------------------------------------------------------------
                                                                           17,555,070
- -------------------------------------------------------------------------------------
                TRANSPORTATION - 0.3%
  1,400,000     USF Corp., B+, 8.50%, 4/15/10                                 826,000
- -------------------------------------------------------------------------------------
                TOTAL CORPORATE BONDS - 21.6%
                (Cost$ 78,829,260)                                         63,869,398
- -------------------------------------------------------------------------------------


See notes to financial statements.

12 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | PORTFOLIO OF
INVESTMENTS continued


<CAPTION>
PRINCIPAL
AMOUNT                                                                          VALUE
- -------------------------------------------------------------------------------------
<S>             <C>                                                      <C>
                TERM LOANS (FUNDED) - 2.4%
                HEALTHCARE SERVICES - 1.1%
$ 3,930,000     HCA, Inc., Term Loan B, NR, 6.012%, 11/16/13 (b)         $  3,253,058
- -------------------------------------------------------------------------------------
                TELECOMMUNICATIONS - 1.3%
  4,000,000     ALLTEL Communications LLC, BB-, 4.388%, 5/15/15 (b)         3,828,752
- -------------------------------------------------------------------------------------
                TOTAL TERM LOANS (FUNDED) - 2.4%
                (Cost$ 7,861,502)                                           7,081,810
- -------------------------------------------------------------------------------------
                TOTAL LONG-TERM INVESTMENTS - 163.3%
                (Cost $632,406,188)                                       481,933,196
- -------------------------------------------------------------------------------------
                SHORT-TERM INVESTMENTS - 25.7%
                U.S. GOVERNMENT AND AGENCY SECURITIES - 5.1%
 15,000,000     U.S. Treasury Bill
                yielding 0.101%, 1/29/09 maturity (d)
                (Cost $14,996,257)                                         14,984,595
- -------------------------------------------------------------------------------------



<CAPTION>
NUMBER
OF SHARES                                                                       VALUE
- -------------------------------------------------------------------------------------
<S>             <C>                                                     <C>
                MONEY MARKET FUNDS - 20.6%
 15,000,000     Dreyfus Treasury & Agency Cash Management - Investor
                Shares                                                  $  15,000,000
 45,909,445     Goldman Sachs Financial Prime Obligations                  45,909,445
- -------------------------------------------------------------------------------------
                (Cost$ 60,909,445)                                         60,909,445
- -------------------------------------------------------------------------------------
                TOTAL SHORT-TERM INVESTMENTS - 25.7%
                (Cost $75,905,702)                                         75,894,040
- -------------------------------------------------------------------------------------
                TOTAL INVESTMENTS - 189.0%
                (Cost $708,311,890)                                       557,827,236
                Other assets in excess of liabilities - 4.2%               12,274,259
                Preferred Stock, at redemption value - (-93.2% of Net
                Assets Applicable to Common Shareholders or -49.3% of
                Total Investments)                                       (275,000,000)
- -------------------------------------------------------------------------------------
                NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%   $ 295,101,495
- -------------------------------------------------------------------------------------
</TABLE>


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 October 31,
     2008, these securities amounted to 11.9% of net assets.

(b)  Floating rate security. The rate shown is as of October 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)  Zero-coupon bond.

(f)  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. (unaudited)

All percentages shown in the Portfolio of Investments are based on Net Assets
Applicable to Common Shareholders unless otherwise noted.



See notes to financial statements.

                                           Annual Report | October 31, 2008 | 13

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Statement of ASSETS AND LIABILITIES|OCTOBER 31, 2008

<TABLE>
ASSETS
<CAPTION>
<S>                                                                     <C>
   Investments in securities, at value (cost $708,311,890)              $ 557,827,236
   Cash                                                                       753,111
   Restricted cash                                                          4,759,864
   Receivable for securities sold                                          26,154,872
   Interest receivable                                                      3,811,146
   Dividends receivable                                                     1,753,001
   Receivable from swap counterparty                                          241,751
   Other assets                                                                37,163
- --------------------------------------------------------------------------------------
      Total assets                                                        595,338,144
- --------------------------------------------------------------------------------------
LIABILITIES
   Payable for securities purchased                                        13,877,826
   Net unrealized depreciation on swaps                                     6,487,876
   Payable to swap counterparty                                             3,849,795
   Advisory fee payable                                                       240,956
   Dividends payable - preferred shares                                       411,110
   Payable to affiliate (Note 4)                                              111,082
   Servicing fee payable                                                       73,555
   Administration fee payable                                                   4,792
   Accrued expenses and other liabilities                                     179,657
- --------------------------------------------------------------------------------------
      Total liabilities                                                    25,236,649
- --------------------------------------------------------------------------------------
PREFERRED STOCK, AT REDEMPTION VALUE
   Auction Market Preferred Shares
   $0.001 par value per share; 11,000 authorized, issued and
   outstanding at $25,000 per share liquidation preference                275,000,000
- --------------------------------------------------------------------------------------
                                                                        $ 295,101,495
- --------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
COMPOSITION OF NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
   Common Stock, $0.001 par value per share; unlimited number of
   shares authorized, 23,562,858 shares issued and outstanding          $      23,563
   Additional paid-in capital                                             557,888,469
   Net unrealized depreciation on investments, swaps and foreign
   currency translation                                                  (156,998,364)
   Accumulated net realized gain (loss) on investments, swaps and
   foreign currency transactions                                         (103,329,792)
   Distributions in excess of net investment income                        (2,482,381)
- --------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS                            $ 295,101,495
- --------------------------------------------------------------------------------------
NET ASSET VALUE APPLICABLE TO COMMON SHAREHOLDERS
   (based on 23,562,858 common shares outstanding)                      $       12.52
- --------------------------------------------------------------------------------------
</TABLE>


See notes to financial statements.

14 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Statement of OPERATIONS|FOR THE YEAR ENDED OCTOBER 31, 2008

<TABLE>
<CAPTION>
INVESTMENT INCOME
<S>                                                                                                  <C>            <C>
   Dividends (net of foreign withholding taxes of $129,383)                                          $ 23,185,835
   Interest (net of foreign withholding taxes of $3,262)                                               22,044,835
   Securities lending income (net of foreign withholding tax credits of $8,817)                           627,567
- ------------------------------------------------------------------------------------------------------------------------------------
      Total income                                                                                                  $    45,858,237
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
   Advisory fee                                                                                         4,445,376
   Servicing agent fee                                                                                  1,728,757
   Preferred share maintenance                                                                            734,575
   Professional fees                                                                                      166,457
   Fund accounting                                                                                        165,032
   Administration fee                                                                                     149,308
   Printing                                                                                               145,356
   Trustees' fees and expenses                                                                            140,320
   Federal taxes                                                                                          111,082
   Custodian                                                                                              103,887
   Insurance                                                                                               76,885
   ICI dues                                                                                                32,399
   NYSE listing fee                                                                                        21,693
   Transfer agent                                                                                          18,583
   Rating agency fee                                                                                        9,131
   Miscellaneous                                                                                           19,472
- ------------------------------------------------------------------------------------------------------------------------------------
      Total expenses                                                                                                      8,068,313
   Advisory and Servicing agent fees waived                                                                              (1,373,055)
- ------------------------------------------------------------------------------------------------------------------------------------
      Net expenses                                                                                                        6,695,258
- ------------------------------------------------------------------------------------------------------------------------------------
      NET INVESTMENT INCOME                                                                                              39,162,979
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SWAPS AND FOREIGN CURRENCY TRANSACTIONS:
   Net realized gain (loss) on:
      Investments                                                                                                       (86,543,429)
      Swaps                                                                                                              (4,585,234)
      Foreign currency transactions                                                                                         378,688
   Net change in unrealized appreciation (depreciation) on:
      Investments                                                                                                      (248,077,211)
      Swaps                                                                                                              (6,178,425)
      Foreign currency translation                                                                                          (36,419)
- ------------------------------------------------------------------------------------------------------------------------------------
   NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS, SWAPS AND FOREIGN CURRENCY TRANSACTIONS                            (345,042,030)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM NET INVESTMENT INCOME AND REALIZED GAINS                                   (12,207,940)
- ------------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS                              $  (318,086,991)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


See notes to financial statements.

                                           Annual Report | October 31, 2008 | 15

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Statement of CHANGES IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS|


<TABLE>
<CAPTION>
                                                                                                        FOR THE            FOR THE
                                                                                                     YEAR ENDED         YEAR ENDED
                                                                                               OCTOBER 31, 2008   OCTOBER 31, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS:
<S>                                                                                               <C>                 <C>
   Net investment income                                                                          $  39,162,979       $ 45,710,140
   Net realized gain (loss) on investments, swaps and foreign currency transactions                 (90,749,975)        22,996,632
   Net change in unrealized appreciation (depreciation) on investments,
   swaps and foreign currency translation                                                          (254,292,055)        39,775,644
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
   From net investment income                                                                       (11,491,856)       (12,201,859)
   From net realized gains                                                                             (716,084)        (2,568,713)
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                    (12,207,940)       (14,770,572)
- -----------------------------------------------------------------------------------------------------------------------------------
   Net increase/decrease in net assets applicable to Common Shareholders resulting from operations (318,086,991)        93,711,844
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
   From and in excess of net investment income                                                      (48,148,533)       (48,853,828)
   From net realized gains                                                                           (3,000,244)       (11,762,566)
   Return of capital                                                                                   (363,640)                --
- -----------------------------------------------------------------------------------------------------------------------------------
   Total dividends and distributions to common shareholders                                         (51,512,417)       (60,616,394)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
   Reinvestment of dividends                                                                            395,146          3,827,474
- -----------------------------------------------------------------------------------------------------------------------------------
      Total increase/decrease in net assets                                                        (369,204,262)        36,922,924
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
   Beginning of period                                                                              664,305,757        627,382,833
- -----------------------------------------------------------------------------------------------------------------------------------
   End of period (including distributions in excess of net investment income of
   ($2,482,381) and undistributed net investment income of $1,193,236 respectively)               $ 295,101,495       $664,305,757
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>



See notes to financial statements.

16 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Financial HIGHLIGHTS|


<TABLE>
<CAPTION>

                                                                                               FOR THE             FOR THE
PER SHARE OPERATING PERFORMANCE                                                             YEAR ENDED          YEAR ENDED
FOR A SHARE OF COMMON STOCK OUTSTANDING THROUGHOUT THE PERIOD                         OCTOBER 31, 2008    OCTOBER 31, 2007
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                 <C>
NET ASSET VALUE, BEGINNING OF PERIOD                                                        $    28.23          $    26.82
- -----------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
   Net investment income (c)                                                                      1.66                1.94
   Net realized and unrealized gain/loss on investments,
      swaps and foreign currency transactions                                                   (14.66)               2.68
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
   From net investment income (common share equivalent basis)                                    (0.49)              (0.52)
   From net realized gains (common share equivalent basis)                                       (0.03)              (0.11)
- -----------------------------------------------------------------------------------------------------------------------------
   Total preferred distributions (common share equivalent basis)                                 (0.52)              (0.63)
- -----------------------------------------------------------------------------------------------------------------------------
   Total from investment operations                                                             (13.52)               3.99
- -----------------------------------------------------------------------------------------------------------------------------
COMMON AND PREFERRED SHARES' OFFERING EXPENSES CHARGED
TO PAID-IN-CAPITAL IN EXCESS OF PAR VALUE                                                           --                  --
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
   From and in excess of net investment income                                                   (2.05)              (2.08)
   From net realized gain                                                                        (0.13)              (0.50)
   Return of capital                                                                             (0.01)                 --
- -----------------------------------------------------------------------------------------------------------------------------
      Total dividends and distributions to Common Shareholders                                   (2.19)              (2.58)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD                                                             $     12.52         $     28.23
- -----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE, END OF PERIOD                                                                $     13.11         $     25.15
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN (d)
   Net asset value                                                                              -51.06%              15.63%
   Market value                                                                                 -41.96%               2.48%
RATIOS AND SUPPLEMENTAL DATA
Net assets, applicable to Common Shareholders, end of period (thousands)                   $   295,101         $   664,306
Preferred shares, at redemption value ($25,000 per share
 liquidation preference) (thousands)                                                       $   275,000         $   275,000
Preferred shares asset coverage per share                                                  $    51,827         $    85,391
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES:
   Net Expenses, after fee waiver                                                                 1.22%               1.08%
   Net Expenses, before fee waiver                                                                1.47%               1.37%
   Net Investment Income, after fee waiver, prior to effect of dividends to
   preferred shares                                                                               7.14%               7.09%
   Net Investment Income, before fee waiver, prior to effect of dividends to
   preferred shares                                                                               6.89%               6.80%
   Net Investment Income, after fee waiver, after effect of dividends to
   preferred shares                                                                               4.92%               4.80%
   Net Investment Income, before fee waiver, after effect of dividends to
   preferred shares                                                                               4.67%               4.51%
RATIOS TO AVERAGE MANAGED ASSETS: (f)
   Net Expenses, after fee waiver                                                                 0.81%               0.76%
   Net Expenses, before fee waiver                                                                0.98%               0.96%
   Net Investment Income, after fee waiver, prior to effect of dividends to
   preferred shares                                                                               4.76%               4.97%
   Net Investment Income, before fee waiver, prior to effect of dividends to
   preferred shares                                                                               4.59%               4.77%
Portfolio turnover rate                                                                             87%                 76%


<CAPTION>

                                                                                               FOR THE             FOR THE
PER SHARE OPERATING PERFORMANCE                                                             YEAR ENDED          YEAR ENDED
FOR A SHARE OF COMMON STOCK OUTSTANDING THROUGHOUT THE PERIOD                         OCTOBER 31, 2006    OCTOBER 31, 2005
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                 <C>
NET ASSET VALUE, BEGINNING OF PERIOD                                                        $    25.69          $    26.10
- -----------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
   Net investment income (c)                                                                      1.99                2.33
   Net realized and unrealized gain/loss on investments,
      swaps and foreign currency transactions                                                     2.28                0.10
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
   From net investment income (common share equivalent basis)                                    (0.56)              (0.35)
   From net realized gains (common share equivalent basis)                                          --                  --
- -----------------------------------------------------------------------------------------------------------------------------
   Total preferred distributions (common share equivalent basis)                                 (0.56)              (0.35)
- -----------------------------------------------------------------------------------------------------------------------------
   Total from investment operations                                                               3.71                2.08
- -----------------------------------------------------------------------------------------------------------------------------
COMMON AND PREFERRED SHARES' OFFERING EXPENSES CHARGED
TO PAID-IN-CAPITAL IN EXCESS OF PAR VALUE                                                           --*                 --
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
   From and in excess of net investment income                                                   (2.58)              (2.49)
   From net realized gain                                                                           --                  --
   Return of capital                                                                                --                  --
- -----------------------------------------------------------------------------------------------------------------------------
      Total dividends and distributions to Common Shareholders                                   (2.58)              (2.49)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD                                                             $     26.82         $     25.69
- -----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE, END OF PERIOD                                                                $     27.03         $     23.62
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN (d)
   Net asset value                                                                               15.15%               8.14%
   Market value                                                                                  26.86%               2.52%
RATIOS AND SUPPLEMENTAL DATA
Net assets, applicable to Common Shareholders, end of period (thousands)                   $    627,383        $    599,998
Preferred shares, at redemption value ($25,000 per share
 liquidation preference) (thousands)                                                       $   275,000         $   275,000
Preferred shares asset coverage per share                                                  $    82,035         $    79,545
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES:
   Net Expenses, after fee waiver                                                                 1.12%               1.12%
   Net Expenses, before fee waiver                                                                1.41%               1.41%
   Net Investment Income, after fee waiver, prior to effect of dividends to
   preferred shares                                                                               7.62%               8.90%
   Net Investment Income, before fee waiver, prior to effect of dividends to
   preferred shares                                                                               7.33%               8.61%
   Net Investment Income, after fee waiver, after effect of dividends to
   preferred shares                                                                               5.49%               7.56%
   Net Investment Income, before fee waiver, after effect of dividends to
   preferred shares                                                                               5.20%               7.27%
RATIOS TO AVERAGE MANAGED ASSETS: (f)
   Net Expenses, after fee waiver                                                                 0.77%               0.77%
   Net Expenses, before fee waiver                                                                0.97%               0.97%
   Net Investment Income, after fee waiver, prior to effect of dividends to
   preferred shares                                                                               5.26%               6.14%
   Net Investment Income, before fee waiver, prior to effect of dividends to
   preferred shares                                                                               5.06%               5.94%
Portfolio turnover rate                                                                             81%                 64%


<CAPTION>
                                                                                                            FOR THE PERIOD
                                                                                               FOR THE    APRIL 30, 2003(a)
PER SHARE OPERATING PERFORMANCE                                                             YEAR ENDED             THROUGH
FOR A SHARE OF COMMON STOCK OUTSTANDING THROUGHOUT THE PERIOD                         OCTOBER 31, 2004    OCTOBER 31, 2003
- --------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                 <C>
NET ASSET VALUE, BEGINNING OF PERIOD                                                       $     26.14(b)      $     23.88(b)
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
   Net investment income (c)                                                                      2.41                0.93
   Net realized and unrealized gain/loss on investments,
      swaps and foreign currency transactions                                                     0.08                2.28
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
   From net investment income (common share equivalent basis)                                    (0.15)              (0.03)
   From net realized gains (common share equivalent basis)                                          --                  --
- --------------------------------------------------------------------------------------------------------------------------
   Total preferred distributions (common share equivalent basis)                                 (0.15)              (0.03)
- --------------------------------------------------------------------------------------------------------------------------
   Total from investment operations                                                               2.34                3.18
- --------------------------------------------------------------------------------------------------------------------------
COMMON AND PREFERRED SHARES' OFFERING EXPENSES CHARGED
TO PAID-IN-CAPITAL IN EXCESS OF PAR VALUE                                                        (0.05)              (0.06)
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
   From and in excess of net investment income                                                   (2.15)              (0.86)
   From net realized gain                                                                        (0.18)                 --
   Return of capital                                                                                --                  --
- --------------------------------------------------------------------------------------------------------------------------
      Total dividends and distributions to Common Shareholders                                   (2.33)              (0.86)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD                                                             $     26.10         $     26.14
- --------------------------------------------------------------------------------------------------------------------------
MARKET VALUE, END OF PERIOD                                                                $     25.41         $     24.95
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN (d)
   Net asset value                                                                                8.93%              13.29%
   Market value                                                                                  11.44%               3.40%
RATIOS AND SUPPLEMENTAL DATA
Net assets, applicable to Common Shareholders, end of period (thousands)                   $   609,455         $   610,415
Preferred shares, at redemption value ($25,000 per share
 liquidation preference) (thousands)                                                       $   275,000         $   215,000
Preferred shares asset coverage per share                                                  $    80,405         $    95,978
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES:
   Net Expenses, after fee waiver                                                                 1.05%               0.88%(e)
   Net Expenses, before fee waiver                                                                1.33%               1.12%(e)
   Net Investment Income, after fee waiver, prior to effect of dividends to
   preferred shares                                                                               9.07%               7.51%(e)
   Net Investment Income, before fee waiver, prior to effect of dividends to
   preferred shares                                                                               8.79%               7.27%(e)
   Net Investment Income, after fee waiver, after effect of dividends to
   preferred shares                                                                               8.49%               7.28%(e)
   Net Investment Income, before fee waiver, after effect of dividends to
   preferred shares                                                                               8.21%               7.04%(e)
RATIOS TO AVERAGE MANAGED ASSETS: (f)
   Net Expenses, after fee waiver                                                                 0.75%               0.73%(e)
   Net Expenses, before fee waiver                                                                0.95%               0.93%(e)
   Net Investment Income, after fee waiver, prior to effect of dividends to
   preferred shares                                                                               6.44%               6.27%(e)
   Net Investment Income, before fee waiver, prior to effect of dividends to
   preferred shares                                                                               6.24%               6.07%(e)
Portfolio turnover rate                                                                            112%                 34%



<FN>
*    Represents less than $0.01.

(a)  Commencement of operations.

(b)  Before reimbursement of offering expenses charged to capital during the
     period.

(c)  Based on average shares outstanding during the period.

(d)  Total investment return is calculated assuming a purchase of a common share
     at the beginning of the period and a sale on the last day of the period
     reported either at net asset value ("NAV") or market price per share.
     Dividends and distributions are assumed to be reinvested at NAV for NAV
     returns or the prices obtained under the Fund's Dividend Reinvestment Plan
     for market value returns. Total investment return does not reflect
     brokerage commissions. A return calculated for a period of less than one
     year is not annualized.

(e)  Annualized.

(f)  Managed assets are equal to net assets applicable to Common Shareholders
     plus outstanding leverage such as the liquidation value of preferred
     shares.
</FN>
</TABLE>


See notes to financial statements.

                                           Annual Report | October 31, 2008 | 17

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Notes to FINANCIAL STATEMENTS|OCTOBER 31, 2008


Note 1 - ORGANIZATION:

Advent Claymore Convertible Securities and Income Fund (the "Fund") was
organized as a Delaware statutory trust on February 19, 2003. The Fund is
registered as a diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.


Note 2 - ACCOUNTING POLICIES:

The preparation of the financial statements in accordance with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from these estimates.

The following is a summary of significant accounting policies followed by the
Fund.

(A) VALUATION OF INVESTMENTS

Equity securities listed on an exchange are valued at the last reported sale
price on the primary exchange on which they are traded. Equity securities traded
on an exchange for which there are no transactions on a given day are valued at
the mean of the closing bid and asked prices. Securities traded on NASDAQ are
valued at the NASDAQ Official Closing Price. Equity securities not listed on a
securities exchange or NASDAQ are valued at the mean of the closing bid and
asked prices. Debt securities are valued by independent pricing services or
dealers using the mean of the closing bid and asked prices for such securities
or, if such prices are not available, at prices for securities of comparable
maturity, quality and type. For those securities where quotations or prices are
not available, valuations are determined in accordance with procedures
established in good faith by the Board of Trustees. Futures contracts are valued
using the settlement price established each day on the exchange on which they
are traded. Short-term securities with remaining maturities of 60 days or less
are valued at amortized cost, which approximates market value.

(B) INVESTMENT TRANSACTIONS AND INVESTMENT INCOME

Investment transactions are accounted for on the trade date. Realized gains and
losses on investments are determined on the identified cost basis. Dividend
income is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Discounts or premiums on debt securities purchased are accreted
or amortized to interest income over the lives of the respective securities
using the effective interest method.

(C) CURRENCY TRANSLATION

Assets and liabilities denominated in foreign currencies are translated into
U.S. dollars at the mean of the bid and asked price of respective exchange rates
on the last day of the period. Purchases and sales of investments denominated in
foreign currencies are translated at the exchange rate on the date of the
transaction.

The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.

Foreign exchange realized gain or loss resulting from the holding of a foreign
currency, expiration of a currency exchange contract, difference in exchange
rates between the trade date and settlement date of an investment purchased or
sold, and the difference between dividends or interest actually received
compared to the amount shown in a Fund's accounting records on the date of
receipt is shown as net realized gains or losses on foreign currency
transactions in the Fund's Statement of Operations.

Foreign exchange unrealized gain or loss on assets and liabilities, other than
investments, is shown as unrealized appreciation (depreciation) on foreign
currency translation in the Fund's Statement of Operations.

(D) SWAPS
A swap is an agreement to exchange the return generated by one instrument for
the return generated by another instrument. The Fund may enter into swap
agreements to manage its exposure to interest rates and/or credit risk or to
generate income. Interest rate swap agreements involve the exchange by the Fund
with another party of their respective commitments to pay or receive interest.
Total return swap agreements involve commitments to receive (and pay) interest
over a floating rate (LIBOR) based on a notional amount. To the extent the total
return of the security (price changes, interest paid/received, rebate earned on
collateral posted by the Fund) is positive, the Fund will receive a payment from
the counterparty (or if negative, make a payment to the counterparty). The swaps
are valued daily at current market value and any unrealized gain or loss is
included in the Statement of Assets and Liabilities. Gain or loss is realized on
the termination date of the swap and is equal to the difference between the
Fund's basis in the swap and the proceeds of the closing transaction, including
any fees. During the period that the swap agreement is open, the Fund may be
subject to risk from the potential inability of the counterparty to meet the
terms of the agreement. The swaps involve



18 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | NOTES TO
FINANCIAL STATEMENTS continued


elements of both market and credit risk in excess of the amounts reflected on
the Statement of Assets and Liabilities. Upon termination of a swap agreement, a
payable to or receivable from swap counterparty is established on the Statement
of Assets and Liabilities to reflect the net gain/loss, including interest
income/expense, on terminated swap positions. This line item is removed upon
settlement according to the terms of the swap agreement.

Realized gain (loss) upon termination of swap contracts is recorded on the
Statement of Operations. Fluctuations in the value of swap contracts are
recorded as a component of net change in unrealized appreciation (depreciation)
of swap contracts. Net periodic payments received by the Fund are included as
part of realized gains (losses) and, in the case of accruals for periodic
payments, are included as part of unrealized appreciation (depreciation) on the
Statement of Operations.

(E) SECURITIES LENDING

The Fund may lend its securities to broker-dealers and financial institutions.
The loans are collateralized by cash or securities at least equal at all times
to the market value of the securities loaned. The Fund may bear the risk of
delay in recovery of, or loss of rights in, the securities loaned should the
borrower of the securities experience financial difficulty. The Fund receives
compensation for lending its securities in the form of fees or it retains a
portion of interest on the investment of any cash received as collateral. The
Fund also continues to receive interest and dividends on the securities loaned,
and any gain or loss in the market price of the securities loaned that may occur
during the term of the loan will be for the account of the Fund. During the year
ended October 31, 2008, the Fund maintained a securities lending agreement with
Lehman Brothers acting as the counterparty. Pursuant to the lending agreement,
the Fund had the right to sell or repledge the collateral received, U.S.
Treasury Bonds from Lehman Brothers, in the case of default. On September 25,
2008 the outstanding securities on loan were removed from the portfolio, and the
collateral received was sold resulting in a loss of $59,023. As of October 31,
2008, the Fund had no securities on loan.

(F) CONCENTRATION OF RISK

It is the Fund's policy to invest a significant portion of its assets in
convertible securities. Although convertible securities do derive part of their
value from that of the securities into which they are convertible, they are not
considered derivative financial instruments. However, certain of the Fund's
investments include features which render them more sensitive to price changes
in their underlying securities. Consequently, this exposes the Fund to greater
downside risk than traditional convertible securities, but still less than that
of the underlying common stock.

(G) DISTRIBUTIONS TO SHAREHOLDERS

The Fund declares and pays monthly dividends to common shareholders. These
dividends consist of investment company taxable income, which generally includes
qualified dividend income, ordinary income and short-term capital gains. Any net
realized long-term gains are distributed annually to common shareholders.

Distributions to shareholders are recorded on the ex-dividend date. The amount
and timing of distributions are determined in accordance with federal income tax
regulations, which may differ from U.S. generally accepted accounting
principles.


Note 3 - INVESTMENT MANAGEMENT AGREEMENT, SERVICING AGREEMENT AND OTHER
AGREEMENTS:

Pursuant to the Investment Management Agreement (the "Agreement") between the
Fund and Advent Capital Management, LLC, the Fund's investment adviser (the
"Advisor"), the Advisor is responsible for the daily management for the Fund's
portfolio of investments, which includes buying and selling securities for the
Fund, as well as investment research. The Advisor will receive an annual fee
from the Fund based on the average value of the Fund's Managed Assets, which
includes the amount from the issuance of the Preferred Shares. In addition,
subject to the approval of the Fund's Board of Trustees, a pro rata portion of
the salaries, bonuses, health insurance, retirement benefits and similar
employment costs for the time spent on Fund operations (other than the provision
of services required under the Agreement) of all personnel employed by the
Advisor who devote substantial time to Fund operations may be reimbursed by the
Fund to the Advisor. For the year ended October 31, 2008, the Advisor was not
reimbursed by the Fund for these items. The annual fee will be determined as
follows:

(a)  If the average value of the Fund's Managed Assets (calculated monthly) is
     greater than $250 million, the fee will be a maximum amount equal to 0.54%
     of the average value of the Fund's Managed Assets. In addition, the Advisor
     has agreed to waive receipt of a portion of the management fee or other
     expenses of the Fund in the amount of 0.115% of the average value of the
     Managed Assets for the first five years of the Fund's operations ending
     April 30, 2008. Effective May 1, 2008, the Advisor is waiving receipt of a
     portion of the management fee or other expenses of the Fund in the amount
     of 0.065% of the average value of the Managed Assets for an additional one
     year. For the year ended October 31, 2008, the Advisor waived advisory fees
     of $751,429.



                                           Annual Report | October 31, 2008 | 19

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | NOTES TO
FINANCIAL STATEMENTS continued


Pursuant to a Servicing Agreement between the Fund and Claymore Securities,
Inc., the Fund's servicing agent (the "Servicing Agent"), the Servicing Agent
will act as servicing agent to the Fund. The Servicing Agent will receive an
annual fee from the Fund, which will be based on the average value of the Fund's
Managed Assets. The fee will be determined as follows:

(a)  If the average value of the Fund's Managed Assets (calculated monthly) is
     greater than $250 million, the fee will be a maximum amount equal to 0.21%
     of the average value of the Fund's Managed Assets. In addition, the
     Servicing Agent has agreed to waive receipt of a portion of the servicing
     fee of the Fund in the amount of 0.085% of the average value of the Managed
     Assets for the first five years of the Fund's operations ending April 30,
     2008. Effective May 1, 2008, the Servicing Agent is waiving receipt of a
     portion of the servicing fee of the Fund in the amount of 0.065% of the
     average value of the Managed Assets for an additional one year. For the
     year ended October 31, 2008, the Servicing Agent waived fees of $621,626.

The fee waivers of the Advisor and the Servicing Agent are contractual
commitments of more than one year and are not subject to recoupment.

The Bank of New York Mellon ("BNY") acts as the Fund's custodian, accounting
agent, auction agent and transfer agent. As custodian, BNY is responsible for
the custody of the Fund's assets. As accounting agent, BNY is responsible for
maintaining the books and records of the Fund's securities and cash. As auction
agent, BNY is responsible for conducting the auction of the preferred shares. As
transfer agent, BNY is responsible for performing transfer agency services for
the Fund.

Prior to May 1, 2008, BNY provided Fund Administration services to the Fund.
Effective May 1, 2008, Claymore Advisors, LLC began providing Fund
Administration services to the Fund. As compensation for its services performed
under the Administration Agreement, Claymore Advisors, LLC receives an
administration fee payable monthly at the annual rate set forth below as a
percentage of the average daily managed assets of the Fund:

MANAGED  ASSETS                                             RATE
- -----------------------------------------------------------------
First $200,000,000                                       0.0275%
Next $300,000,000                                        0.0200%
Next $500,000,000                                        0.0150%
Over $1,000,000,000                                      0.0100%
- -----------------------------------------------------------------

Certain officers and trustees of the Fund are also officers and directors of the
Advisor or Servicing Agent. The Fund does not compensate its officers or
trustees who are officers of the aforementioned firms.


Note 4 - FEDERAL INCOME TAXES:

The Fund intends to continue to comply with the requirements of Subchapter M of
the Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies. Accordingly, no provision for U.S. federal income taxes is
required. In addition, by distributing substantially all of its ordinary income
and long-term capital gains, if any, during each calendar year, the Fund can
avoid a 4% federal excise tax that is assessed on the amount of the
under-distribution. For the 2007 calendar year, the Fund was under distributed
for excise tax purposes. Therefore, the Fund was subject to a 4% excise tax
totaling $107,961. This amount was initially paid by Claymore Advisors, LLC, an
affiliate of the Fund, and will be reimbursed by the Fund.

In order to present paid-in capital in excess of par and accumulated net
realized gains or losses on the Statement of Assets and Liabilities that more
closely represent their tax character, certain adjustments have been made to
undistributed net investment income and accumulated net realized gains or losses
on investments. For the year ended October 31, 2008, the adjustments were to
decrease accumulated net realized gain on investments by $16,693,832, decrease
paid-in capital by $107,961 and increase undistributed net investment income by
$16,801,793 due to the difference in the treatment for book and tax purposes of
Canadian income trusts, publicly traded partnerships, trust preferreds,
distribution reclass, convertible bonds, contingent payment debt instruments,
swaps, and foreign currency.



20 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | NOTES TO
FINANCIAL STATEMENTS continued

At October 31, 2008, the cost and related gross unrealized appreciation and
depreciation on investments for tax purposes, excluding swap agreements are as
follows:

  COST OF                                                NET TAX
INVESTMENTS       GROSS TAX       GROSS TAX           UNREALIZED
 FOR TAX         UNREALIZED      UNREALIZED         DEPRECIATION
 PURPOSES      APPRECIATION     DEPRECIATION      ON INVESTMENTS
- ----------------------------------------------------------------
$716,320,143     $2,911,459   $(161,404,366)      $(158,492,907)
- ----------------------------------------------------------------

                               UNDISTRIBUTED       UNDISTRIBUTED
         NET TAX UNREALIZED        ORDINARY            LONG-TERM
               DEPRECIATION          INCOME/              GAINS/
         ON DERIVATIVES AND     (ACCUMULATED        (ACCUMULATED
           FOREIGN CURRENCY   ORDINARY LOSS)       CAPITAL LOSS)
- ----------------------------------------------------------------
               $(7,119,355)               $0       $(96,787,165)
- ----------------------------------------------------------------

The differences between book basis and tax basis unrealized
appreciation/(depreciation) are attributable to the tax deferral of losses on
wash sales and income adjustments for tax purposes on certain convertible
securities.

At October 31, 2008, for federal income tax purposes, the Fund had a capital
loss carryforward of $96,787,165 available to offset possible future capital
gains. The capital loss carryforward is set to expire on October 31, 2016.

For the years ended October 31, 2008 and October 31, 2007, the tax character of
distributions paid of $54,863,421 and $53,996,821 was ordinary income,
$8,493,296 and $21,390,145 was long-term capital gain, and $363,640 and $0 was
return of capital, respectively.

On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in the
course of preparing the Fund's tax returns to determine whether the tax
positions are "more-likely-than-not" of being sustained by the applicable tax
authority. Tax positions not deemed to meet the more-likely-than-not threshold
would be recorded as a tax expense in the current year. Management has evaluated
the implication of FIN 48 and has determined it does not have any impact on the
financial statements as of October 31, 2008. There is no tax liability resulting
from unrecognized tax benefits relating to uncertain income tax positions taken
or expected to be taken on the tax return for the fiscal year-end October 31,
2008. The Fund is also not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly
change in twelve months.

FIN 48 requires the Fund to analyze all open tax years. Open tax years are those
years that are open for examination by the relevant income taxing authority. As
of October 31, 2008, open Federal and state income tax years include the tax
years ended October 31, 2004, 2005, 2006 and 2007. The Fund has no examination
in progress.


Note 5 - INVESTMENTS IN SECURITIES AND SWAPS:
For the year ended October 31, 2008, purchases and sales of investments, other
than short-term securities, were $687,542,570 and $750,380,232, respectively.

The Fund entered into total return and credit default swap agreements during the
year ended October 31, 2008 to generate additional income. As of October 31,
2008, the Fund had swaps with a total notional value of $24,804,168 outstanding.
Details of the swap agreements outstanding as of October 31, 2008 were as
follows:

<TABLE>
<CAPTION>
TOTAL RETURN SWAP AGREEMENTS
                                                                                                           NOTIONAL       PAYING
                                                                                           TERMINATION       AMOUNT     FLOATING
COUNTERPARTY           UNDERLYING TERM LOANS                                                      DATE        (000)         RATE
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>                                                                  <C>              <C>            <C>
JPMorgan Chase & Co.   Bausch & Lomb, US LIBOR + 3.25%, due 04/26/15                        04/01/2009       $3,588         2.07%
JPMorgan Chase & Co.   CCS Corp., US LIBOR + 3.00%, due 11/14/14                            04/01/2009        3,841         2.07%
JPMorgan Chase & Co.   Community Health Systems, Inc., US LIBOR + 2.25%, due 07/25/14       04/01/2009        1,800         2.07%
JPMorgan Chase & Co.   Energy Future Holdings, US LIBOR + 3.50%, due 10/10/14               04/01/2009        2,048         2.07%
JPMorgan Chase & Co.   Fairpoint Communications, Inc., US LIBOR + 2.75%, due 03/08/15       04/01/2009        1,390         2.07%
JPMorgan Chase & Co.   Lyondell Chemical Co., US LIBOR + 3.25%, due 12/20/14                04/01/2009        3,807         2.07%
JPMorgan Chase & Co.   Mac Gen LLC, US LIBOR + 2.00%, due 02/22/12                          04/01/2009        5,998         2.07%
JPMorgan Chase & Co.   Virgin Media Investment Holding, GBP LIBOR + 2.125%, due 10/04/13    04/01/2009        2,332         5.57%
- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
TOTAL RETURN SWAP AGREEMENTS
                            UNREALIZED
                         APPRECIATION/
COUNTERPARTY            (DEPRECIATION)
- --------------------------------------
<S>                       <C>
JPMorgan Chase & Co.      $  (795,635)
JPMorgan Chase & Co.       (1,279,961)
JPMorgan Chase & Co.         (463,910)
JPMorgan Chase & Co.         (470,867)
JPMorgan Chase & Co.         (379,206)
JPMorgan Chase & Co.       (1,952,885)
JPMorgan Chase & Co.         (327,519)
JPMorgan Chase & Co.         (817,893)
- --------------------------------------
                          $(6,487,876)
- --------------------------------------
</TABLE>

                                           Annual Report | October 31, 2008 | 21

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | NOTES TO
FINANCIAL STATEMENTS continued


For each swap noted, the Fund pays a floating rate and receives the total return
of the underlying asset, which includes receiving a floating interest rate
component. The market value of the swaps outstanding reflects the current
receivable and payable for the underlying asset, including the total return and
the interest rate component, which may have different payment dates.


Note 6 - CAPITAL:

COMMON SHARES

The Fund has an unlimited amount of common shares, $0.001 par value, authorized
and 23,562,858 issued and outstanding. In connection with the Fund's dividend
reinvestment plan, the Fund issued 31,536 shares during the year ended October
31, 2008, and 141,118 shares during the year ended October 31, 2007. At October
31, 2008, Advent Capital Management LLC, the Fund's investment adviser, owned
6,924 shares of the Fund.

PREFERRED SHARES

On June 19, 2003, the Fund's Board of Trustees authorized the issuance of
Auction Market Preferred Shares ("AMPS"), as part of the Fund's leverage
strategy. AMPS issued by the Fund have seniority over the common shares.

On July 24, 2003, the Fund issued 2,150 shares of Series M7, 2,150 shares of
Series T28, 2,150 shares of Series W7 and 2,150 shares of Series TH28, each with
a liquidation value of $25,000 per share plus accrued dividends. In addition, on
March 16, 2004, the Fund issued 1,200 shares of Series F7 and 1,200 shares of
Series W28 each with a liquidation value of $25,000 per share plus accrued
dividends.

Dividends are accumulated daily at a rate set through an auction process. The
broad auction-rate preferred securities market, including the Fund's AMPS, has
experienced considerable disruption since mid-February, 2008. The result has
been failed auctions on nearly all auction-rate preferred shares, including the
Fund's AMPS. A failed auction is not a default, nor does it require the
redemption of the Fund's AMPS.

Provisions in the AMPS offering documents establish a maximum rate in the event
of a failed auction. The AMPS reference rate is the LIBOR Rate for a dividend
period of fewer than 365 days. The maximum rate, for auctions for which the Fund
has not given notice that the auction will consist of net capital gains or other
taxable income, is the higher of the reference rate times 125% or the reference
rate plus 1.25%. Distributions of net realized gains, if any, are made annually.

Management will continue to monitor events in the marketplace and continue to
evaluate the Fund's leverage as well as any alternative that may be available.

For the year ended October 31, 2008, the annualized dividend rates ranged from:

                    HIGH              LOW        AT OCTOBER 31, 2008
- --------------------------------------------------------------------
Series M7           5.94%            3.39%                      3.39%
Series T28          6.19             3.70                       4.78
Series W7           5.77             3.27                       3.27
Series W28          5.65             3.65                       5.54
Series TH28         5.76             3.64                       5.76
Series F7           5.94             3.41                       3.41

The Fund is subject to certain limitations and restrictions while Preferred
Shares are outstanding. Failure to comply with these limitations and
restrictions could preclude the Fund from declaring any dividends or
distributions to common shareholders or repurchasing common shares and/or could
trigger the mandatory redemption of Preferred Shares at their liquidation value.

Preferred Shares, which are entitled to one vote per share, generally vote with
the common stock but vote separately as a class to elect two Trustees and on any
matters affecting the rights of the Preferred Shares.


Note 8 - INDEMNIFICATIONS:

In the normal course of business, the Fund enters into contracts that contain a
variety of representations, which provide general indemnifications. The Fund's
maximum exposure under these arrangements is unknown, as this would involve
future claims that may be made against the Fund that have not yet occurred.
However, the Fund expects the risk of loss to be remote.



22 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | NOTES TO
FINANCIAL STATEMENTS continued



Note 9 - SUBSEQUENT EVENT:

On October 31, 2008, the Fund declared monthly dividends to common shareholders
of $0.1718 per common share. This dividend is payable on November 28, 2008 to
shareholders of record on November 14, 2008. On December 1, 2008, the Fund
declared a monthly dividend to common shareholders of $0.0939 per common share.
This dividend is payable on December 31, 2008 to shareholders of record on
December 15, 2008.

On December 1, 2008 the Fund announced the redemption of the following preferred
shares:

              NUMBER OF
                  SHARES              AMOUNT                 REDEMPTION
SERIES          REDEEMED            REDEEMED                       DATE
- -----------------------------------------------------------------------
M7                   102          $2,550,000          December 23, 2008
T28                  102          $2,550,000           January 14, 2009
W7                   102          $2,550,000          December 26, 2008
W28                   56          $1,400,000            January 2, 2009
TH28                 102          $2,550,000            January 2, 2009
F7                    56          $1,400,000          December 29, 2008

Note 10 - ACCOUNTING PRONOUNCEMENTS:

In September 2006, the FASB released Statement of Financial Accounting Standards
("SFAS") No. 157, "Fair Value Measurements" ("FAS 157"). This standard clarifies
the definition of fair value for financial reporting, establishes a framework
for measuring fair value and requires additional disclosures about the use of
fair value measurements. FAS 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007 and interim periods within
those fiscal years. As of October 31, 2008, the Fund does not believe the
adoption of FAS 157 will impact the amounts reported in the financial
statements, however, additional disclosure will be required about the inputs
used to develop measurements of fair value and the effect of certain of the
measurements reported in the statement of operations for a fiscal period.

In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivatives instruments and related hedge fund
items are accounted for, and c) how derivative instruments and related hedge
items affect a fund's financial position, results of operations and cash flows.
SFAS No. 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. In September 2008, the FASB
issued a Staff Position amending SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This amendment would require disclosures by
sellers of credit derivatives, including credit derivatives embedded in a hybrid
instrument. This amendment is effective for financial statements issued for
fiscal years and interim periods ending after November 15, 2008. As of October
31, 2008, management does not believe the adoption of SFAS No. 161 nor amended
SFAS No. 133 will impact the financial statement amounts; however, additional
footnote disclosures may be required about the use of derivative instruments and
hedging items.





                                           Annual Report | October 31, 2008 | 23

<PAGE>


AVK | Advent Claymore Convertible Securities and Income Fund

Report of INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM|



TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND:

In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets applicable to common shareholders and the financial
highlights present fairly, in all material respects, the financial position of
the Advent Claymore Convertible Securities and Income Fund (the "Fund") at
October 31, 2008, the results of its operations for the year then ended, the
changes in its net assets applicable to common shareholders for each of the two
years in the period then ended and the financial highlights for each of the
periods presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2008 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.





PricewaterhouseCoopers LLP
New York, New York
December 26, 2008



24 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund


Supplemental INFORMATION| (unaudited)


FEDERAL INCOME TAX INFORMATION

Qualified dividend income of as much as $10,985,341 was received by the Fund
through October 31, 2008. The Fund intends to designate the maximum amount of
dividends that qualify for the reduced tax rate pursuant to the Jobs and Growth
Tax Relief Reconciliation Act of 2003.

The Fund is designating $8,493,296 as long-term capital gains distributions
pursuant to IRS Section 852(b)(3)(C).

For corporate shareholders $7,473,564 of investment income (dividend income plus
short-term gains, if any) qualified for the dividends-received deduction.

In January 2009, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV
as to the federal tax status of the distributions received by you in the
calendar year 2008.


RESULTS OF SHAREHOLDER VOTES

The Annual Meeting of Shareholders of the Fund was held on September 23, 2008.
At this meeting, shareholders voted on the election of trustees.



With regard to the election of the following trustee by common shareholders of
the Fund:

                                            # OF SHARES
- ----------------------------------------------------------------------
                                    IN FAVOR            WITHHELD
- ----------------------------------------------------------------------
Daniel L. Black                    19,470,152           482,428

With regard to the election of the following trustees by preferred shareholders
of the Fund:

                                            # OF SHARES
- ----------------------------------------------------------------------
                                    IN FAVOR            WITHHELD
- ----------------------------------------------------------------------
Ronald A. Nyberg                       9,044                 421
Michael A. Smart                       9,157                 308

The other trustees of the Fund whose terms did not expire in 2008 are Randall C.
Barnes, Nicholas Dalmaso, Tracy V. Maitland, Derek Medina, and Gerald L.
Seizert.




TRUSTEES

The Trustees of the Advent Claymore Convertible Securities and Income Fund and
their principal occupations during the past five years:

<TABLE>
<CAPTION>
                                                                                  NUMBER OF
NAME, ADDRESS*, YEAR OF  TERM OF OFFICE*   PRINCIPAL OCCUPATIONS DURING           FUNDS IN
BIRTH AND POSITION(S)    AND LENGTH OF     THE PAST FIVE YEARS AND                FUND COMPLEX**       OTHER DIRECTORSHIPS
HELD WITH REGISTRANT     TIME SERVED       OTHER AFFILIATIONS                     OVERSEEN BY TRUSTEE  HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES:
- ------------------------------------------------------------------------------------------------------------------------------------

<S>                      <C>               <C>                                           <C>           <C>
Daniel L. Black+         Since 2005        Partner, the Wicks Group of Cos., LLC          3            Director of Penn Foster
Year of birth: 1960                        (2003-present). Formerly, Managing                          Education Group, Inc.
Trustee                                    Director and Co-head of the Merchant
                                           Banking Group at BNY Capital Markets,
                                           a division of The Bank of New York
                                           Co., Inc. (1998-2003).
- ------------------------------------------------------------------------------------------------------------------------------------
Randall C. Barnes++      Since 2005        Private Investor (2001-present).              43            None.
Year of birth: 1951                        Formerly, Senior Vice President,
Trustee                                    Treasurer PepsiCo, Inc. (1993-1997),
                                           President, Pizza Hut International
                                           (1991-1993) and Senior Vice
                                           President, Strategic Planning and New
                                           Business Development (1987-1990) of
                                           PepsiCo, Inc. (1987-1997).
- ------------------------------------------------------------------------------------------------------------------------------------
Derek Medina+            Since 2003        Senior Vice President, Business                3            Director of Young
Year of birth: 1966                        Affairs at ABC News (2008-present).                         Scholar's Institute.
Trustee                                    Vice President, Business Affairs and
                                           News Planning at ABC News (2003-2008).
                                           Formerly, Executive Director, Office
                                           of the President at ABC News (2000-
                                           2003). Former Associate at Cleary
                                           Gottlieb Steen & Hamilton (law firm)
                                           (1995-1998). Former associate in
                                           Corporate Finance at J.P.
                                           Morgan/Morgan Guaranty (1988-1990).
- ------------------------------------------------------------------------------------------------------------------------------------
Ronald A. Nyberg++       Since 2003        Partner of Nyberg & Cassioppi, LLC.,          46            None.
Year of birth: 1953                        a law firm specializing in corporate
Trustee                                    law, estate planning and business
                                           transactions (2000-present). Formerly,
                                           Executive Vice President, General
                                           Counsel and Corporate Secretary of
                                           Van Kampen Investments (1982-1999).
- ------------------------------------------------------------------------------------------------------------------------------------
Gerald L. Seizert, CFP+  Since 2003        Chief Executive Officer of Seizert             3            Former Director of Loomis,
Year of birth: 1952                        Capital Partners, LLC, where he                             Sayles and Co., L.P.
Trustee                                    directs the equity disciplines of the
                                           firm and serves as a co-manager of
                                           the firm hedge fund, Proper
                                           Associates, LLC (2000-present).
                                           Formerly, Co-Chief Executive
                                           (1998-1999) and a Managing Partner
                                           and Chief Investment Officer-Equities
                                           of Munder Capital Management, LLC
                                           (1995-1999). Former Vice President
                                           and Portfolio Manager of Loomis,
                                           Sayles & Co., L.P. (asset manager)
                                           (1984-1995). Former Vice President
                                           and Portfolio Manager at First of
                                           America Bank (1978-1984).
- ------------------------------------------------------------------------------------------------------------------------------------
Michael A. Smart+        Since 2003        Managing Partner, Cordova, Smart &             3            Director, Country Pure Foods.
Year of birth: 1960                        Williams, LLC, Advisor First Atlantic                       Chairman, Board of Directors,
Trustee                                    Capital Ltd., (2001-present).                               Berkshire Blanket, Inc.
                                           Formerly, a Managing Director in                            President and Chairman, Board
                                           Investment Banking-The Private Equity                       of Directors, Sqwincher
                                           Group (1995-2001) and a Vice                                Holdings. Director, Sprint
                                           President in Investment Banking-                            Industrial Holdings.
                                           Corporate Finance (1992-1995) at                            Co-chairman, Board of
                                           Merrill Lynch & Co. Founding Partner                        Directors, H2O Plus.
                                           of The Carpediem Group, (1991-1992).
                                           Associate at Dillon, Read and Co.
                                           (investment bank) (1988-1990).
- ------------------------------------------------------------------------------------------------------------------------------------

                                           Annual Report | October 31, 2008 | 25

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund | SUPPLEMENTAL
INFORMATION (unaudited) continued

<CAPTION>
                                                                                  NUMBER OF
NAME, ADDRESS*, YEAR OF  TERM OF OFFICE*   PRINCIPAL OCCUPATIONS DURING           FUNDS IN
BIRTH AND POSITION(S)    AND LENGTH OF     THE PAST FIVE YEARS AND                FUND COMPLEX**       OTHER DIRECTORSHIPS
HELD WITH REGISTRANT     TIME SERVED       OTHER AFFILIATIONS                     OVERSEEN BY TRUSTEE  HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES:
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>               <C>                                           <C>           <C>
Tracy V. Maitland+0      Since 2003        President of Advent Capital                    3            None.
Year of birth: 1960                        Management, LLC, which he founded in
Trustee, President and                     1995. Prior to June, 2001, President
Chief Executive Officer                    of Advent Capital Management, a
                                           division of Utendahl Capital.
- ------------------------------------------------------------------------------------------------------------------------------------
Nicholas Dalmaso++00     Since 2003        Attorney. Formerly, Senior Managing           45            None.
Year of Birth: 1965                        Director and Chief Administrative
Trustee                                    Officer (2007-2008) and General
                                           Counsel (2001-2007) of Claymore
                                           Advisors, LLC and Claymore
                                           Securities, Inc. Formerly, Assistant
                                           General Counsel, John Nuveen and
                                           Company Inc. (1999-2000). Former Vice
                                           President and Associate General
                                           Counsel of Van Kampen Investments,
                                           Inc. (1992-1999).

- ------------------------------------------------------------------------------------------------------------------------------------

<FN>
+    Address for all Trustees noted: 1065 Avenue of the Americas, 31st Floor,
     New York, NY 10018.

++   Address for all Trustees noted: 2455 Corporate West Drive, Lisle, IL 60532.

*    After a Trustee's initial term, each Trustee is expected to serve a
     three-year term concurrent with the class of Trustees for which he serves:
     - Messrs. Maitland and Dalmaso, as a Class III Trustees, are expected to
     stand for re-election at the Fund's 2009 annual meeting of shareholders.
     - Messrs. Seizert, Medina and Barnes, as Class I Trustees, are expected to
     stand for re-election at the Fund's 2010 annual meeting of shareholders.
     - Messrs. Smart, Nyberg and Black, as Class II Trustees, are expected to
     stand for re-election at the Fund's 2011 annual meeting of shareholders.

**   The Claymore Fund Complex consists of U.S. registered investment companies
     advised or serviced by Claymore Advisors, LLC or Claymore Securities, Inc.
     The Claymore Fund Complex is overseen by multiple Boards of Trustees.

0    Mr. Maitland is an "interested person" (as defined in section 2(a)(19) of
     the 1940 Act) of the Fund because of his position as an officer of Advent
     Capital Management, LLC, the Fund's Advisor.

00   Mr. Dalmaso is an "interested person" (as defined in section 2(a)(19) of
     the 1940 Act) of the Fund because of his former position as an officer of,
     and his equity ownership in, the Fund's Servicing Agent and certain of its
     affiliates.
</FN>
</TABLE>

- --------------------------------------------------------------------------------

OFFICERS

The Officers of the Advent Claymore Convertible Securities and Income Fund and
their principal occupations during the past five years:

<TABLE>
<CAPTION>
NAME, ADDRESS*, YEAR OF BIRTH AND       TERM OF OFFICE** AND            PRINCIPAL OCCUPATION DURING THE PAST FIVE YEARS
POSITION(S) HELD WITH REGISTRANT        LENGTH OF TIME SERVED           AND OTHER AFFILIATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS:
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                             <C>
F. Barry Nelson                         Since 2003                      Co-Portfolio Manager at Advent Capital Management, LLC
Year of birth: 1943                                                     (June 2001- present). Prior to June 2001, Mr. Nelson held
Vice President and                                                      the same position at Advent Capital Management, a division
Assistant Secretary                                                     of Utendahl Capital.
- ------------------------------------------------------------------------------------------------------------------------------------
Robert White                            Since 2005                      Chief Financial Officer, Advent Capital Management, LLC
Year of birth: 1965                                                     (July 2005-present). Previously, Vice President, Client
Treasurer and                                                           Service Manager, Goldman Sachs Prime Brokerage (1997-2005).
Chief Financial Officer
- ------------------------------------------------------------------------------------------------------------------------------------
Rodd Baxter                             Since 2003                      General Counsel, Advent Capital Management, LLC (2002-
Year of birth: 1950                                                     present). Formerly, Director and Senior Counsel, SG Cowen
Secretary and                                                           Securities Corp. (1998-2002).
Chief Compliance Officer
- ------------------------------------------------------------------------------------------------------------------------------------

<FN>
*    Address for all Officers: 1065 Avenue of the Americas, 31st Floor, New
     York, NY 10018

**   Officers serve at the pleasure of the Board of Trustees and until his or
     her successor is appointed and qualified or until his or her earlier
     resignation or removal.
</FN>
</TABLE>


26 | Annual Report | October 31, 2008

<PAGE>

AVK | Advent Claymore Convertible Securities and Income Fund

Dividend Reinvestment PLAN| (unaudited)

Unless the registered owner of common shares elects to receive cash by
contacting the Plan Administrator, all dividends declared on common shares of
the Fund will be automatically reinvested by The Bank of New York Mellon (the
"Plan Administrator"), Administrator for shareholders in the Fund's Dividend
Reinvestment Plan (the "Plan"), in additional common shares of the Fund.
Participation in the Plan is completely voluntary and may be terminated or
resumed at any time without penalty by notice if received and processed by the
Plan Administrator prior to the dividend record date; otherwise such termination
or resumption will be effective with respect to any subsequently declared
dividend or other distribution. Some brokers may automatically elect to receive
cash on your behalf and may re-invest that cash in additional common shares of
the Fund for you. If you wish for all dividends declared on your common shares
of the Fund to be automatically reinvested pursuant to the Plan, please contact
your broker.

The Plan Administrator will open an account for each common shareholder under
the Plan in the same name in which such common shareholder's common shares are
registered. Whenever the Fund declares a dividend or other distribution
(together, a "Dividend") payable in cash, non-participants in the Plan will
receive cash and participants in the Plan will receive the equivalent in common
shares. The common shares will be acquired by the Plan Administrator for the
participants' accounts, depending upon the circumstances described below, either
(i) through receipt of additional unissued but authorized common shares from the
Fund ("Newly Issued Common Shares") or (ii) by purchase of outstanding common
shares on the open market ("Open-Market Purchases") on the New York Stock
Exchange or elsewhere. If, on the payment date for any Dividend, the closing
market price plus estimated brokerage commission per common share is equal to or
greater than the net asset value per common share, the Plan Administrator will
invest the Dividend amount in Newly Issued Common Shares on behalf of the
participants. The number of Newly Issued Common Shares to be credited to each
participant's account will be determined by dividing the dollar amount of the
Dividend by the net asset value per common share on the payment date; provided
that, if the net asset value is less than or equal to 95% of the closing market
value on the payment date, the dollar amount of the Dividend will be divided by
95% of the closing market price per common share on the payment date. If, on the
payment date for any Dividend, the net asset value per common share is greater
than the closing market value plus estimated brokerage commission, the Plan
Administrator will invest the Dividend amount in common shares acquired on
behalf of the participants in Open-Market Purchases.

If, before the Plan Administrator has completed its Open-Market Purchases, the
market price per common share exceeds the net asset value per common share, the
average per common share purchase price paid by the Plan Administrator may
exceed the net asset value of the common shares, resulting in the acquisition of
fewer common shares than if the Dividend had been paid in Newly Issued Common
Shares on the Dividend payment date. Because of the foregoing difficulty with
respect to Open-Market Purchases, the Plan provides that if the Plan
Administrator is unable to invest the full Dividend amount in Open-Market
Purchases during the purchase period or if the market discount shifts to a
market premium during the purchase period, the Plan Administrator may cease
making Open-Market Purchases and may invest the uninvested portion of the
Dividend amount in Newly Issued Common Shares at net asset value per common
share at the close of business on the Last Purchase Date provided that, if the
net asset value is less than or equal to 95% of the then current market price
per common share; the dollar amount of the Dividend will be divided by 95% of
the market price on the payment date.

The Plan Administrator maintains all shareholders' accounts in the Plan and
furnishes written confirmation of all transactions in the accounts, including
information needed by shareholders for tax records. Common shares in the account
of each Plan participant will be held by the Plan Administrator on behalf of the
Plan participant, and each shareholder proxy will include those shares purchased
or received pursuant to the Plan. The Plan Administrator will forward all proxy
solicitation materials to participants and vote proxies for shares held under
the Plan in accordance with the instruction of the participants.

There will be no brokerage charges with respect to common shares issued directly
by the Fund. However, each participant will pay a pro rata share of brokerage
commission incurred in connection with Open-Market Purchases. The automatic
reinvestment of Dividends will not relieve participants of any Federal, state or
local income tax that may be payable (or required to be withheld) on such
Dividends.

The Fund reserves the right to amend or terminate the Plan. There is no direct
service charge to participants with regard to purchases in the Plan; however,
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants.

All correspondence or questions concerning the Plan should be directed to the
Plan Administrator, The Bank of New York Mellon, Attention: Stock Transfer
Department, 101 Barclay 11E, New York, NY 10286, Phone Number: (866) 488-3559.



                                           Annual Report | October 31, 2008 | 27

<PAGE>

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<PAGE>

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<PAGE>

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<PAGE>

AVK |  Advent Claymore Convertible Securities and Income Fund

Fund INFORMATION|

BOARD OF TRUSTEES

Randall C. Barnes

Daniel Black

Nicholas Dalmaso*

Tracy V. Maitland**
Chairman

Derek Medina

Ronald A. Nyberg

Gerald L. Seizert

Michael A. Smart

*    Trustee is an "interested person" of the Fund as defined in the Investment
     Company Act of 1940, as amended, because of his former position as an
     officer of, and his equity ownership in, the Servicing Agent and certain of
     its affiliates.

**   Trustee is an "interested person" of the Fund as defined in the Investment
     Company Act of 1940, as amended.

OFFICERS

Tracy V. Maitland
President and Chief Executive Officer

F. Barry Nelson
Vice President and Assistant Secretary

Robert White
Treasurer and Chief Financial Officer

Rodd Baxter
Secretary and Chief Compliance Officer

INVESTMENT MANAGER
Advent Capital Management, LLC
New York, New York

SERVICING AGENT
Claymore Securities, Inc.
Lisle, Illinois

CUSTODIAN AND TRANSFER AGENT
The Bank of New York Mellon
New York, New York

ADMINISTRATOR
Claymore Advisors, LLC
Lisle, Illinois

PREFERRED STOCK-
DIVIDEND PAYING AGENT
The Bank of New York Mellon
New York, New York

LEGAL COUNSEL
Skadden, Arps, Slate,
Meagher & Flom LLP
New York, New York

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
New York, New York


PRIVACY PRINCIPLES OF THE FUND

The Fund is committed to maintaining the privacy of its shareholders and to
safeguarding their non-public personal information. The following information is
provided to help you understand what personal information the Fund collects, how
the Fund protects that information and why, in certain cases, the Fund may share
information with select other parties.

Generally, the Fund does not receive any non-public personal information
relating to its shareholders, although certain non-public personal information
of its shareholders may become available to the Fund. The Fund does not disclose
any non-public personal information about its shareholders or former
shareholders to anyone, except as permitted by law or as is necessary in order
to service shareholder accounts (for example, to a transfer agent or third party
administrator).

The Fund restricts access to non-public personal information about its
shareholders to employees of the Fund's investment advisor and its affiliates
with a legitimate business need for the information. The Fund maintains
physical, electronic and procedural safeguards designed to protect the
non-public personal information of its shareholders.

QUESTIONS CONCERNING YOUR SHARES OF ADVENT CLAYMORE CONVERTIBLE SECURITIES AND
INCOME FUND?

     o    If your shares are held in a Brokerage Account, contact your Broker.

     o    If you have physical possession of your shares in certificate form,
          contact the Fund's Custodian and Transfer Agent: The Bank of New York
          Mellon, 101 Barclay 11E, New York, NY 10286; (866) 488-3559.

This report is sent to shareholders of Advent Claymore Convertible Securities
and Income Fund for their information. It is not a Prospectus, circular or
representation intended for use in the purchase or sale of shares of the Fund or
of any securities mentioned in this report.

A description of the Fund's proxy voting policies and procedures related to
portfolio securities is available without charge, upon request, by calling the
Fund at (866) 274-2227.

Information regarding how the Fund voted proxies for portfolio securities, if
applicable, during the most recent 12-month period ended June 30, is also
available, without charge and upon request by calling the Fund at (866) 274-2227
or by accessing the Fund's Form N-PX on the U.S. Securities & Exchange
Commission's ("SEC") website at www.sec.gov or www.claymore.com.

The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q is
available on the SEC website at www.sec.gov or www.claymore.com. The Fund's Form
N-Q may also be viewed and copied at the SEC's Public Reference Room in
Washington, DC; information on the operation of the Public Reference Room may be
obtained by calling (800) SEC-0330 or at www.sec.gov.

In October 2008, the Fund submitted a CEO annual certification to the New York
Stock Exchange ("NYSE") in which the Fund's principal executive officer
certified that he was not aware, as of the date of the certification, of any
violation by the Fund of the NYSE's Corporate Governance listing standards. In
addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and
related SEC rules, the Fund's principal executive and principal financial
officers have made quarterly certifications, included in filings with the SEC on
Forms N-CSR and N-Q, relating to, among other things, the Fund's disclosure
controls and procedures and internal control over financial reporting.

NOTICE TO SHAREHOLDERS
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may from time to time purchase shares of its
common stock in the open market.



                                           Annual Report | October 31, 2008 | 31

<PAGE>

ADVENT CAPITAL MANAGEMENT, LLC
1065 Avenue of the Americas
New York, New York 10018



                                                                         AVK
                                                                        LISTED
                                                                        NYSE (R)



AVK-AR-1008

<PAGE>

ITEM 2. CODE OF ETHICS.

(a)  The registrant has adopted a code of ethics (the "Code of Ethics") that
     applies to its principal executive officer, principal financial officer,
     principal accounting officer or controller, or persons performing similar
     functions.

(b)  No information need be disclosed pursuant to this paragraph.

(c)  The registrant has not amended its Code of Ethics during the period covered
     by the shareholder report presented in Item 1 hereto.

(d)  The registrant has not granted a waiver or an implicit waiver from a
     provision of its Code of Ethics.

(e)  Not applicable.

(f)  (1)  The registrant's Code of Ethics is attached hereto as an exhibit.

     (2)  Not applicable.

     (3)  Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that it has six audit
committee financial experts serving on its audit committee, each of whom is an
"independent" Trustee: Randall C. Barnes, Daniel Black, Derek Medina, Ronald
Nyberg, Gerald L. Seizert and Michael A. Smart.

Mr. Barnes qualifies as an audit committee financial expert by virtue of his
experience obtained as a former Senior Vice President, Treasurer of PepsiCo,
Inc.

Mr. Black qualifies as an audit committee financial expert by virtue of his
experience obtained as a partner of a private equity firm, which includes review
and analysis of audited and unaudited financial statements using GAAP to show
accounting estimates, accruals and reserves.

Mr. Medina qualifies as an audit committee financial expert by virtue of his
experience obtained as a Senior Vice President, Business Affairs of ABC News and
as a former associate in Corporate Finance at J.P. Morgan/Morgan Guaranty, which
includes review and analysis of audited and unaudited financial statements using
GAAP to show accounting estimates, accruals and reserves.

Mr. Nyberg qualifies as an audit committee financial expert by virtue of his
experience obtained as an Executive Vice President, General Counsel and
Secretary of Van Kampen Investments, which included review and analysis of
offering documents and audited and unaudited financial statements using GAAP to
show accounting estimates, accruals and reserves.

Mr. Seizert qualifies as an audit committee financial expert by virtue of his
experience obtained as the chief executive officer and portfolio manager of an
asset management company, which includes review and analysis of audited and
unaudited financial statements using GAAP to show accounting estimates, accruals
and reserves.

Mr. Smart qualifies as an audit committee financial expert by virtue of his
experience obtained as a managing partner of a private equity firm and a former
Vice President at Merrill Lynch & Co, which includes review and analysis of
audited and unaudited financial statements using GAAP to show accounting
estimates, accruals and reserves.

(Under applicable securities laws, a person who is determined to be an audit
committee financial expert will not be deemed an "expert" for any purpose,
including without limitation for the purposes of Section 11 of the Securities
Act of 1933, as a result of being designated or identified as an audit committee
financial expert. The designation or identification of a person as an audit
committee financial expert does not impose on such person any duties,
obligations, or liabilities that are greater than the duties, obligations, and
liabilities imposed on such person as a member of the audit committee and Board
of Trustees in the absence of such designation or identification. The
designation or identification of a person as an audit committee financial expert
pursuant to this Item does not affect the duties, obligations, or liability of
any other member of the audit committee or Board of Trustees.)

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees: the aggregate fees billed in each of the last two fiscal years
for professional services rendered by the principal accountant for the audit of
the registrant's annual financial statements are as follows:
                                    2008: $77,500
                                    2007: $82,450

<PAGE>

(b)  Audit-Related Fees: the aggregate fees billed in each of the last two
     fiscal years for assurance and related services by the principal accountant
     that are reasonably related to the performance of the audit of the
     registrant's financial statements and are not reported under paragraph (a)
     of this item are as follows:

                                    2008: $16,700
                                    2007: $15,900

(c)  Tax Fees: the aggregate fees billed in each of the last two fiscal years
     for professional services rendered by the principal accountant for tax
     compliance, tax advice, and tax planning are as follows:

                                    2008: $14,500
                                    2007: $14,167

(d)  All Other Fees: the aggregate fees billed in each of the last two fiscal
     years for products and services provided by the principal accountant, other
     than the services reported in paragraphs (a) and (c) of this Item are as
     follows:

                                    2008: $23,800
                                    2007: $0

(e)  Audit Committee Pre-Approval Policies and Procedures.

     (1)  In accordance with Rule 2-01(c)(7)(A), the Audit Committee
          pre-approves all of the Audit and Tax Fees of the registrant. All of
          the services described in paragraphs (b) through (d) above were
          approved by the Audit Committee in accordance with paragraph (c)(7) of
          Rule 2-01 of Regulation S-X.

          The Trust's Audit Committee has adopted written policies relating to
          the pre-approval of the audit and non-audit services performed by the
          Trust's independent auditors. Unless a type of service to be provided
          by the independent auditors has received general pre-approval, it
          requires specific pre-approval by the Audit Committee. Under the
          policies, on an annual basis, the Trust's Audit Committee reviews and
          pre-approves the services to be provided by the independent auditors
          without having obtained specific pre-approval from the Audit
          Committee. The Audit Committee has delegated pre-approval authority to
          the Audit Committee Chairperson. In addition, the Audit Committee
          pre-approves any permitted non-audit services to be provided by the
          independent auditors to the registrant's investment adviser or any
          entity controlling, controlled by, or under common control with the
          adviser if such services relate directly to the operations and
          financial reporting of the Trust.


                     AUDIT COMMITTEE PRE-APPROVAL POLICY OF
             ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND


STATEMENT OF PRINCIPLES

     The Audit Committee (the "Audit Committee") of the Board of Trustees (the
"Board") of Advent Claymore Convertible Securities and Income Fund (the
"Trust,") is required to pre-approve all Covered Services (as defined in the
Audit Committee Charter) in order to assure that the provision of the Covered
Services does not impair the auditors' independence. Unless a type of service to
be provided by the Independent Auditor (as defined in the Audit Committee
Charter) is pre-approved in accordance with the terms of this Audit Committee
Pre-Approval Policy (the "Policy"), it will require specific pre-approval by the
Audit Committee or by any member of the Audit Committee to which pre-approval
authority has been delegated.

     This Policy and the appendices to this Policy describe the Audit,
Audit-Related, Tax and All Other services that are Covered Services and that
have been pre-approved under this Policy. The appendices hereto sometimes are
referred to herein as the "Service Pre-Approval Documents". The term of any such
pre-approval is 12 months from the date of pre-approval,

<PAGE>

unless the Audit Committee specifically provides for a different period. At its
June meeting of each calendar year, the Audit Committee will review and
re-approve this Policy and approve or re-approve the Service Pre-Approval
Documents for that year, together with any changes deemed necessary or desirable
by the Audit Committee. The Audit Committee may, from time to time, modify the
nature of the services pre-approved, the aggregate level of fees pre-approved or
both. The Audit Committee hereby directs that each version of this Policy and
the Service Pre-Approval Documents approved, re-approved or amended from time to
time be maintained with the books and records of the Trust.

DELEGATION

     In the intervals between the scheduled meetings of the Audit Committee, the
Audit Committee delegates pre-approval authority under this Policy to the
Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any
pre-approval decisions under this Policy to the Audit Committee at its next
scheduled meeting. At each scheduled meeting, the Audit Committee will review
with the Independent Auditor the Covered Services pre-approved by the Chairman
pursuant to delegated authority, if any, and the fees related thereto. Based on
these reviews, the Audit Committee can modify, at its discretion, the
pre-approval originally granted by the Chairman pursuant to delegated authority.
This modification can be to the nature of services pre-approved, the aggregate
level of fees approved, or both. The Audit Committee expects pre-approval of
Covered Services by the Chairman pursuant to this delegated authority to be the
exception rather than the rule and may modify or withdraw this delegated
authority at any time the Audit Committee determines that it is appropriate to
do so.

PRE-APPROVED FEE LEVELS

     Fee levels for all Covered Services to be provided by the Independent
Auditor and pre-approved under this Policy will be established annually by the
Audit Committee and set forth in the Service Pre-Approval Documents. Any
increase in pre-approved fee levels will require specific pre-approval by the
Audit Committee (or the Chairman pursuant to delegated authority).

AUDIT SERVICES

     The terms and fees of the annual Audit services engagement for the Trust
are subject to the specific pre-approval of the Audit Committee. The Audit
Committee will approve, if necessary, any changes in terms, conditions or fees
resulting from changes in audit scope, Trust structure or other matters.

     In addition to the annual Audit services engagement specifically approved
by the Audit Committee, any other Audit services for the Trust not listed in the
Service Pre-Approval Document for the respective period must be specifically
pre-approved by the Audit Committee (or the Chairman pursuant to delegated
authority).

AUDIT-RELATED SERVICES

     Audit-Related services are assurance and related services that are not
required for the audit, but are reasonably related to the performance of the
audit or review of the financial statements of the Trust and, to the extent they
are Covered Services, the other Covered Entities (as defined in the Audit
Committee Charter) or that are traditionally performed by the Independent
Auditor. Audit-Related services that are Covered Services and are not listed in
the Service Pre-Approval Document for the respective period must be specifically
pre-approved by the Audit Committee (or the Chairman pursuant to delegated
authority).

<PAGE>

TAX SERVICES

     The Audit Committee believes that the Independent Auditor can provide Tax
services to the Covered Entities such as tax compliance, tax planning and tax
advice without impairing the auditor's independence. However, the Audit
Committee will not permit the retention of the Independent Auditor in connection
with a transaction initially recommended by the Independent Auditor, the sole
business purpose of which may be tax avoidance and the tax treatment of which
may not be supported in the Internal Revenue Code and related regulations. Tax
services that are Covered Services and are not listed in the Service
Pre-Approval Document for the respective period must be specifically
pre-approved by the Audit Committee (or the Chairman pursuant to delegated
authority).

ALL OTHER SERVICES

     All Other services that are Covered Services and are not listed in the
Service Pre-Approval Document for the respective period must be specifically
pre-approved by the Audit Committee (or the Chairman pursuant to delegated
authority).

PROCEDURES

Requests or applications to provide Covered Services that require approval by
the Audit Committee (or the Chairman pursuant to delegated authority) must be
submitted to the Audit Committee or the Chairman, as the case may be, by both
the Independent Auditor and the Chief Financial Officer of the respective
Covered Entity, and must include a joint statement as to whether, in their view,
(a) the request or application is consistent with the SEC's rules on auditor
independence and (b) the requested service is or is not a non-audit service
prohibited by the SEC. A request or application submitted to the Chairman
between scheduled meetings of the Audit Committee should include a discussion as
to why approval is being sought prior to the next regularly scheduled meeting of
the Audit Committee.

     (2)  None of the services described in each of Items 4 (b) through (d) were
          approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of
          Rule 2-01 of Regulation S-X.

(f)  The aggregate non-audit fees billed for the last two fiscal years by the
     registrant's accountant for services rendered to the registrant, the
     registrant's investment adviser, and any entity controlling, controlled by,
     or under common control with the adviser that provides ongoing services to
     the registrant (not including a sub-adviser whose role is primarily
     portfolio management and is subcontracted with or overseen by another
     investment adviser) that directly related to the operations and financial
     reporting of the registrant are as follows:

                                    2008: $55,000
                                    2007: $30,067

(g)  Not applicable.

<PAGE>

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The registrant has a separately designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange
Act of 1934. The audit committee of the registrant is comprised of: Randall C.
Barnes, Daniel Black, Derek Medina, Ronald Nyberg, Gerald L. Seizert and Michael
A. Smart.

(b) Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

The Schedule of Investments is included as part of Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

The registrant has delegated the voting of proxies relating to its voting
securities to its investment advisor, Advent Capital Management, LLC (the
"Advisor"). The Advisor's Proxy Voting Policies and Procedures are included as
an exhibit hereto.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)  (1)  F. Barry Nelson is primarily responsible for the day-to-day management
          of the registrant's portfolio. The following provides information
          regarding the portfolio managers as of October 31, 2008:

  ------------------------------------------------------------------------------
           NAME         SINCE      PROFESSIONAL EXPERIENCE
  ------------------------------------------------------------------------------

  ------------------------------------------------------------------------------
  F. Barry Nelson       2003       Portfolio Manager at Advent Capital
                    (Inception)    Management, LLC for more than six years.
  ------------------------------------------------------------------------------


(a)  (2)  (i-iii)  Other accounts managed. Mr. Nelson does not manage any
                   performance based fee accounts. The following summarizes
                   information regarding each of the other accounts managed by
                   Mr. Nelson as of October 31, 2008:
<TABLE>
<CAPTION>
                     REGISTERED INVESTMENT         OTHER POOLED INVESTMENT
                           COMPANIES                      VEHICLES                       OTHER ACCOUNTS
                     # OF                          # OF                             # OF
NAME               ACCOUNTS     TOTAL ASSETS     ACCOUNTS        TOTAL ASSETS     ACCOUNTS       TOTAL ASSETS
<S>                   <C>     <C>                   <C>         <C>                  <C>        <C>
F. Barry Nelson       1       $  386 million        1           $ 13 million         24         $ 712 million
</TABLE>
<PAGE>

(a)  (2)  (iv)  Conflicts of Interest. If another account of the Portfolio
                Manager has investment objectives and policies that are similar
                to those of the Registrant, the Portfolio Manager will allocate
                orders pro-rata among the Registrant and such other
                accounts, or, if the Portfolio Manager deviates from this
                policy, the Portfolio Manager will allocate orders such that
                all accounts (including the Registrant) receive fair and
                equitable treatment.

(a)  (3)  Compensation Structure. The salary of the Portfolio Manager is fixed.
          The bonus of the Portfolio Manager is 100% discretionary. The bonus is
          determined by senior management at Advent Capital Management, LLC.

(a)  (4)  Securities ownership. The following table discloses the dollar range
          of equity securities of the Fund beneficially owned by F. Barry Nelson
          as of October 31, 2008:

                                                       DOLLAR RANGE OF EQUITY
NAME OF PORTFOLIO MANAGER                              SECURITIES IN FUND
F. Barry Nelson                                        $100,001-$500,000

(b)  Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

None.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has not made any material changes to the procedures by which
shareholders may recommend nominees to the registrant's Board of Trustees.

ITEM 11. 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
     of a date within 90 days of this filing and have concluded based on such
     evaluation, as required by Rule 30a-3(b) under the Investment Company Act
     of 1940, 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-CSR was recorded, processed,
     summarized, and reported within the time periods specified in the
     Securities and Exchange Commission's rules and forms.

(b)  There were no changes in the registrant's internal control over financial
     reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
     1940) that occurred during the registrant's second fiscal quarter of the
     period covered by this report that have materially affected, or are
     reasonably likely to materially affect, the registrant's internal control
     over financial reporting.

<PAGE>

ITEM 12. EXHIBITS.

(a)  (1)  Code of Ethics for Chief Executive and Senior Financial Officers.

(a)  (2)  Certification of principal executive officer and principal financial
          officer pursuant to Rule 30a-2(a) of the Investment Company Act
          of 1940.

(b)  Certification of principal executive officer and principal financial
     officer pursuant to Rule 30a-2(b) of the Investment Company Act of 1940 and
     Section 906 of the Sarbanes-Oxley Act of 2002.

(c)  Proxy Voting Policies and Procedures.

<PAGE>

                                   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) Advent Claymore Convertible Securities and Income Fund

By:      /s/ Tracy V. Maitland
         -----------------------------------------------------------------------

Name:    Tracy V. Maitland

Title:   President and Chief Executive Officer

Date:    January 9, 2009

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.

By:      /s/ Tracy V. Maitland
         -----------------------------------------------------------------------

Name:    Tracy V. Maitland

Title:   President and Chief Executive Officer

Date:    January 9, 2009

By:      /s/ Robert White
         -----------------------------------------------------------------------

Name:    Robert White

Title:   Treasurer and Chief Financial Officer

Date:    January 9, 2009
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>exa1.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>

                                                                  EXHIBIT (a)(1)

                                 CODE OF ETHICS
                                       FOR
                  CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS
                                     OF THE
                           ADVENT CLAYMORE CONVERTIBLE
                            SECURITIES & INCOME FUND

                       AS ADOPTED BY THE BOARD OF TRUSTEES
                                  JUNE 19, 2003

     The Advent Claymore Convertible Securities & Income Fund (the "Fund") is
committed to conducting business in accordance with applicable laws, rules and
regulations and the highest standards of business ethics, and to full and
accurate disclosure -- financial and otherwise -- in compliance with applicable
law. This Code of Ethics, applicable to the Fund's Chief Executive Officer,
President, Chief Financial Officer and Treasurer (or persons performing similar
functions) (together, "Senior Officers"), sets forth policies to guide you in
the performance of your duties.

     As a Senior Officer, you must comply with applicable law. You also have a
responsibility to conduct yourself in an honest and ethical manner. You have
leadership responsibilities that include creating a culture of high ethical
standards and a commitment to compliance, maintaining a work environment that
encourages the internal reporting of compliance concerns and promptly addressing
compliance concerns.

     This Code of Ethics recognizes that the Senior Officers are subject to
certain conflicts of interest inherent in the operation of investment companies,
because the Senior Officers currently or may in the future serve as Senior
Officers of the Fund, as officers or employees of the Fund's investment advisor
(the "Advisor") and investment manager (the "Investment Manager") and as
officers or trustees of other registered investment companies and unregistered
investment funds advised by the Advisor or the Investment Manager. This Code of
Ethics also recognizes that certain laws and regulations applicable to, and
certain policies and procedures adopted by, the Fund or the Advisor govern your
conduct in connection with many of the conflict of interest situations that
arise in connection with the operations of the Fund, including:

o    the Investment Company Act of 1940, and the rules and regulation
     promulgated thereunder by the Securities and Exchange Commission (the "1940
     Act");

o    the Investment Advisers Act of 1940, and the rules and regulations
     promulgated thereunder by the Securities and Exchange Commission (the
     "Advisers Act");

o    the Code of Ethics adopted by the Fund and the other Funds pursuant to Rule
     17j-1(c) under the 1940 Act (collectively, the "Fund's 1940 Act Code of
     Ethics");

o    one or more codes of ethics adopted by the Advisor and the Investment
     Manager that have been reviewed and approved by those trustees (the
     "Trustees") of the Fund that are not "interested persons" of the Fund (the
     "Independent Trustees") within the meaning of the 1940 Act (the "Advisor's
     1940 Act Code of Ethics" and, together with the Fund's 1940 Act Code of
     Ethics, the "1940 Act Codes of Ethics");

<PAGE>

o    the policies and procedures adopted by the Fund to address conflict of
     interest situations, such as procedures under Rule 10f-3 and Rule 17a-7
     under the 1940 Act (collectively, the "Fund Policies");

o    the Advisor's general policies and procedures to address, among other
     things, conflict of interest situations and related matters (collectively,
     the "Advisor Policies"); and

o    the Investment Manager's general policies and procedures to address, among
     other things, conflict of interest situations and related matters
     (collectively, the "Investment Manager Policies"); and

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics,
the Fund Policies, Advisor Policies and the Investment Manager Policies are
referred to herein collectively as the "Additional Conflict Rules."

     This Code of Ethics is different from, and is intended to supplement, the
Additional Conflict Rules. Accordingly, a violation of the Additional Conflict
Rules by a Senior Officer is hereby deemed not to be a violation of this Code of
Ethics, unless and until the Board of Trustees of the Trust (the "Board") shall
determine that any such violation of the Additional Conflict Rules is also a
violation of this Code of Ethics.

SENIOR OFFICERS SHOULD ACT HONESTLY AND CANDIDLY

     Each Senior Officer has a responsibility to the Fund to act with integrity.
Integrity requires, among other things, being honest and candid. Deceit and
subordination of principle are inconsistent with integrity.

     Each Senior Officer must:

o    act with integrity, including being honest and candid while still
     maintaining the confidentiality of information where required by law or the
     Additional Conflict Rules;

o    comply with the laws, rules and regulations that govern the conduct of the
     Fund's operations and report any suspected violations thereof in accordance
     with the section below entitled "Compliance With Code Of Ethics"; and

o    adhere to a high standard of business ethics.

CONFLICTS OF INTEREST

     A conflict of interest for the purpose of this Code of Ethics occurs when
your private interests interfere in any way, or even appear to interfere, with
the interests of the Fund.

     Senior Officers are expected to use objective and unbiased standards when
making decisions that affect the Fund, keeping in mind that Senior Officers are
subject to certain inherent conflicts of interest because Senior Officers of a
Fund also are or may be officers of other Funds, the Advisor and other funds
advised or serviced by the Advisor, and the Investment Manager and other funds
advised or serviced by the Investment Manager (as a result of which it is
incumbent upon you to be familiar with and to seek to comply with the Additional
Conflict Rules).

     You are required to conduct the business of the Fund in an honest and
ethical manner, including the ethical handling of actual or apparent conflicts
of interest between personal

<PAGE>

and business relationships. When making any investment, accepting any position
or benefits, participating in any transaction or business arrangement or
otherwise acting in a manner that creates or appears to create a conflict of
interest with respect to the Fund where you are receiving a personal benefit,
you should act in accordance with the letter and spirit of this Code of Ethics.

     If you are in doubt as to the application or interpretation of this Code of
Ethics to you as a Senior Officer of the Fund, you should make full disclosure
of all relevant facts and circumstances to the general counsel of the Investment
Manager (the "General Counsel") and obtain the approval of the General Counsel
prior to taking action.

     Some conflict of interest situations that should always be approved by the
General Counsel, if material, include the following:

o    the receipt of any entertainment or non-nominal gift by the Senior Officer,
     or a member of his or her family, from any company with which the Fund has
     current or prospective business dealings (other than the Advisor or the
     Investment Manager), unless such entertainment or gift is business related,
     reasonable in cost, appropriate as to time and place, and not so frequent
     as to raise any question of impropriety;

o    any ownership interest in, or any consulting or employment relationship
     with, any of the Fund's service providers, other than the Advisor or the
     Investment Manager; or

o    a direct or indirect financial interest in commissions, transaction charges
     or spreads paid by the Fund for effecting portfolio transactions or for
     selling or redeeming shares other than an interest arising from the Senior
     Officer's employment by the Advisor or the Investment Manager, such as
     compensation or equity ownership.

DISCLOSURES

     It is the policy of the Fund to make full, fair, accurate, timely and
understandable disclosure in compliance with all applicable laws and regulations
in all reports and documents that the Fund files with, or submits to, the
Securities and Exchange Commission or a national securities exchange and in all
other public communications made by the Fund. As a Senior Officer, you are
required to promote compliance with this policy and to abide by the Fund's
standards, policies and procedures designed to promote compliance with this
policy.

     Each Senior Officer must:

o    familiarize himself or herself with the disclosure requirements applicable
     to the Fund as well as the business and financial operations of the Fund;
     and

o    not knowingly misrepresent, or cause others to misrepresent, facts about
     the Fund to others, including to the Trustees, the Fund's independent
     auditors, the Fund's counsel, counsel to the Independent Trustees,
     governmental regulators or self-regulatory organizations.

COMPLIANCE WITH CODE OF ETHICS

     If you know of or suspect a violation of this Code of Ethics or other laws,
regulations, policies or procedures applicable to the Fund, you must report that
information on a timely basis to the General Counsel or report it anonymously by
following the "whistle blower" policies adopted by the Audit Committee of the
Fund from time to time. No one will be subject to retaliation because of a good
faith report of a suspected violation.

<PAGE>

     The Fund will follow these procedures in investigating and enforcing this
Code of Ethics, and in reporting on this Code of Ethics:

o    the General Counsel will take all appropriate action to investigate any
     actual or potential violations reported to him or her;

o    violations and potential violations will be reported to the Board after
     such investigation;

o    if the Board determines that a violation has occurred, it will take all
     appropriate disciplinary or preventive action; and

o    appropriate disciplinary or preventive action may include a letter of
     censure, suspension, dismissal or, in the event of criminal or other
     serious violations of law, notification of the Securities and Exchange
     Commission or other appropriate law enforcement authorities.

WAIVERS OF CODE OF ETHICS

     Except as otherwise provided in this Code of Ethics, the General Counsel is
responsible for applying this Code of Ethics to specific situations in which
questions are presented to the General Counsel and has the authority to
interpret this Code of Ethics in any particular situation. The General Counsel
shall take all action he or she considers appropriate to investigate any actual
or potential violations reported under this Code of Ethics.

     The General Counsel is authorized to consult, as appropriate, with counsel
to the Fund, the Advisor or the Independent Trustees, and is encouraged to do
so.

     The Board is responsible for granting waivers of this Code of Ethics, as
appropriate. Any changes to or waivers of this Code of Ethics will, to the
extent required, be disclosed on Form N-CSR, or otherwise, as provided by
Securities and Exchange Commission rules.

RECORDKEEPING

     The Fund will maintain and preserve for a period of not less than six (6)
years from the date an action is taken, the first two (2) years in an easily
accessible place, a copy of the information or materials supplied to the Board:

o    that provided the basis for any amendment or waiver to this Code of Ethics;
     and

o    relating to any violation of this Code of Ethics and sanctions imposed for
     such violation, together with a written record of the approval or action
     taken by the Board.

CONFIDENTIALITY

     All reports and records prepared or maintained pursuant to this Code of
Ethics shall be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code of Ethics, such
matters shall not be disclosed to anyone other than the Independent Trustees and
their counsel, the Fund and its counsel, the Advisor and its counsel, the
Investment Manager and its counsel, and any other advisors, consultants or
counsel retained by the Trustees, the Independent Trustees or any committee of
the Trustees.

<PAGE>

AMENDMENTS

     This Code of Ethics may not be amended except in written form, which is
specifically approved by a majority vote of the Trustees, including a majority
of the Independent Trustees.

NO RIGHTS CREATED

     This Code of Ethics is a statement of certain fundamental principles,
policies and procedures that govern each of the Senior Officers in the conduct
of the Fund's business. It is not intended to and does not create any rights in
any employee, investor, supplier, competitor, shareholder or any other person or
entity.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>certs.txt
<DESCRIPTION>CERTIFICATIONS
<TEXT>

                                                                 EXHIBIT (a) (2)

                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER

                                 CERTIFICATIONS

         I, Tracy V. Maitland, certify that:

         1. I have reviewed this report on Form N-CSR of Advent Claymore
Convertible Securities and Income Fund;

         2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

         4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

         a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

         b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

         c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

         d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

         5. The registrant's other certifying officer and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

         a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

         b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.

                                           Date:    January 9, 2009

                                                    /s/ Tracy V. Maitland
                                                    ----------------------------
                                                    Tracy V. Maitland


                                           President and Chief Executive Officer

<PAGE>

                    CERTIFICATION OF CHIEF FINANCIAL OFFICER

                                 CERTIFICATIONS

         I, Robert White, certify that:

         1. I have reviewed this report on Form N-CSR of Advent Claymore
Convertible Securities and Income Fund;

         2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

         4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

         a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

         b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

         c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

         d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

         5. The registrant's other certifying officer and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

         a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

         b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.

                                           Date:  January 9, 2009

                                           /s/ Robert White
                                           ------------------------------
                                           Robert White

                                           Treasurer and Chief Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>certs906.txt
<DESCRIPTION>CERTIFICATION
<TEXT>

                                                                     EXHIBIT (b)



                    CERTIFICATION OF CEO AND CFO PURSUANT TO

                             18 U.S.C. SECTION 1350,

                             AS ADOPTED PURSUANT TO

                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



In connection with the Report on Form N-CSR of Advent Claymore Convertible
Securities and Income Fund (the "Company") for the annual period ended October
31, 2008 (the "Report"), Tracy V. Maitland, as Chief Executive Officer of the
Company, and Robert White, as Chief Financial Officer of the Company, each
hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906
of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

     (1)  the Report fully complies with the requirements of Section 13 (a) or
          15 (d) of the Securities Exchange Act of 1934; and

     (2)  the information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Company.



Dated:   January 9, 2009

         /s/ Tracy V. Maitland
- -------------------------------------------
Name:    Tracy V. Maitland

Title:   Chief Executive Officer


         /s/ Robert White
- -------------------------------------------
Name:    Robert White

Title:   Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)
<SEQUENCE>5
<FILENAME>exc.txt
<DESCRIPTION>PROXY VOTING POLICY AND PROCEDURES
<TEXT>

                                                                     EXHIBIT (c)

                         ADVENT CAPITAL MANAGEMENT, LLC

                       PROXY VOTING POLICY AND PROCEDURES

I.   POLICY STATEMENT

     Introduction - Advent Capital Management, LLC (the "Advisor") is adopting
these proxy voting policies and procedures (the "Policies and Procedures") in
order to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940, as
amended and its associated recordkeeping requirements.

     The Policies and Procedures apply to those client accounts (i) that contain
voting securities; and (ii) for which the Advisor has authority to vote client
proxies. The Policies and Procedures will be reviewed and, as necessary, updated
periodically to address new or revised proxy voting issues. Other, similar
rights such as consent rights shall be evaluated on a case by case basis.

     Pursuant to the Policies and Procedures and its fiduciary duties, the
Advisor will vote client proxies as part of its authority to manage, acquire and
dispose of account assets. When voting proxies for client accounts, the
Advisor's primary objective is to make voting decisions solely in the best
interests of clients and beneficiaries and participants of benefits plans for
which we manage assets. In fulfilling its obligations to clients, the Advisor
will act in a manner deemed to be prudent and diligent and which is intended to
enhance the economic value of the underlying securities held in client accounts.
In certain situations, a client or its fiduciary may provide the Advisor with a
statement of proxy voting policy. In these situations, the Advisor seeks to
comply with such policy to the extent it would not be inconsistent with
applicable regulation or the fiduciary responsibility of the Advisor.

     Duty to Vote Proxies - The Advisor acknowledges that it is part of its
fiduciary duty to its clients to vote client proxies, except in cases in which
the cost of doing so, in the opinion of the Advisor, would exceed the expected
benefits to the client. This may be particularly true in the case of non-U.S.
securities. While the proxy voting process is well established in the United
States and other developed markets with a number of tools and services available
to assist an investment manager, voting proxies of non-US companies located in
certain jurisdictions, particularly emerging markets, may involve a number of
logistical problems that may have a detrimental effect on the Advisor's ability
to vote such proxies. The logistical problems include, but are not limited to:
(i) proxy statements and ballots being written in a language other than English,
(ii) untimely and/or inadequate notice of shareholder meetings, (iii)
restrictions on the ability of holders outside the issuer's jurisdiction of
organization to exercise votes, (iv) requirements to vote proxies in person, (v)
the imposition of restrictions on the sale of the securities for a period of
time in proximity to the shareholder meeting, and (vi) requirements to provide
local agents with power of attorney to facilitate the Advisor's voting
instructions. Accordingly, the Advisor may conduct a cost-benefit analysis in
determining whether to attempt to vote its clients' shares at a non-US company's
meeting, whereby if it is determined that the cost associated with the attempt
to exercise

<PAGE>

its vote outweighs the benefit the Advisor believes its clients will derive by
voting on the company's proposal, the Advisor may decide not to attempt to vote
at the meeting.

     Material Conflicts - The Advisor will vote its clients' proxies in the best
interests of its clients and not its own. In voting client proxies, the Advisor
will avoid material conflicts of interests between the interests of the Advisor
and its affiliates on the one hand and the interests of its clients on the
other. The Advisor recognizes that it may have a material conflict of interest
in voting a client proxy where (i) it manages assets, administers employee
benefit plans, or provides brokerage, underwriting or insurance to companies
whose management is soliciting proxies; (ii) it manages money for an employee
group that is the proponent of a proxy proposal; (iii) has a personal
relationship with participants in a proxy solicitation or a director or
candidate for director; or (iv) it otherwise has a personal interest in the
outcome in a particular matter before shareholders. Notwithstanding the above
categories, the Advisor understands that the determination of whether a
"material conflict" exists depends on all of the facts and circumstances of the
particular situation. The Advisor acknowledges the existence of a relationship
of the type discussed above, even in the absence of any active efforts to
solicit the investment adviser with respect to a proxy vote, is sufficient for a
material conflict to exist.

II.  GENERAL PROXY VOTING GUIDELINES

     It is the policy of the Advisor in voting proxies to consider and vote each
proposal with the objective of maximizing long-term investment returns for its
clients. To ensure consistency in voting proxies on behalf of its clients, the
Advisor utilizes the proxy voting guidelines (the "Proxy Voting Guidelines") set
forth below. These guidelines address a broad range of issues, including board
size and composition, executive compensation, anti-takeover proposals, capital
structure proposals and social responsibility issues

A.   MANAGEMENT PROPOSALS:

     1.   The following management sponsored proposals are often voted in
          support of management.

          [X]    [ ]     [ ]   Selection or ratification of auditors
          For  Against  Case
                         by
                        Case

          [X]    [ ]     [ ]   Approval of financial statements, director
          For  Against  Case   and auditor reports
                         by
                        Case

          [X]    [ ]     [ ]   Election of Directors
          For  Against  Case
                         by
                        Case

          [X]    [ ]     [ ]   Limiting Directors' liability and broadening
          For  Against  Case   indemnification of Directors
                         by
                        Case

<PAGE>
          [X]    [ ]     [ ]   Requirement that a certain percentage (up to
          For  Against  Case   66 2/3%) of its Board's members be comprised
                         by    of independent and unaffiliated Directors
                        Case


          [X]    [ ]     [ ]   Requirement that members of the company's
          For  Against  Case   compensation, nominating and audit
                         by    committees be comprised of independent or
                        Case   unaffiliated Directors


          [X]    [ ]     [ ]   Recommendations to set retirement ages or
          For  Against  Case   require specific levels of stock ownership
                         by    by Directors
                        Case

          [X]    [ ]     [ ]   General updating/corrective amendments to
          For  Against  Case   the charter
                         by
                        Case

          [X]    [ ]     [ ]   Elimination of cumulative voting
          For  Against  Case
                         by
                        Case

          [X]    [ ]     [ ]   Elimination of preemptive rights
          For  Against  Case
                         by
                        Case

          [X]    [ ]     [ ]   Provisions for confidential voting and
          For  Against  Case   independent tabulation of voting results
                         by
                        Case

          [X]    [ ]     [ ]   Proposals related to the conduct of the
          For  Against  Case   annual meeting except those proposals which
                         by    relate to the "transaction of such other
                        Case   business which may come before the meeting"

          [X]    [ ]     [ ]   Capitalization changes which eliminate other
          For  Against  Case   classes of stock and voting rights
                         by
                        Case

          [X]    [ ]     [ ]   Proposals to increase the authorization of
          For  Against  Case   existing classes of stock if: (i) a clear
                         by    and legitimate business purpose is stated;
                        Case   (ii) the number of shares requested is
                               reasonable in relation to the purpose for
                               which authorization is requested; and (iii)
                               the authorization does not exceed 10% of
                               shares currently authorized and at least 10%
                               of the new authorization will be outstanding

<PAGE>

          [X]    [ ]     [ ]   Proposals to create a new class of preferred
          For  Against  Case   stock or for issuances of preferred stock up
                         by    to 10% of issued capital unless the terms of
                        Case   the preferred stock would adversely affect
                               the rights of existing shareholders

          [X]    [ ]     [ ]   Proposals for share repurchase plans, unless
          For  Against  Case   it appears that a repurchase plan lacks a
                         by    bona fide business purpose
                        Case

          [X]    [ ]     [ ]   Proposals to reduce the number of authorized
          For  Against  Case   shares of common or preferred stock, or to
                         by    eliminate classes of preferred stock,
                        Case   provided such proposals have a legitimate
                               business purpose

          [X]    [ ]     [ ]   Proposals to effect stock splits unless such
          For  Against  Case   a split would be contrary to shareholders'
                         by    best interests
                        Case

          [X]    [ ]     [ ]   Proposals to effect reverse stock splits if
          For  Against  Case   management proportionately reduces the
                         by    authorized share amount set forth in the
                        Case   corporate charter. Reverse stock splits that
                               do not adjust proportionately to the authorized
                               share amount will generally be approved if the
                               resulting increase in authorized shares coincides
                               with the proxy guidelines set forth above for
                               common stock increases

          [X]    [ ]     [ ]   Director fees unless the amounts are
          For  Against  Case   excessive relative to other companies in the
                         by    country or industry
                        Case

          [X]    [ ]     [ ]   Employee stock purchase plans that permit
          For  Against  Case   discounts up to 15%, but only for grants that
                         by    are part of a broad based employee plan,
                        Case   including all non-executive employees

          [X]    [ ]     [ ]   Establishment of Employee Stock Option Plans
          For  Against  Case   and other employee ownership plans
                         by
                        Case

          [X]    [ ]     [ ]   Modify or rescind existing supermajority
          For  Against  Case   vote requirements to amend the
                         by    charters or bylaws.
                        Case

<PAGE>

          [X]    [ ]     [ ]   Adoption of anti-greenmail provisions
          For  Against  Case   provided that the proposal (a) defines
                         by    greenmail, (b) prohibits buyback offers to
                        Case   large block holders not made to all
                               shareholders or not approved by
                               disinterested shareholders, and (c) contains
                               no anti-takeover measures or other
                               provisions restricting the rights of
                               shareholders.

     2.   The following proposals are often voted against, notwithstanding
          management support:

          [ ]    [X]     [ ]   Capitalization changes which add classes of
          For  Against  Case   stock which substantially dilute the
                         by    voting interests of existing shareholders
                        Case

          [ ]    [X]     [ ]   Proposals to increase the authorized number
          For  Against  Case   of shares of existing classes of stock which
                         by    carry preemptive rights or super voting rights
                        Case

          [ ]    [X]     [ ]   Creation of blank check preferred stock
          For  Against  Case
                         by
                        Case

          [ ]    [X]     [ ]   Changes in capitalization by 5% or more
          For  Against  Case   where management does not offer an
                         by    appropriate rationale or where it is
                        Case   contrary to the best interests of existing
                               shareholders

          [ ]    [X]     [ ]   Compensation proposals that allow for
          For  Against  Case   discounted stock options which have not been
                         by    offered to employees in general
                        Case

          [ ]    [X]     [ ]   Change-in-control provisions in non-salary
          For  Against  Case   compensation plans, employment contracts,
                         by    and severance agreements that benefit
                        Case   management and would be costly to
                               shareholders if triggered

          [ ]    [X]     [ ]   Anti-takeover and related provision that
          For  Against  Case   serve to prevent the majority of
                         by    shareholders from exercising their rights or
                        Case   effectively deter the appropriate tender
                               offers and other offers

          [ ]    [X]     [ ]   Shareholders rights plans which allow
          For  Against  Case   appropriate offers to shareholders to be blocked
                         by    by the board or trigger provisions which
                        Case   prevent legitimate offers from proceeding

<PAGE>

          [ ]    [X]     [ ]   Amendments to bylaws that would require a
          For  Against  Case   supermajority shareholder vote to pass or
                         by    repeal certain provisions
                        Case

          [ ]    [X]     [ ]   Proposals to indemnify auditors
          For  Against  Case
                         by
                        Case

     3.   The following types of proposals are often voted on a case-by-case
          basis:

          [ ]    [ ]     [X]   o        Mergers, acquisitions and other
          For  Against  Case            special corporate transactions
                         by             (i.e., takeovers, spin-offs, sales
                        Case            of assets, reorganizations,
                                        restructurings and
                                        recapitalizations) will be examined
                                        on a case-by-case basis

          [ ]    [ ]     [X]   o        Executive/Director stock option
          For  Against  Case            plans. Generally, the stock option
                         by             plans should meet the following
                        Case            criteria: (i) Whether the stock
                                        option plan is incentive based;
                                        (ii) For mature companies, should
                                        be no more than 5% of the issued
                                        capital at the time of approval;
                                        and (iii) For growth companies,
                                        should be no more than 10% of the
                                        issued capital at the time of
                                        approval

          [ ]    [ ]     [X]   Proposals requiring shareholder ratification
          For  Against  Case   of poison pills
                         by
                        Case

B.   SHAREHOLDER PROPOSALS:

     1.   The following shareholder proposals are often supported:

          [X]    [ ]     [ ]   Requiring Auditors to attend the annual
          For  Against  Case   meeting of shareholders
                         by
                        Case

          [X]    [ ]     [ ]   Requirement that members of the company's
          For  Against  Case   compensation, nominating and audit
                         by    committees be comprised of independent or
                        Case   unaffiliated Directors

<PAGE>

     2.   The following shareholder proposals are often determined on a
          case-by-case basis:

          [ ]    [ ]     [X]   Proposals which limit tenure of directors
          For  Against  Case
                         by
                        Case

          [ ]    [ ]     [X]   Proposals to limit golden parachutes
          For  Against  Case
                         by
                        Case

          [ ]    [ ]     [X]   Proposals requiring directors to own large
          For  Against  Case   amounts of stock to be eligible for election
                         by
                        Case

          [ ]    [ ]     [X]   Restoring cumulative voting in the election
          For  Against  Case   of directors
                         by
                        Case

          [ ]    [ ]     [X]   Requirement that a certain percentage of its
          For  Against  Case   Board's members be comprised of independent
                         by    and unaffiliated Directors
                        Case

          [ ]    [ ]     [X]   Proposals which request or require
          For  Against  Case   disclosure of executive compensation in
                         by    addition to the disclosure required by the
                        Case   Securities and Exchange Commission ("SEC")
                               regulations.

          [ ]    [ ]     [X]   Proposals which limit retirement benefits or
          For  Against  Case   executive compensation
                         by
                        Case

          [ ]    [ ]     [X]   Requiring shareholder approval for Bylaw or
          For  Against  Case   charter amendments
                         by
                        Case

          [ ]    [ ]     [X]   Requiring shareholder approval for
          For  Against  Case   shareholder rights plan or poison pill
                         by
                        Case

          [ ]    [ ]     [X]   Requiring shareholder approval of golden
          For  Against  Case   parachutes
                         by
                        Case

          [ ]    [ ]     [X]   Confidential voting
          For  Against  Case
                         by
                        Case

          [ ]    [ ]     [X]   Elimination of certain anti-takeover related
          For  Against  Case   provisions
                         by
                        Case

<PAGE>

          [ ]    [ ]     [X]   Reduction or elimination of supermajority
          For  Against  Case   vote requirements
                         by
                        Case

          [ ]    [ ]     [X]   Prohibit payment of greenmail
          For  Against  Case
                         by
                        Case

     3.   The following shareholder proposals are often not supported:

          [ ]    [X]     [ ]   Requirements that the issuer prepare reports
          For  Against  Case   which are costly to provide or which would
                         by    require duplicative efforts or expenditures
                        Case   which are of a non-business nature or would
                               provide no pertinent information from the
                               perspective of institutional shareholders

          [ ]    [X]     [ ]   Restrictions related to social, political or
          For  Against  Case   special interest issues that impact the
                         by    ability of the company to do business or be
                        Case   competitive and which have a significant
                               financial or best interest impact to the
                               shareholders

          [ ]    [X]     [ ]   Proposals which require inappropriate
          For  Against  Case   endorsements or corporate actions.
                         by
                        Case

III. ADMINISTRATION OF PROXY POLICIES AND PROCEDURES

A.   PROXY REVIEW COMMITTEE

     The Advisor's Proxy Review Committee (the "Committee") is responsible for
     creating and implementing the Policies and Procedures and, in that regard,
     has adopted the general principles and guidelines set forth above in
     Sections I and II. Among other things, the Committee is responsible for the
     following:

     1.   The Committee, consisting of members designated by the Chief Executive
          Officer, shall establish and review these Policies and Procedures and
          determine how the Advisor will vote proxies on an ongoing basis.

     2.   The Committee shall have the authority to amend and change the
          Policies and Procedures and designate voting positions consistent with
          the objective of maximizing long-term investment returns for the
          Advisor's clients.

<PAGE>

     3.   The Committee shall meet as needed to oversee and address all
          questions relating to the Advisor's Policies and Procedures,
          including: (1) general review of proposals being put forth at
          shareholder meetings of portfolio companies; (2) adopting changes in
          the Policies and Procedures; (3) determining whether voting on matters
          in the manner favored by the Advisor are "material" conflicts of
          interests within the meaning of Rule 206(4)-6 under the Investment
          Advisors Act of 1940, as amended; (4) determining how to vote matters
          for which specific direction has not been provided the Proxy Voting
          Guidelines (i.e. "case by case" matters) or are otherwise not covered
          by the Proxy Voting Guidelines (collectively, "Discretionary
          Proposals"); (5) determining whether to override the Proxy Voting
          Guidelines with respect to any proxy vote; and (6) designating a
          compliance officer (the "Compliance Officer") to implement the
          Operating Procedures set forth in Part B of this Section III.

     4.   The Committee will periodically review the Proxy Voting Guidelines to
          determine if they are current and consistent with the Advisor's policy
          and will make appropriate changes as needed.

B.   OPERATING PROCEDURES

     The following operating procedures are intended to ensure that the Advisor
satisfies its proxy voting obligations:

     1.   The Compliance Officer will review all new client accounts to
          determine whether (i) the account contains voting securities and (ii)
          the client has delegated proxy voting authorization to the Advisor in
          the investment advisory agreement or (iii) the client has otherwise
          provided specific voting instructions. Any questions regarding whether
          or not a security is a "voting" security or whether voting authority
          has been delegated by a client will be directed to the General Counsel
          of the Advisor.

     2.   The Compliance Officer will receive proxy materials and ballots and
          reconcile these materials with holdings in client accounts at least
          once monthly.

     3.   The Compliance Officer will compile and review the matters to be voted
          on, at least once monthly, and determine: (i) which matters are to be
          voted in accordance with the Proxy Voting Guidelines (a
          "Pre-Determined Matter"); and (ii) which matters are Discretionary
          Matters and (iii) which matters are to be voted pursuant to the
          instructions of clients (a "Directed Matter"). Any questions regarding
          whether a matter is a Pre-Determined Matter, a Discretionary Matter or
          a Directed Matter will be directed to the General Counsel of the
          Advisor.

     4.   For all Discretionary Matters, the Compliance Officer shall screen the
          matter and make a preliminary determination regarding whether the
          matter presents a potential material conflict of interest between the
          interests of the Advisor and its affiliates on the one hand and the
          Advisor's client on the other.

          In order to determine whether a Discretionary Matter poses a potential
          material conflict of interest, the Compliance Officer shall compile
          and maintain a list of the following as applicable:

     (a)  all issuers for which the Advisor or its affiliates manages assets;

<PAGE>

     (b)  all issuers for which the Advisor or its affiliates administers
          employee benefit plans;

     (c)  all issuers for which the Advisor or its affiliates brokerage,
          underwriting or insurance;

     (d)  any issuer for which the Advisor or its affiliates is soliciting the
          provision of services enumerated in (a), (b) and (c);

     (e)  any other issuer with which the Advisor or its affiliates or its
          senior officers has a material business relationship; and

     (f)  any employee group for which the Advisor manages money;

          This list, which the Compliance Officer shall update at least
          quarterly, shall be known as the "Master Conflicts List."

          The Compliance Officer shall screen the issuer, employee group or any
          other material related party ("Material Parties") involved in the
          Discretionary Matter against the Master Conflicts List and develop a
          list of potential conflicts ("Potential Conflicts List").

     5.   For each Discretionary Matter, the Compliance Officer shall solicit
          written reports from portfolio managers, investment personnel,
          analysts and other employees of the advisor who may have an investment
          or other professional interest in the Discretionary Matter. The
          Compliance Officer shall compile these reports in an "Advisory
          Report."

     6.   The Compliance Officer shall present each meeting of the Committee
          with: (i) a list of all Pre-Determined Matters to be voted in
          accordance with the Proxy Voting Guidelines; (ii) a list of all
          Discretionary Matters; (iii) a list of all Directed Matters to be
          voted in accordance with client instructions (iv) the Potential
          Conflicts List; and (v) any Advisory Reports.

     7.   The Committee shall meet quarterly. The Committee shall review and
          approve the list of Pre-Determined Matters to be voted in accordance
          with the Proxy Voting Guidelines and the list of all Directed Matters
          to be voted in accordance with client instructions. For each
          Discretionary Matter presented, the Committee will determine: (i) the
          manner in which to vote on the proxy and, (ii) whether the manner in
          which the Committee has determined to vote the proxy would, under the
          facts and circumstances, create a material conflict of interest
          between the interests of the Advisor and its affiliates on the one
          hand and the Advisor's clients on the other. In making the finding
          required in (ii) above, the Committee shall consider the Potential
          Conflicts List and any other material relationship known to the
          Committee between the Advisor and its affiliates and the Material
          Parties.

          If the Proxy Review Committee determines that with respect to any
          Discretionary Matter that a material conflict of interest exists in
          voting the Discretionary Matter in the manner favored by the
          Committee, the Committee shall direct the Compliance Officer to obtain
          the informed written consent of the affected client (or clients) to
          the Committee's favored vote. If obtaining such consent from any
          client is impracticable or undesirable, the Advisor shall vote the
          client's proxy in accordance

<PAGE>

          with the recommendation of an independent third-party service provider
          experienced in such matters to be retained by the Advisor on a
          case-by-case basis, as necessary.

     8.   If any portfolio manager, investment person, or any other employee of
          the Advisor wishes to vote a proxy with respect to a Pre-Determined
          Matter in a manner other than that set forth in the Proxy Voting
          Guidelines (an "Override Matter"), such person shall contact the
          Compliance Officer. The Compliance Officer shall screen the Override
          Matter against the Master List and include the results on the
          Potential Conflicts List. The Compliance Officer shall also solicit an
          Advisory Report for presentation to the Committee. The Override Matter
          shall be presented at the next scheduled meeting of the Committee for
          a determination of: (i) whether the matter should be voted in a manner
          other than as specified in the Proxy Voting Guidelines; and (ii)
          whether the manner in which the Committee has determined to vote the
          proxy would constitute a material conflict of interest. If the
          Committee determines that a material conflict of interest exists with
          respect to voting the Override Matter in the manner it favors, the
          Committee shall direct the Compliance Officer to either: (i) vote the
          Override Matter in the manner originally prescribed by the Proxy
          Voting Guidelines; or (ii) obtain the informed written consent of the
          affected client (or clients) to the Committee's favored vote.

     9.   Directed Matters will be voted in accordance with the instructions of
          the client.

     10.  The Compliance Officer will ensure that all proxies are voted in
          accordance with these Procedures and Policies.

     11.  The Compliance Officer may delegate any of his or her functions to a
          third party proxy voting or other service provider.

     12.  All decisions of the Committee, including all determinations regarding
          whether or not a material conflict of interest existed with respect to
          a Discretionary or Override Matter and the basis for such
          determination, shall be documented in writing and maintained by the
          Compliance Officer for a period of at least 6 years.

IV.  CLIENT DISCLOSURE POLICIES

     The Advisor will disclose the Policies and Procedures to its clients. The
Advisor's disclosure will consist of a "concise summary" of its proxy voting
policies and procedures. This disclosure will also tell clients how to get a
complete copy of the Advisor's policies and procedures. The proxy voting
disclosure will be provided to existing clients with their first quarterly
account statement after June 30, 2003. The Advisor's proxy voting disclosure
will be provided to new clients in the Advisor's "brochure" or Part II to its
Form ADV which will be delivered with a letter identifying the presence of the
disclosure. The Compliance Officer will provide any client, upon written
request, with a tabulation of how such client's proxies were voted by the
Advisor.

<PAGE>

V.   RECORDKEEPING REQUIREMENTS

Rule 204-2 under the Advisers Act, as amended, requires that the Advisor retain
(i) its proxy voting policies and procedures; (ii) proxy statements received
regarding client securities; (iii) records of votes it cast on behalf of
clients; (iv) records of client requests for proxy voting information, and (v)
any documents prepared by the investment adviser that were material to making a
decision how to vote, or that memorialized the basis for the decision. The
Advisor will keep all written requests from clients and any written response
from the Advisor (to either a written or an oral request). The Advisor may rely
on proxy statements filed on the SEC's EDGAR system instead of keeping its own
copies, and may rely on proxy statements and records of proxy votes cast by the
Advisor that are maintained with a third party such as a proxy voting service,
provided that the Advisor has obtained an undertaking from the third party to
provide a copy of the documents promptly upon request.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
