<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");

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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

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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.

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     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.
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