<SEC-DOCUMENT>0000891804-16-001503.txt : 20160707
<SEC-HEADER>0000891804-16-001503.hdr.sgml : 20160707
<ACCEPTANCE-DATETIME>20160707105517
ACCESSION NUMBER:		0000891804-16-001503
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160430
FILED AS OF DATE:		20160707
DATE AS OF CHANGE:		20160707
EFFECTIVENESS DATE:		20160707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
		CENTRAL INDEX KEY:			0001219120
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21309
		FILM NUMBER:		161755812

	BUSINESS ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
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<DESCRIPTION>AVK
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">UNITED STATES<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font>SECURITIES AND EXCHANGE COMMISSION<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> Washington, D.C. 20549</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM N-CSR</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br>
 INVESTMENT COMPANIES</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Investment Company Act file number </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>811-21309</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; TEXT-INDENT: 108pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>Advent Claymore Convertible Securities and Income Fund</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 12pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font>(Exact name of registrant as specified in charter)<br>
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<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>1271 Avenue of the Americas, 45</u></font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller"><u>th</u></sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u> Floor New York, NY 10020</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> (Address of principal executive offices) (Zip code)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Robert White, Treasurer</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>1271 Avenue of the Americas, 45</u></font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller"><u>th</u></sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u> Floor New York, NY 10020</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 12pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> (Name and address of agent for service)</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Registrant's telephone number, including area code:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>&#160;(212) 482-1600</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 12pt">&#160;</font></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Date of fiscal year end:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>&#160; October 31</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Date of reporting period:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>&#160; November 1, 2015 - April 30, 2016</u></font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 1.&#160; Reports to Stockholders.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), is as follows:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 18pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">GUGGENHEIMINVESTMENTS.COM/AVK</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 14pt; FONT-FAMILY: Arial; COLOR: #808080; TEXT-ALIGN: left">...YOUR BRIDGE TO THE LATEST, MOST UP-TO-DATE <br>
INFORMATION ABOUT THE ADVENT <br>
 CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The shareholder report you are reading right now is just the beginning of the story.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Online at <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">guggenheiminvestments.com/avk</font>, you will find:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; TEXT-ALIGN: left">Daily, weekly and monthly data on share prices, net asset values, dividends and more</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; TEXT-ALIGN: left">Portfolio overviews and performance analyses</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; TEXT-ALIGN: left">Announcements, press releases and special notices</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; TEXT-ALIGN: left">Fund and adviser contact information</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent Capital Management and Guggenheim Investments are continually updating and expanding shareholder information services on the Fund&#8217;s website in an ongoing effort to provide you with the most current information about how your Fund&#8217;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.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-WEIGHT: bold">Tracy V. Maitland</font><br>
<font style="FONT-STYLE: italic">President and Chief Executive Officer</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">DEAR SHAREHOLDER</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">We thank you for your investment in the Advent Claymore Convertible Securities and Income Fund (the &#8220;Fund&#8221;). This report covers the Fund&#8217;s performance for the six months ended April 30, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent Capital Management, LLC (&#8220;Advent&#8221; or the &#8220;Investment Adviser&#8221;) serves as the Fund&#8217;s Investment Adviser. Based in New York, New York, with additional investment personnel in London, England, Advent is a credit-oriented firm specializing in the management of global convertible, high-yield and equity securities across three lines of business&#8212;long-only strategies, hedge funds, and closed-end funds. As of April 30, 2016, Advent managed approximately $8.5 billion in assets.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Guggenheim Funds Distributors, LLC (the &#8220;Servicing Agent&#8221;) serves as the servicing agent to the Fund. The Servicing Agent is an affiliate of Guggenheim Partners, LLC, a global diversified financial services firm.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal market conditions, the Fund invests 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 30% of its managed assets in convertible securities and may invest up to 70% of its managed assets in non-convertible income securities. The Fund may invest without limitation in foreign securities. The Fund also uses a strategy of writing (selling) covered call options on up to 25% of the securities held in the portfolio, thus generating option writing premiums.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">All Fund returns cited&#8212;whether based on net asset value (NAV) or market price&#8212;assume the reinvestment of all distributions. For the six-month period ended April 30, 2016, the Fund generated a total return based on market price of 3.16% and a total return of -3.38% based on NAV. As of April 30, 2016, the Fund&#8217;s market price of $13.97 represented a discount of 12.41% to NAV of $15.95.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Past performance is not a guarantee of future results. The NAV return includes the deduction of management fees, operating expenses, and all other Fund expenses. The market price of the Fund&#8217;s shares fluctuate from time to time, and the Fund&#8217;s market value may be higher or lower than its NAV.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Each month from November 2015 through April 2016, the Fund paid a monthly distribution of $0.0939 per share. The most recent monthly distribution represents an annualized distribution rate of 8.07% based upon the last closing market price of $13.97 as of April 30, 2016. The Fund&#8217;s distribution rate is not constant and the amount of distributions, when declared by the Fund&#8217;s Board</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 3</div>

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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">of Trustees, is subject to change based on the performance of the Fund. Please see Note 2(n) on page 43 for more information on distributions for the period.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">We encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan (&#8220;DRIP&#8221;), which is described in detail on page 59 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&#8217;s common shares is at a premium above NAV, the DRIP reinvests participants&#8217; dividends in newly issued common shares at the greater of NAV per share or 95% of 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund is managed by a team of experienced and seasoned professionals led by myself in my capacity as Chief Investment Officer (as well as President and Founder) of Advent Capital Management, LLC. We encourage you to read the following Questions &amp; Answers section, which provides additional information regarding the factors that influenced the Fund&#8217;s performance.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">We thank you for your investment in the Fund and 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 regarding your investment, including related investment risks, please visit the Fund&#8217;s website at guggenheiminvestments.com/avk.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Sincerely,</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Tracy V. Maitland<br>
<font style="FONT-STYLE: italic">President and Chief Executive Officer of the Advent Claymore Convertible Securities and Income Fund</font><br>
 May 31, 2016</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">4 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Advent Claymore Convertible Securities and Income Fund (the &#8220;Fund&#8221;) is managed by a team of seasoned professionals at Advent Capital Management, LLC (&#8220;Advent&#8221; or the &#8220;Investment Adviser&#8221;), led by Tracy V. Maitland, Advent&#8217;s Founder, President, and Chief Investment Officer. In the following interview, the management team discusses the convertible-securities and high-yield markets and Fund performance for the six-month period ended April 30, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please describe the Fund&#8217;s objective and management strategies.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal market conditions, the Fund invests at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income-producing securities. Under normal market conditions, the Fund must invest at least 30% of its managed assets in convertible securities and may invest up to 70% of its managed assets in nonconvertible income securities. The Fund may invest without limitation in foreign securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund also uses a strategy of writing (selling) covered call options on up to 25% of the securities held in the portfolio. The objective of this strategy is to generate current gains from option premiums to enhance distributions payable to the holders of common shares. In addition, the Fund may invest in other derivatives, such as put options, forward exchange currency contracts, futures contracts, and swaps.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund uses financial leverage to finance the purchase of additional securities. Although financial leverage may create an opportunity for increased return for shareholders, it also results in additional risks and can magnify the effect of any losses. There is no assurance that the strategy will be successful. If income and gains earned on securities purchased with the financial leverage proceeds are greater than the cost of the financial leverage, shareholders&#8217; return will be greater than if financial leverage had not been used. Conversely, if the income or gains from the securities purchased with the proceeds of financial leverage are less than the cost of the financial leverage, shareholders&#8217; return will be less than if financial leverage had not been used.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Discuss Advent&#8217;s investment approach.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent&#8217;s approach involves a core portfolio of convertible bonds that is managed, subject to the Fund&#8217;s investment policies and restrictions, in a manner similar to that of Advent&#8217;s Balanced Convertible Strategy, which seeks a high total return by investing in a portfolio of U.S. dollar convertible securities that provide equity-like returns while seeking to limit downside risk.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">This core portfolio is supplemented by investments in high yield securities selected in a manner similar to that of Advent&#8217;s High Yield Strategy, which seeks income and total return by investing primarily in high yielding corporate credit using fundamental and relative value analysis to identify undervalued securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent uses a separate portion of the Fund&#8217;s portfolio to increase or decrease relative overall exposure to convertible securities, high yield securities, and equities. This portion of the Fund&#8217;s</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">portfolio incorporates leverage and operate as an asset allocation tool reflecting Advent&#8217;s conservative management philosophy and its views on the relative value of these three asset classes under changing market conditions.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please describe the economic and market environment over the last six months.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Equity and bond markets showed great volatility during the six months ended April 30, 2016, marking the first half of the Fund&#8217;s fiscal 2016. A steep correction in equity prices in November, December, and January gave way to a sharp rebound in February, March, and April. Concerns over a slowing U.S. economy, highlighted by deterioration of manufacturing and services indicators, were validated by U.S. Gross Domestic Product (&#8220;GDP&#8221;) that came in at 1.4% for the fourth calendar quarter of 2015 and below one percent for the first quarter of 2016. The S&amp;P 500 index of large-capitalization stocks rose only 0.4% in the six-month period and the convertible Bank of America Merrill Lynch All Convertibles Index fell -2.9%, with technology and health care sectors, heavy in this index, correcting more than commodity sectors, which had led prior corrections.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Period-to-date losses were much larger at the correction&#8217;s trough in early February. Resilience in some economic indicators, particularly employment and the housing market, allayed fears about economic growth, and a gradual reduction in expectations as to the slope of Federal Reserve monetization tightening helped give rise to a recovery in valuations along with a rebound in many commodity prices, which helped the Fund&#8217;s second asset class, U.S. high-yield corporate bonds, in particular. The rebound here proved steeper than the decline, with the Bank of America Merrill Lynch High Yield Master II index up 2.3% for the six months. The Fund&#8217;s greater exposure to high-yield than the norm historically helped raise its income and prevent greater capital losses from equity-linked securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">International holdings, which make up only a small part of the Fund&#8217;s assets and are concentrated in convertible securities, tended to perform worse than U.S. holdings, with foreign developed markets weighed down by slower economic growth and greater exposure to worsening economic conditions in many emerging markets.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">How did the Fund perform in this environment?</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">All Fund returns cited&#8212;whether based on net asset value (NAV) or market price&#8212;assume the reinvestment of all distributions. For the six-month period ended April 30, 2016, the Fund generated a total return based on market price of 3.16% and a total return of -3.38% based on NAV. As of April 30, 2016, the Fund&#8217;s market price of $13.97 represented a discount of 12.41% to NAV of $15.95. As of October 31, 2015, the Fund&#8217;s market price of $14.13 represented a discount of 17.42% to NAV of $17.11.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Past performance is not a guarantee of future results. The market value and NAV of the Fund&#8217;s shares fluctuate from time to time, and the Fund&#8217;s market value may be higher or lower than its NAV. The NAV return includes the deduction of management fees, operating expenses, and all other Fund expenses.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">How has the Fund&#8217;s leverage strategy affected performance?</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As part of its investment strategy, the Fund utilizes leverage 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s leverage outstanding as of April 30, 2016, including borrowing and reverse repurchase agreements was $262 million, approximately 41% of the Fund&#8217;s total managed assets. Of the $262 million in leverage outstanding, $92 million was in a fixed-rate reverse repurchase agreement, and the counterparty in that agreement changed during the period. On December 20, 2012, the Fund had entered into a $92 million reverse repurchase agreement with Bank of America Merrill Lynch, which terminated on December 9, 2015. Concurrent with this termination on December 9, the Fund entered into a $92 million reverse repurchase agreement with Soci&#233;t&#233; G&#233;n&#233;rale, with an initial scheduled expiration date of December 9, 2017. The $92 million is outstanding in connection with the reverse repurchase agreement as of period end. The interest rate on the reverse repurchase agreement is 2.34%.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">There is no guarantee that the Fund&#8217;s leverage strategy will be successful, and the Fund&#8217;s use of leverage may cause the Fund&#8217;s NAV and market price of common shares to be more volatile.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The NAV return for the Fund was below the cost of leverage for the six months. Although Advent looks at funds deployed from borrowings differently than funds which use the shareholder equity base, on this simple metric, the Fund&#8217;s leverage was not beneficial to shareholders for the fiscal period. That said, Advent continues to seek attractive and relatively lower-risk opportunities to invest borrowings that have very low cost compared to history and plans to continue taking advantage of the yield curve and interest rate environment for the benefit of shareholders.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">What was the impact of the Fund&#8217;s covered call strategy?</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">During the half-year, the Fund increased its usage of call option writing for income generation due to larger premiums available in the options market stemming from greater volatility. Uncertainty from economic growth abroad and the future path of Federal Reserve monetary policy raised volatility and pricing of future volatility in the equity markets. The CBOE SPX Volatility Index, commonly referred to by its ticker, VIX, rose to an average of 18.3 in the six months from an average of 16.3 in the prior fiscal year. More attractive levels of income to be garnered by the Fund in writing options against equity holdings led Advent to engage in more of this activity.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Covered call positions as a percentage of Fund assets fell in conjunction with the spring equity rally, which caused the Fund to reduce equity allocations in favor of securities with more downside protection, such as convertible bonds and high-yield corporate bonds.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please discuss the Fund&#8217;s distributions.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Each month from November 2015 through April 2016, the Fund paid a monthly distribution of $0.0939 per share. The most recent monthly distribution represents an annualized distribution rate of 8.07% based upon the last closing market price of $13.97 as of April 30, 2016. The Fund&#8217;s</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">distribution rate is not constant and the amount of distributions, when declared by the Fund&#8217;s Board of Trustees, is subject to change based on the performance of the Fund.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund currently anticipates that some of the 2016 distributions will consist of income and some will be a return of capital. A final determination of the tax character of distributions paid by the Fund in 2016 will be reported to shareholders in January 2017 on Form 1099-DIV.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">While the Fund generally seeks to pay dividends that will consist primarily of investment company taxable income and net capital gain, because of the nature of the Fund's investments and changes in market conditions from time to time, or in order to maintain a more stable distribution level over time, the distributions paid by the Fund for any particular period may be more or less than the amount of net investment income from that period. If the Fund's total distributions in any year exceed the amount of its investment company taxable income and net capital gain for the year, any such excess would generally be characterized as a return of capital for U.S. federal income tax purposes.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A return of capital distribution is in effect a partial return of the amount a shareholder invested in the Fund. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; A return of capital distribution decreases the Fund's total assets and, therefore, could have the effect of increasing the Fund's expense ratio. Please see Note 2(n) on page 43 for more information on distributions for the period.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">How were the Fund&#8217;s total investments allocated among asset classes during the six months ended April 30, 2016, and what did this mean for performance?</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On April 30, 2016, the Fund&#8217;s total investments were invested approximately 61.9% in convertible bonds, convertible preferred securities, and mandatory convertibles; 32.9% in corporate bonds; 2.4% equities; and 2.2% in cash and cash equivalents; and 0.6% in senior floating rate interests.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On October 31, 2015, the Fund&#8217;s total investments were invested approximately 59.2% in convertible bonds, convertible preferred securities, and mandatory convertibles; 27.5% in corporate bonds; 11.2% in equities; 1.4% in cash and cash equivalents; and 0.7% in senior floating rate interests.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The change in allocations compared to last fiscal year ended October 30, 2015 stemmed from an appraisal of better relative value during the half year in the high-yield market, where corporate spreads widened to levels higher than historical averages, leading to better upside/downside potential than other markets. The Fund also reduced its exposure in equities, particularly foreign ones, given the higher-than-historical valuations in this sector and better economic growth in the U.S. compared to developed foreign nations.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">International investments fell from 14.3% to 10.4% during the six months based on the lack of economic growth spurred by monetary expansion programs instituted by foreign central banks. With equity valuations higher after rallies in late 2015, we felt it prudent to reduce risks here in favor of domestic investments and lower-delta asset classes such as high-yield corporate bonds.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Which investment decisions had the greatest effect on the Fund&#8217;s performance?</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Large winners in the six-month period spanned several sectors and a mix of economic and catalyst reasons. Mandatory convertibles of telecommunications provider Frontier Communications Corp. (1.5% of long-term investments at period end) rose as the company executed a previous-year acquisition of service properties from AT&amp;T and gave guidance for better-than-expected synergies from a larger acquisition of properties from Verizon Communications that closed in the period.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Consumer products company Jarden Corp. (not held at period end) and its convertibles performed very well after the company agreed to be acquired by Newell Brands. The takeover invoked the valuable make-whole payments typical in a convertible bond, allowing enhanced realization of gains.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Preferred stock of national bank Wells Fargo &amp; Co. (0.9% of long-term investments at period end) advanced as slow economic growth faded market perceptions of Federal Reserve rate hikes for early 2016, which led investors to bid up prices of high-coupon securities such as this preferred stock.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Convertibles in digital health portal company WebMD Health Corp. (0.2% of long-term investments at period end) appreciated as the company enjoyed strong growth and margin expansion from its position as nexus of health care actors' attempts to market and bring awareness to health care consumers.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Among the detractors, stock in pharmaceutical company Gilead Sciences, Inc. (0.5% of long-term investments at period end) declined as competition in its profitable hepatitis-C franchise and disappointment in the company being unable yet to make accretive acquisitions with its substantial financial resources.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Convertibles in receivables management company PRA Group, Inc. (0.4% of long-term investments at period end) declined after loss allowances rose, which led to a spread widening in the bonds, and sales of new receivables by banks declined.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Mandatory convertibles of European telecommunications provider Telecom Italia Finance S.A. (0.3% of long-term investments at period end) fell as the company's main Italian and Brazilian operations continued to suffer lower margins and potential catalysts such as shareholder activism or stake sales produced little in the way of concrete actions.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Generic drug maker Teva Pharmaceutical Industries (1.8% of long-term investments at period end) and its mandatories fell as dilution from financing to acquire Allergan's generic business hurt sentiment and earnings estimates, and concerns rose about competition to its main franchise drug copaxone for multiple sclerosis.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Do you have any other comments about the markets and the Fund?</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The U.S. economy, while showing slower growth for the six-month period, has proved relatively resilient with strong employment, greater labor force participation, and limited fallout from the worldwide commodity price meltdown. As increases in the Federal Reserve balance sheet ceased, the economy has proven to be able to expand without active central bank support and able to withstand a stronger U.S. dollar that has made imports cheaper and given noticeable headwinds to exporters.</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">QUESTIONS &amp; ANSWERS (Unaudited) continued</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Improvement in commodity prices occurred in the spring of 2016, as supply in many markets was curtailed based on dissolving cash flow of manufacturers and exploration companies. This may arrest the decline in earnings of the S&amp;P 500 that has bolstered upside potential in the equity markets. Improving corporate earnings may also become a catalyst for improved capital spending in areas where it had stalled such as technology and telecommunications equipment.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Many strategists believe U.S. securities markets are bound to experience greater volatility as the Federal Reserve continues its normalization process. A primary attraction of convertible bonds is their cushion when markets are more volatile via the option valuation increasing. With the high-yield market remaining at spread levels wider than historical averages, the outlook for these two markets and funds concentrating in them is constructive.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Index Definitions</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Indices are unmanaged, do not use leverage, and do not experience fees, expenses or transaction costs, and it is not possible to invest directly in an index. These indices are intended as measures of broad market returns. The Fund&#8217;s mandate differs materially from each of the individual indices.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bank of America Merrill Lynch All Convertibles Index is comprised of approximately 500 issues of convertible bonds and preferred stock of all qualities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bank of America 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">S&amp;P 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">VIX is the ticker symbol for the Chicago Board Options Exchange Market Volatility Index, a popular measure of the implied volatility of S&amp;P 500 index options. It is a weighted blend of prices for a range of options on the S&amp;P 500 index.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">AVK Risks and Other Considerations</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The views expressed in this report reflect those of the Investment Adviser 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please see guggenheiminvestments.com/avk for a detailed discussion of the Fund&#8217;s risks and considerations</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">FUND SUMMARY (Unaudited)</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Fund Statistics</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Share Price</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$13.97</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Common Share Net Asset Value</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$15.95</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Discount to NAV</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-12.41%</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net Assets ($000)</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$376,120</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">AVERAGE ANNUAL TOTAL RETURNS</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">FOR THE PERIOD ENDED APRIL 30, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Six Month</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Since</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.28%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(non-</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">One</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Three</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Five</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Ten</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Inception</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">annualized)</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(4/30/03)</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Advent Claymore Convertible</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.28%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #cceeff">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 26.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Securities &amp; Income Fund</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.28%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 26.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">NAV</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.28%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-3.38%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-10.00%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #cceeff" colspan="3">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.52%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1.24%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2.49%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4.97%</div>
</td>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Market</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3.16%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-11.95%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%; BACKGROUND-COLOR: #ffffff" colspan="3">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-0.74%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.24%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.83%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2.61%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4.16%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 56.56%" colspan="4">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 43.44%" colspan="5">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 56.56%; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Portfolio Breakdown</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.44%; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">% of Net Assets</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investments:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #cceeff" colspan="5">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Convertible Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">79.1%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Corporate Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #cceeff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">52.1%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Convertible Preferred Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">19.1%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Common Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #cceeff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3.8%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Short Term Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3.5%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 56.56%; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Senior Floating Rate Interests</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.44%; BACKGROUND-COLOR: #cceeff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1.0%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 56.56%; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.44%; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">158.6%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 56.56%; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Call Options Written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 43.44%; BACKGROUND-COLOR: #cceeff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-0.0%*</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 56.56%; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Assets &amp; Liabilities, net</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.44%; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">-58.6%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 56.56%; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.44%; BACKGROUND-COLOR: #cceeff" colspan="5">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">100.0%</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">* Less than 0.1%.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. All portfolio data is subject to change daily. For more current information, please visit guggenheiminvestments.com/avk.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The above summaries are provided for informational purposes only and should not be viewed as recommendations.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 11</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
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<table id="d1537bd0764c42d39f0351fd5b4779a7" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 67.68%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 32.32%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 67.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">FUND SUMMARY (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.32%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><img src="charts.jpg"></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">All or a portion of the above distributions may be characterized as a return of capital. For the year ended October 31, 2015, 32% of the distributions were characterized as Return of Capital. As of April 30, 2016, 35% of the distributions were estimated to be characterized as return of capital. The final determination of the tax character of the distributions paid by the Fund in 2016 will be reported to shareholders in January 2017.</div>

<table id="3fb5f69425ab429ea4d25c0e0ff21141" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 50.5%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 49.5%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Country Breakdown</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.5%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(% of Total Investments)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">United States</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">86.4%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Canada</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2.6%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ireland</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2.4%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Israel</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1.8%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cayman Islands</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1.3%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Netherlands</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1.2%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">France</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.9%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Bermuda</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.7%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Marshall Island</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.6%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">United Kingdom</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.5%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Mexico</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.4%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Liberia</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.4%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Australia</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.4%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Luxembourg</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.2%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Austria</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.5%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.2%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 50.5%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Subject to change daily.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 49.5%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">12 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="ff6555778de24791b7ff7c12d46e8887" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 61.61%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.22%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.17%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 61.61%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.22%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Shares</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">COMMON STOCKS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 3.8%</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Non-cyclical &#8211; 2.3%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Cigna Corp.</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">29,971</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 4,152,182</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Gilead Sciences, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">32,900</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,902,109</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Biogen, Inc.*</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">,2</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,600</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,814,934</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Non-cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">8,869,225</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Cyclical &#8211; 0.7%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">L Brands, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">32,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,505,280</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Communications &#8211; 0.5%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Yahoo!, Inc.*</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">54,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,976,400</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial &#8211; 0.3%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Blackstone Group, LP</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">39,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,070,160</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industrial &#8211; 0.0%**</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">General Electric Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Common Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $15,180,225)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">14,421,096</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE PREFERRED STOCKS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 19.1%</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Non-cyclical &#8211; 8.4%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Allergan plc</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 03/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">15,763</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">12,791,517</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Teva Pharmaceutical Industries Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00% due 12/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">11,784</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">10,617,384</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Anthem, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.25% due 05/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">173,212</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">8,028,376</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Non-cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">31,437,277</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial &#8211; 3.2%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Wells Fargo &amp; Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.50%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,3</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,032</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,025,888</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">American Tower Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 02/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">30,861</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,199,668</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">KeyCorp</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.75%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,3</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">18,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,370,150</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Alexandria Real Estate Equities, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,3</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">50,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,532,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Financial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">12,128,206</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Communications &#8211; 2.9%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Frontier Communications Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">11.13% due 06/29/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">82,282</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">8,582,013</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">T-Mobile US, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 12/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">35,742</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,423,665</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.61%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Communications</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">11,005,678</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 13</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="dbac7a0400974d03b5cead139f0d1ea9" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Shares</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE PREFERRED STOCKS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 19.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Utilities &#8211; 1.5%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Dominion Resources, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 07/01/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">49,790</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 2,456,141</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NextEra Energy, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.37% due 09/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">39,103</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,338,359</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Exelon Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.50% due 06/01/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">20,795</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,010,429</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Utilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,804,929</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Energy &#8211; 1.2%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Southwestern Energy Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">6.25% due 01/15/18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">49,913</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,581,743</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Hess Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">8.00% due 02/01/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">20,021</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,515,590</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Anadarko Petroleum Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">7.50% due 06/07/18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">38,692</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,484,225</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Energy</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,581,558</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industrial &#8211; 1.0%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Stanley Black &amp; Decker, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.25% due 11/17/16</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">21,718</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,571,846</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Stericycle, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.25% due 09/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">15,690</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,218,485</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Industrial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,790,331</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Basic Materials &#8211; 0.5%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Alcoa, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">5.38% due 10/01/17</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">43,150</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,643,152</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Cyclical &#8211; 0.4%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">William Lyon Homes</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.50% due 12/01/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">17,385</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,350,503</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Convertible Preferred Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $74,434,229)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">71,741,634</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHORT TERM INVESTMENTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 3.5%</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Goldman Sachs Financial Prime Obligations &#8211; Administration Share Class, 0.17%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">13,236,348</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">13,236,348</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Short Term Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $13,236,348)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">13,236,348</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 79.1%</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Technology &#8211; 25.3%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Intel Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.25% due 08/01/39</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,379,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,144,543</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.95% due 12/15/35</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,637,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,271,528</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">14 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="59b6ed0f912042a98c333e248749230f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 79.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Technology &#8211; 25.3% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Lam Research Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 05/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,429,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 6,183,991</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 05/15/16</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,410,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,800,401</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">ServiceNow, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.00% due 11/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,5</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,113,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">7,110,182</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Microchip Technology, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.63% due 02/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,546,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,820,114</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">ON Semiconductor Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 12/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,250,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,875,469</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.63% due 12/15/26</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,531,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,633,386</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NXP Semiconductors N.V.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 12/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,587,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,217,713</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Integrated Device Technology, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.88% due 11/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,497,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,213,126</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cornerstone OnDemand, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.50% due 07/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,916,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,930,685</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Micron Technology, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.00% due 11/15/43</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,985,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,841,804</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.13% due 02/15/33</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">800,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">975,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Synchronoss Technologies, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.75% due 08/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,886,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,798,565</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Red Hat, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.25% due 10/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,871,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,551,069</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Proofpoint, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.75% due 06/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,441,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,531,326</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">BroadSoft, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 09/01/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,847,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,373,695</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Verint Systems, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.50% due 06/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,708,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,351,105</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NVIDIA Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 12/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,772,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,166,342</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">salesforce.com, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.25% due 04/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,498,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,156,848</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Citrix Systems, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 04/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,558,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,901,731</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">SanDisk Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 10/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,320,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,414,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Electronics For Imaging, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">0.75% due 09/01/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,321,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,383,377</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Akamai Technologies, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.00% due 02/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,5</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,285,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,210,749</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Nuance Communications, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.00% due 12/15/35-</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,219,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,016,516</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CSG Systems International, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.25% due 03/15/36</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,546,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,674,511</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 15</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="f5256e5857db400294d41b0bfd9fc8d0" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 79.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Technology &#8211; 25.3% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Allscripts Healthcare Solutions, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 07/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,538,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,589,908</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Xilinx, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.63% due 06/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">958,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,440,593</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Bottomline Technologies de, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.50% due 12/01/17</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">896,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">934,080</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Inphi Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.13% due 12/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">620,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">643,638</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Technology</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">95,156,245</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Non-cyclical &#8211; 18.8%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ionis Pharmaceuticals, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 11/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">8,179,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">7,591,133</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">BioMarin Pharmaceutical, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.50% due 10/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,367,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,099,322</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">0.75% due 10/15/18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,613,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,900,316</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">HealthSouth Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.00% due 12/01/43</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,563,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,455,637</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Hologic, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.00% due 03/01/42</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,7,8</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,574,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,260,937</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.00% due 12/15/43</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,5,9</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,450,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,791,656</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Molina Healthcare, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.63% due 08/15/44</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,953,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,432,301</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Euronet Worldwide, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.50% due 10/01/44</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,504,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,294,590</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Invacare Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.00% due 02/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,823,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,598,399</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Brookdale Senior Living, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.75% due 06/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,031,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,025,317</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Wright Medical Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.00% due 02/15/20</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,920,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,790,425</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Depomed, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.50% due 09/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,460,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,722,913</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NuVasive, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.25% due 03/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,352,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,659,230</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Huron Consulting Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.25% due 10/01/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,421,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,340,804</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Horizon Pharma Investment Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.50% due 03/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,561,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,247,277</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Herbalife Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.00% due 08/15/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,264,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,157,886</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Illumina, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 06/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,080,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,152,799</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Array BioPharma, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.00% due 06/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,087,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,719,166</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">16 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="c7fda1d6f0a84ac09274bb0dcdc6c904" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 18.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 79.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Non-cyclical &#8211; 18.8% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Jazz Investments I Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.88% due 08/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,448,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,618,141</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">J Sainsbury plc</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 11/21/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,000,000 GBP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,598,060</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Live Nation Entertainment, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.50% due 05/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,545,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,545,966</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Emergent BioSolutions, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.88% due 01/15/21</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,068,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,463,828</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Macquarie Infrastructure Company LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.88% due 07/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,237,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,404,768</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Medicines Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.50% due 01/15/22</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,141,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,399,151</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">PTC Therapeutics, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.00% due 08/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,049,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,396,824</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Incyte Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.38% due 11/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">801,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,234,041</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Anacor Pharmaceuticals, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.00% due 04/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">740,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">851,925</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Non-cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">70,752,812</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Communications &#8211; 12.9%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Priceline Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.35% due 06/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,264,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,454,981</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 03/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,141,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,696,524</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ciena Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.88% due 06/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,800,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,747,750</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.00% due 12/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,913,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,513,806</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">LinkedIn Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 11/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,923,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,498,966</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ctrip.com International Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 07/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,396,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,629,610</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 10/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,423,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,814,325</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Finisar Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 12/15/33</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,822,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Liberty Media Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.38% due 10/15/23</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,542,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,577,420</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Yahoo!, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.00% due 12/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,5</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,988,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,017,880</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Twitter, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.00% due 09/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,246,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,740,841</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CalAmp Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.63% due 05/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,811,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,563,281</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">FireEye, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.63% due 06/01/35</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,697,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,238,510</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 17</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="c220674e373b45258a5c3aeb7e9cee56" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 18.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 79.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Communications &#8211; 12.9% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Telecom Italia Finance S.A.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">6.13% due 11/15/16</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,200,000 EUR</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,506,707</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">WebMD Health Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.50% due 12/01/20</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">999,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,340,533</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Qihoo 360 Technology Company Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.50% due 08/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,223,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,212,299</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Communications</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">48,375,933</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial &#8211; 11.2%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Colony Capital, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.88% due 01/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">8,578,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">7,934,650</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Colony Starwood Homes</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">3.00% due 07/01/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,829,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,826,607</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.50% due 10/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">538,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">553,131</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Starwood Property Trust, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.00% due 01/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,146,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,254,832</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Air Lease Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.88% due 12/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,065,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,061,125</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Radian Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.25% due 03/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,881,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,655,269</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Fidelity National Financial, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.25% due 08/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,073,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,645,889</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Extra Space Storage, LP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.13% due 10/01/35</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,798,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,088,293</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">American Realty Capital Properties, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">3.00% due 08/01/18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,100,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,018,625</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">PRA Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.00% due 08/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,890,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,496,237</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">iStar, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.00% due 11/15/16</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,360,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,433,750</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Encore Capital Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.88% due 03/15/21</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,426,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,864,988</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">MGIC Investment Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.00% due 04/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,112,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,355,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Financial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">42,188,646</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industrial &#8211; 4.0%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">SunPower Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.00% due 01/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,963,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,877,813</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Dycom Industries, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.75% due 09/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,758,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,847,635</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">RTI International Metals, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.63% due 10/15/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,310,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,656,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Vishay Intertechnology, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 64.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">2.25% due 11/15/40</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,239,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,206,815</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">18 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="db7f27841fa44e3483b57b886e612348" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr style="HEIGHT: 21px">
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONVERTIBLE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 79.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industrial &#8211; 4.0% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cemex SAB de CV</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">3.72% due 03/15/20</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,441,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,415,783</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Greenbrier Companies, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.50% due 04/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,138,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,246,110</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Atlas Air Worldwide Holdings, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">2.25% due 06/01/22</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,134,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">959,648</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">BW Group Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">1.75% due 09/10/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">505,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Knowles Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.25% due 11/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">288,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">293,414</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Industrial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">15,009,218</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Cyclical &#8211; 3.7%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Standard Pacific Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 08/01/32</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,849,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,058,290</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tesla Motors, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 03/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,754,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,535,401</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ryland Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">0.25% due 06/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,675,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,420,875</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CalAtlantic Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.63% due 05/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,680,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,011,800</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">GNC Holdings, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.50% due 08/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,951,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,535,193</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Meritor, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.88% due 03/01/26</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,097,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,312,286</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">13,873,845</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Utilities &#8211; 1.7%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CenterPoint Energy, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.18% due 09/15/29</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,7</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">76,878</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5,030,704</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NRG Yield, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.25% due 06/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,663,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,513,330</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Utilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6,544,034</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Energy &#8211; 0.9%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Whiting Petroleum Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">1.25% due 04/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,400,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,344,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Basic Materials &#8211; 0.6%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">B2Gold Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.25% due 10/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,373,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,199,474</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Convertible Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $303,785,841)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">297,444,207</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.

<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 19</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="8a55754cabdd49c4a9155266723d9360" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 52.1%</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Non-cyclical &#8211; 10.4%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Valeant Pharmaceuticals International, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.13% due 04/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">7,894,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 6,614,225</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CHS/Community Health Systems, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.88% due 02/01/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,264,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,970,239</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">5.13% due 08/01/21</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,200,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,217,402</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Prospect Medical Holdings, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.38% due 05/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,351,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,497,846</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tenet Healthcare Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.00% due 10/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,700,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,810,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.50% due 04/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,745,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,775,538</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">HealthSouth Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.75% due 09/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,625,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,728,688</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">HCA, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.00% due 03/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,275,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,360,312</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Concordia Healthcare Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">9.50% due 10/21/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,750,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,783,906</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">United Rentals North America, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 07/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,750,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,746,875</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Land O'Lakes Capital Trust I</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.45% due 03/15/28</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,623,750</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Sotheby's</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.25% due 10/01/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,667,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,579,483</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cenveo Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.50% due 09/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,829,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,570,095</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ahern Rentals, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.38% due 05/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,812,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,390,710</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Molina Healthcare, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.38% due 11/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,037,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Quorum Health Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">11.63% due 04/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,051,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,035,235</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Endo Limited / Endo Finance LLC / Endo Finco, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.00% due 02/01/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">960,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Spectrum Brands, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.75% due 07/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">766,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">816,288</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">IASIS Healthcare LLC / IASIS Capital Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">8.38% due 05/15/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">769,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">738,240</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Land O' Lakes, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.00% due 11/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">19,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">20,235</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Non-cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">39,277,067</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Energy &#8211; 8.5%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Rowan Companies, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.88% due 08/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,050,340</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cimarex Energy Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.38% due 06/01/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,200,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,244,978</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.

<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">20 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="f0f0d2df2fab4b65938f92419112f26c" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 52.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Energy &#8211; 8.5% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CONSOL Energy, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.00% due 04/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,375,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 2,036,563</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">PBF Holding Company LLC / PBF Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00% due 11/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,976,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,929,070</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Sabine Pass Liquefaction LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.25% due 03/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,750,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,780,624</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Genesis Energy Limited Partnership / Genesis Energy Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.00% due 05/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,896,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,763,280</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Kinder Morgan Energy Partners, LP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.95% due 09/01/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,750,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,730,726</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Western Refining, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.25% due 04/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,718,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,597,740</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Diamondback Energy, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.63% due 10/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,482,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,587,592</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">SESI LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 05/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,678,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,573,461</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Sunoco Limited Partnership / Sunoco Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 04/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,519,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,549,380</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tesoro Logistics Limited Partnership / Tesoro Logistics Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.13% due 10/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,541,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Concho Resources, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 04/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,483,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,501,537</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Marathon Oil Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">3.85% due 06/01/25</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,625,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,454,583</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Western Refining Logistics Limited Partnership / WNRL Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.50% due 02/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,210,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,164,625</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Kerr-McGee Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.95% due 07/01/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,108,711</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Southwestern Energy Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">7.50% due 02/01/18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">976,638</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Continental Resources, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.00% due 09/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,029,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">965,974</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Hess Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">3.50% due 07/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">996,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">943,766</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Calumet Specialty Products Partners Limited Partnership / Calumet Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">7.63% due 01/15/22</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,105,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">754,163</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Murphy Oil Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">3.70% due 12/01/22</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">643,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">566,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Energy</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">31,821,251</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industrial &#8211; 7.0%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Navios Maritime Acquisition Corporation / Navios Acquisition Finance US, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.13% due 11/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,601,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,979,827</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">MasTec, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.88% due 03/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,612,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,416,100</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 21</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="644fb96641cd47f88796441fba894148" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 52.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industrial &#8211; 7.0% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">TransDigm, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">6.50% due 07/15/24</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,125,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 2,151,562</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.13% due 04/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,103,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,144,808</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Eletson Holdings, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">9.63% due 01/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,680,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,130,599</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Energizer Holdings, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 06/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,925,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,930,024</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cleaver-Brooks, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.75% due 12/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,875,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,846,875</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">KLX, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.88% due 12/01/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,754,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,773,733</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Boise Cascade Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 11/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,725,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,731,469</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Waterjet Holdings, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.63% due 02/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,472,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,477,520</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Masco Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.45% due 04/01/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,030,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,080,223</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cemex SAB de CV</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.75% due 04/16/26</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,067,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Builders FirstSource, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">10.75% due 08/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,048,340</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Triumph Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">4.88% due 04/01/21</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">944,495</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Navios Maritime Holdings Incorporated / Navios Maritime Finance II US Inc</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.38% due 01/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,005,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">817,038</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Bombardier, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.13% due 01/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">501,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">438,375</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Manitowoc Foodservice, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">9.50% due 02/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">248,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">275,280</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Industrial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">26,253,768</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Communications &#8211; 6.8%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Frontier Communications Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">11.00% due 09/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,511,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,559,275</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Numericable-SFR S.A.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.25% due 05/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,833,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,780,301</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.38% due 05/01/26</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">931,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">946,129</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Sprint Communications, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00% due 03/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,515,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,593,594</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CenturyLink, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.75% due 12/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,522,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,493,628</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">EarthLink Holdings Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.38% due 06/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,962,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,060,100</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">22 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="2cec8c33047b47618bc2f3630f61d458" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 66.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.16%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 52.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Communications &#8211; 6.8% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">West Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.38% due 07/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,250,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 2,044,688</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Neptune Finco Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">10.88% due 10/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,525,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,700,375</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">ViaSat, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.88% due 06/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,143,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,181,576</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Intelsat Jackson Holdings S.A.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.25% due 10/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">915,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">671,381</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.50% due 04/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">525,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">376,031</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CCO Holdings LLC / CCO Holdings Capital Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.88% due 04/01/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,038,450</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Radio One, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.38% due 04/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,100,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,020,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tribune Media Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.88% due 07/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">986,528</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">DISH DBS Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">5.88% due 11/15/24</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">931,885</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Windstream Services LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">7.50% due 04/01/23</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">989,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">806,035</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Telesat Canada / Telesat LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.00% due 05/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">650,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">650,033</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">GCI, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.88% due 04/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">614,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">623,210</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Hughes Satellite Systems Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.50% due 06/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">270,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">298,350</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Communications</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">25,761,819</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial &#8211; 5.9%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Synovus Financial Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.88% due 02/15/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,154,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,512,767</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.13% due 06/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">301,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">310,030</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Alliance Data Systems Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 04/01/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,250,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,320,313</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">E*TRADE Financial Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.63% due 09/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,208,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,245,978</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Corrections Corporation of America</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.63% due 05/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,075,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,124,281</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Credit Acceptance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.38% due 03/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,158,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,055,494</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Nationstar Mortgage LLC / Nationstar Capital Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">9.63% due 05/01/19</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,569,375</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">CIT Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.00% due 05/15/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,380,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,411,913</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Navient Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 66.66%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.00% due 01/25/17</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.16%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,380,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,404,915</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 23</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="1b677f2d20044cf1ae7a7810c36fb97f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 65.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.17%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 65.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 52.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial &#8211; 5.9% (continued)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Equinix, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.75% due 01/01/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,191,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,252,074</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Credit Agricole S.A.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.88%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,3,6,10</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,213,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,170,247</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">DuPont Fabros Technology, LP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.63% due 06/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,100,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,138,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Radian Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">7.00% due 03/15/21</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">868,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">928,760</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ally Financial, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.13% due 09/30/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">825,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">867,281</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Financial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">22,311,928</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Basic Materials &#8211; 5.4%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Celanese US Holdings LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.88% due 06/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,534,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,743,054</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.63% due 11/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,750,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,810,374</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Steel Dynamics, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 10/01/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,730,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,762,438</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">St. Barbara Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.88% due 04/15/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,522,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Blue Cube Spinco, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">10.00% due 10/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,263,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,461,923</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Novasep Holding SAS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.00% due 12/15/16</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,490,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,408,050</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Commercial Metals Co.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.88% due 05/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,480,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,354,200</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">First Quantum Minerals Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00% due 02/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,628,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,334,960</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Compass Minerals International, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.88% due 07/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,250,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,209,375</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tronox Finance LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.50% due 03/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,375,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,148,125</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">TPC Group, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.75% due 12/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,483,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,101,128</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Sappi Papier Holding GmbH</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">4.00% due 04/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">828,000 EUR</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">968,502</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NOVA Chemicals Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.25% due 08/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">842,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">853,578</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Hexion, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">8.88% due 02/01/18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">825,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">643,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">FMG Resources August 2006 Pty Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">9.75% due 03/01/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">530,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">559,839</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Kaiser Aluminum Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.88% due 05/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">248,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">254,510</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Basic Materials</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">20,136,056</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 24 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="6e66059f120d41a3a4add93026187a2b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 65.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.17%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 65.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CORPORATE BONDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224; </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 52.1% (continued)</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Cyclical &#8211; 4.4%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.63% due 10/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 3,128,118</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Dana Holding Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.50% due 12/15/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,645,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,585,488</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">First Cash Financial Services, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.75% due 04/01/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,758,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,758,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Global Partners Limited Partnership / GLP Finance Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.25% due 07/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,375,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,134,375</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00% due 06/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">449,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">379,683</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Brookfield Residential Properties, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 05/15/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,357,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Scientific Games International, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">10.00% due 12/01/22</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,513,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,258,060</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Speedway Motorsports, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.13% due 02/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,100,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,138,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Travelex Financing plc</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">8.00% due 08/01/18</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">725,000 GBP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,101,880</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Guitar Center, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">9.63% due 04/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,384,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,065,680</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">MGM Resorts International</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">7.75% due 03/15/22</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">800,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">897,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">L Brands, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.63% due 02/15/22</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">762,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">842,010</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">16,646,294</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #cceeff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Technology &#8211; 3.2%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Western Digital Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">10.50% due 04/01/24</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,911,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4,788,225</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Qorvo, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">7.00% due 12/01/25</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,090,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NXP BV / NXP Funding LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.75% due 02/15/21</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,102,500</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">First Data Corp.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">5.38% due 08/15/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,100,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,141,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">ACI Worldwide, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.38% due 08/15/20</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,036,250</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Technology</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">12,158,225</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Diversified &#8211; 0.5%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Horizon Pharma Financing, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt">6.63% due 05/01/23</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1,6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,875,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,715,625</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 65.65%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Corporate Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $196,215,137)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">196,082,033</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 25</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="5f3de890b74e460994c97f481b787c39" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 51.02%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 31.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.34%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 82.66%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Face</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 51.02%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 31.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;&#8224;,10 </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 1.0%</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer, Non-cyclical &#8211; 0.6%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Sprint Industrial Holdings LLC</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">11.25% due 11/14/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,650,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$&#160;&#160;&#160;&#160;&#160; 1,179,750</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Caraustar Industries, Inc.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">8.00% due 05/01/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">873,822</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">872,002</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Consumer, Non-cyclical</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,051,752</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Basic Materials &#8211; 0.4%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">FMG Resources August 2006 Pty Ltd.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">4.25% due 06/30/19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,667,176</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,577,773</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Senior Floating Rate Interests</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $3,870,516)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3,629,525</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Investments &#8211; 158.6%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Cost $606,722,296)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#160;596,554,843</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 51.02%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 31.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(100 shares per contract)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.34%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">CALL OPTIONS WRITTEN</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">&#8224;,* </sup><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; 0.0%**</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Biogen, Inc. Expiring June 2016 with strike price of $295.00</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">66</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$&#160;&#160;&#160;&#160;&#160;&#160; &#160;(41,250)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Call Options Written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 18pt">(Premiums received $50,693)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">(41,250)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.02%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Assets &amp; Liabilities, net &#8211; (58.6)%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.64%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">(220,393,358)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 51.02%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Net Assets &#8211; 100.0%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 31.64%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#160;376,120,235</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">26 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="952dbaf8076d4508bb1a79b9d689cfda" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 82.12%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.88%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 82.12%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.88%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="b84430b105ef45c89d449a0431a4397c" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">*</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Non-income producing security.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">**</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Less than 0.1%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">~</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">The face amount is denominated in U.S. Dollars, unless otherwise noted.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8224;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Value determined based on Level 1 inputs &#8212; See Note 2.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8224;&#8224;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Value determined based on Level 2 inputs &#8212; See Note 2.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">All or a portion of these securities have been physically segregated in connection with borrowings and</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">reverse repurchase agreements. As of April 30, 2016, the total value of the positions segregated was</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">$394,744,077.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">All or a portion of these securities represent cover for outstanding written options. As of April 30,</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">2016, the total value of the positions segregated was $1,814,934.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Perpetual maturity.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">4</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Rate indicated is the 7-day yield as of April 30, 2016.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">5</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Zero coupon rate security.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">securities is $141,173,867 (cost $144,612,023), or 37.5% of total net assets. These securities have</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">been determined to be liquid under guidelines established by the Board of Trustees.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Security is a step up/step down bond. The coupon increases or decreases at regular intervals until</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">the bond reaches full maturity.</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">8</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Security becomes an accreting bond after March 1, 2018 with a 2.00% principal accretion rate.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">9</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Security is an accreting bond until December 15, 2017, with a 4.00% principal accretion rate, and</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">then accretes at a 2.00% principal accretion rate until maturity.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">10</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Variable rate security. Rate indicated is rate effective at April 30, 2016.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 90%">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="12c5cbeba3894d5892563770cfab6229" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">BV</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Limited Liability Company</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">EUR</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Euro</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">GBP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Great Britain Pound</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">GmbH</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Limited Liability</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">N.V.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Publicly Traded Company</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">plc</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Public Limited Company</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Pty</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Proprietary</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">S.A.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Corporation</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">SAB de CV</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 90%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Publicly Traded Company</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 27</div>

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</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="2c280690d27646febc66c0f68690bdda" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 75.76%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 24.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 75.76%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO OF INVESTMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.24%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See Sector Classification in Fund Information section.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following table summarizes the inputs used to value the Fund&#8217;s investments at April 30, 2016 (see Note 1 in the Notes to Financial Statements):</div>

<table id="83b3c0ba325045cda3f46435fb5874fd" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level 2</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level 3</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level 1</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Significant</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Significant</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Quoted</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Observable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unobservable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Description</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Prices</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Inputs</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Inputs</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Total</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Convertible Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">297,444,207</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">297,444,207</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Corporate Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">196,082,033</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">196,082,033</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Senior Floating Rate Interests</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">3,629,525</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">3,629,525</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Convertible Preferred Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">71,741,634</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">71,741,634</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Common Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">14,421,096</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">14,421,096</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Short Term Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">13,236,348</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">13,236,348</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total Assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">99,399,078</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">497,155,765</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">596,554,843</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="16">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Call Options Written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">41,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">41,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Forward Foreign Currency</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Exchange Contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total Liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">41,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">168,363</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Please refer to the detailed portfolio for a breakdown of investment type by industry category.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment&#8217;s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For the period ended April 30, 2016, there were no transfers between levels</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.<br>
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">28 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="7543e49730be469bbb64bceaac937ead" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">STATEMENT OF ASSETS AND LIABILITIES (Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="36bb74f375c6425d84f62cecf3ee8e69" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="4">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Investments, at value (cost $606,722,296)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">596,554,843</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Cash</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,001,691</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Receivables:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Investments sold</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">45,894,103</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Interest</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">4,886,478</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Dividends</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">255,768</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Other assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">648,592,884</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIABILITIES:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Margin loan</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">170,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Reverse repurchase agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">92,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Options written, at value (premiums received of $50,693)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">41,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Unrealized depreciation on forward foreign currency exchange contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Interest due on borrowings</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">159,130</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Payable for:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Investments purchased</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">9,399,746</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Investment advisory fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">281,035</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Professional fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">114,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Servicing fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">109,292</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Administration fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">10,975</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Other fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">229,995</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">272,472,649</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NET ASSETS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">376,120,235</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NET ASSETS CONSIST OF:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Common Stock, $0.001 par value per share; unlimited number of shares authorized,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">23,580,877 shares issued and outstanding</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">23,581</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Additional paid-in capital</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">534,833,697</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Distributions in excess of net investment income</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(6,358,562</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Accumulated net realized loss on investments, written options, foreign</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">currency transactions and swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(142,095,428</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net unrealized depreciation on investments, written options and foreign</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">currency translations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(10,283,053</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NET ASSETS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">376,120,235</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Shares outstanding ($0.001 par value with unlimited amount authorized)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">23,580,877</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net asset value, offering price and repurchase price per share</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">15.95</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 29</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="ed43f2b98bfc4e6d80573d9c2bf3f81a" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 67.68%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 32.32%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 67.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">STATEMENT OF OPERATIONS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.32%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 67.68%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">For the Six Months Ended April 30, 2016 (Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 32.32%">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="a4b7b62ad64142cf85b13231c3e23264" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">INVESTMENT INCOME:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Interest</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">10,256,416</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Dividends, net of foreign taxes withheld of $35,237</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">3,737,485</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Total investment income</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">13,993,901</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">EXPENSES:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Interest expense</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2,570,150</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Investment advisory fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,696,678</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Servicing fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">659,819</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Trustees' fees and expenses*</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">95,028</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Professional fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">93,184</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Administration fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">67,204</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Fund accounting fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">59,477</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Insurance</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">50,028</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Printing fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">44,502</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Custodian fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">14,033</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">NYSE listing fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">11,830</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Transfer agent fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">9,931</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Other fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">649</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Total expenses</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">5,372,513</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net investment income</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">8,621,388</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NET REALIZED AND UNREALIZED GAIN (LOSS):</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net realized gain (loss) on:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(20,217,347</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Options written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">693,123</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Foreign currency transactions</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">797,294</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(339,706</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net realized loss</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(19,066,636</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net change in unrealized appreciation (depreciation) on:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,719,646</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Options written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">293,182</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Foreign currency translations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(525,184</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">247,646</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net change in unrealized appreciation (depreciation)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,704,002</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net realized and unrealized loss</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(22,770,638</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net decrease in net assets resulting from operations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(14,149,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 30 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="b53ae9c31aed4261b5f6327e117ced8f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 61.62%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 18.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.62%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">STATEMENTS OF CHANGES IN NET ASSETS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="4d03ab01c82b4bffb15a11b2e6c227d7" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Period Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">April 30, 2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; TEXT-ALIGN: right" valign="bottom" colspan="2">October 31, </td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 70%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net investment income</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">8,621,388</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">15,424,430</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net realized loss on investments, options written,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">foreign currency transactions and swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(19,066,636</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(23,635,185</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net change in unrealized appreciation (depreciation) on</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">investments, options written, foreign currency translations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">and swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(3,704,002</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(9,696,823</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net decrease in net assets resulting from operations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(14,149,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(17,907,578</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">DISTRIBUTIONS TO SHAREHOLDERS:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">From and in excess of net investment income</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(13,285,466</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(17,996,503</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Return of capital</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(8,574,429</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total distributions</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(13,285,466</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(26,570,932</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net decrease in net assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(27,434,716</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(44,478,510</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NET ASSETS:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Beginning of period</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">403,554,951</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">448,033,461</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">End of period</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">376,120,235</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">403,554,951</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Distributions in excess of net investment income at end of period</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(6,358,562</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1,694,484</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 31</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="7dd08ab6aca84308b946f3eaec738f82" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 82.82%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 82.82%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">STATEMENT OF CASH FLOWS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 82.82%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">For the Six Months Ended April 30, 2016 (Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.18%">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="a2c3c6a587324a738c155cee69a701ee" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Operating Activities:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net decrease in net assets resulting from operations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(14,149,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash Provided by Operating and Investing Activities:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net change in unrealized appreciation (depreciation) on investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">3,719,646</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net change in unrealized appreciation (depreciation) on options written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(293,182</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net change in unrealized appreciation (depreciation) on foreign currency translations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">525,184</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net change in unrealized appreciation (depreciation) on swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(247,646</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net realized loss on investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">20,217,347</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net realized gain on options written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(693,123</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Purchase of long-term investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(323,302,711</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Proceeds from sale of long-term investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">369,419,944</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Purchase of short-term investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(4,189,025</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net amortization/accretion of premium/discount</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(724,284</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Premiums received on options written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,042,703</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Cost of options written closed</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(789,676</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net change in premiums received on swap agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(576,074</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in restricted cash</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,100,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Increase in investments sold receivable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(37,734,250</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Increase in interest receivable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(114,292</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in dividends receivable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">6,005</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in other assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">37,033</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Increase in interest due on borrowings</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">47,690</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in investments purchased payable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(318,813</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in investment advisory fees payable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(20,968</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in professional fees payable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(57,954</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in servicing fees payable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(8,154</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Decrease in administration fees payable</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(670</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Increase in other fees</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">567</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 24pt">Net Cash Provided by Operating and Investing Activities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">12,896,047</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows From Financing Activities:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Distributions to common shareholders</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(13,285,466</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Net Cash Used in Financing Activities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(13,285,466</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Net decrease in cash</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(389,419</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash at Beginning of Period (including foreign currency)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,391,110</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash at End of Period (including foreign currency)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,001,691</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 88%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Supplemental Disclosure of Cash Flow Information:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 88%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Cash paid during the period for interest</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2,522,460</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 32 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="5e67e11e946447d1a87fb2236d250403" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 39.81%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 14.28%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 18.1%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.81%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">FINANCIAL HIGHLIGHTS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.1%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="7">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="5cf10eb5993e4b1faf3869e8b74f1b66" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom" colspan="2">&#160;<font style="FONT-WEIGHT: bold">Period</font></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; TEXT-ALIGN: right" valign="bottom" colspan="2">&#160;April 30,</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; TEXT-ALIGN: right" valign="bottom" colspan="2">Year Ended</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2013</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2012</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2011</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="24">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Per Share Data:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Net asset value, beginning of period</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.11</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">19.00</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">19.76</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.52</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">19.38</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Income from investment operations:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt"><font style="FONT-SIZE: 10pt">Net investment income</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(a)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.37</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.65</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.71</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.74</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1.06</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1.37</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">&#160;Net gain (loss) on investments (realized and unrealized)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.97</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.41</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.34</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2.87</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.48</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">&#160;Distributions to preferred shareholders from net investment</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">income (common share equivalent basis)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.02</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.17</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.17</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Total from investment operations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.60</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.76</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.37</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">3.59</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1.02</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Less distributions from:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Net investment income</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.56</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.76</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.35</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.58</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Return of capital</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.37</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Total distributions to shareholders</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(0.56</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.35</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(1.58</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">&#160;Increase resulting from tender and repurchase of Auction</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Market Preferred Shares (Note 8)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">0.11</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Net asset value, end of period</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">15.95</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.11</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">19.00</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">19.76</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.19</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.52</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Market value, end of period</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">13.97</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">14.13</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.34</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">17.81</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">16.84</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">15.87</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Return</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">(b)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Net asset value</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">-3.38</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">-4.20</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1.73</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">22.09</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(c)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">6.18</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">-1.91</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Market value</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">3.16</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">-12.57</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">3.49</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">12.90</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">15.54</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">-4.82</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Ratios/Supplemental Data:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3pt">Net assets, end of period (in thousands)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">376,120</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">403,555</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">448,033</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">466,031</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">405,461</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">413,041</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">&#160;Preferred shares, at redemption value <br>
 ($25,000 per share</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 28%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">liquidation preference) <br>
 (in thousands)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">262,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">262,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"><font style="FONT-SIZE: 10pt">&#160;Preferred shares asset coverage <br>
 &#160;per share</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(d)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">63,689</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">64,412</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
<br>
 AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 33</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="324b0b2e8c894184b895eee835b2360a" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 40.01%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 14.74%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8.42%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8.42%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8.42%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 19.25%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 40.01%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 6pt">FINANCIAL HIGHLIGHTS continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.74%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.25%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right; TEXT-INDENT: 20.15pt">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="7">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="0d219296832147c5a37d32ed8c8ff64d" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Period Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 34px" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9px" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 131px" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 1.3pt">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 1.3pt">Year Ended</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">April 30, 2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 34px" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9px" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 131px" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">October 31,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 34px" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 9px" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 131px" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">2013</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 19.85pt">2012</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 19.9pt">2011</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Ratio to average net assets of:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 34px; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 131px; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 27.67%" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net Investment Income, prior to the effect of dividends to preferred shares, including interest expense</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%" valign="bottom">
<div style="FONT-SIZE: 10pt">4.69</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 3.11%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(e)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%" valign="bottom">
<div style="FONT-SIZE: 10pt">3.56</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%" valign="bottom">
<div style="FONT-SIZE: 10pt">3.58</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.41%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%" valign="bottom">
<div style="FONT-SIZE: 10pt">3.96</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%" valign="bottom">
<div style="FONT-SIZE: 10pt">6.23</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%" valign="bottom">
<div style="FONT-SIZE: 10pt">7.11</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1.13%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 27.67%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Net Investment Income, after effect of dividends to preferred shares, including interest expense</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">4.69</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 3.11%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">%</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(e)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">3.56</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">3.58</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.41%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">3.85</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">5.26</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">6.25</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1.13%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.67%; BACKGROUND-COLOR: #ffffff" valign="bottom"><font style="FONT-SIZE: 10pt">Total expenses</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(f)</sup></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">2.92</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 3.11%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(e)(g)</sup></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2.48</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(g)</sup></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2.32</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.41%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(g)</sup></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2.37</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(g)</sup></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1.72</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(g)</sup></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1.59</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.13%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.67%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Portfolio turnover rate</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">54</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 3.11%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">117</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">264</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.41%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">240</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">218</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">93</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.13%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 27.67%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Senior Indebtedness</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 3.11%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.41%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1.13%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 27.67%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total Borrowings outstanding (in thousands)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">262,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 3.11%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">262,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">262,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.41%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">262,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1.13%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 27.67%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Asset Coverage per $1,000 of indebtedness</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(h)</sup></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2,436</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 3.11%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2,540</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2,710</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.41%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.71%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.56%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">2,779</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2.12%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 0.64%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8.63%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">N/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1.13%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">A</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="3d29519add8a4b14b567b7db35181800" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(a)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Based on average shares outstanding.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(b)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total 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 (&#8220;NAV&#8221;) 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&#8217;s Dividend Reinvestment Plan for market value returns. Total return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(c)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Included in the total return at net asset value is the impact of the tender and repurchase by the Fund of a portion of its AMPS at 99% of the AMPS&#8217; per share liquidation preference. Had this transaction not occurred, the total return at net asset value would have been lowered by 0.67%.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(d)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Calculated by subtracting the Fund&#8217;s total liabilities from the Fund&#8217;s total assets and dividing by the total number of preferred shares outstanding.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(e)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Annualized.</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 2.66%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(f)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 97.34%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Excluding interest expense, the operating expense ratio for the period ended April 30, 2016 and the years ended October 31, would be:</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 2.66%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 62.31%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 35.99%">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="8a0172f6f88c4ff388e4967a13acdfaf" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.15%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">April 30,</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.14%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.15%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2014</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2013</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2012</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.14%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2011</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">1.52%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">1.42%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">1.37%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">1.47%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">1.72%</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">1.58%</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<table id="f379d38965664680a53e80ce94c421fb" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 2.07%">
<div>(g)</div>
</td>
<td style="WIDTH: 97.93%">
<div>Expense ratio does not reflect the fees and expenses incurred indirectly by the Fund as a result of its investment in shares of business development companies. If these fees were included in the expense ratio, the increase to the expense ratio would be approximately 0.01%, 0.01%, 0.08%, 0.02% and 0.08%, respectively, for the six months ended April 30, 2016, and the years ended October 31, 2015, 2014, 2013 and 2012.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 2.07%">&#160;</td>
<td style="WIDTH: 97.93%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 2.07%">
<div>(h)</div>
</td>
<td style="WIDTH: 97.93%">
<div>Calculated by subtracting the Fund&#8217;s total liabilities (not including the borrowings) from the Fund&#8217;s total assets and dividing by the total borrowings.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">N/A Not Applicable</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">See notes to financial statements.</div>

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</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">34 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
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</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 1 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Organization:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent Claymore Convertible Securities and Income Fund (the &#8220;Fund&#8221;) 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s investment objective is to provide total return through a combination of capital appreciation and current income. The Fund pursues its investment objective by investing at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income producing securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 2 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting Policies:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund operates as an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic 946 Financial Services &#8211; Investment Companies.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) and are consistently followed by the Fund. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(a) Valuation of Investments</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 or on the over-the-counter market and for which there are no transactions on a given day are valued at the mean of the closing bid and ask 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 ask prices. Debt securities are valued by independent pricing services or dealers using the mean of the closing bid and ask prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. If sufficient market activity is limited or does not exist, the pricing providers or broker-dealers may utilize proprietary valuation models which consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, or other unique security features in order to estimate relevant cash flows, which are then discounted to calculate a security&#8217;s fair value. Exchange-traded funds and listed closed-end funds are valued at the last sale price or official closing price on the exchange where the security is principally traded. Exchange-traded options are valued at the closing price, if traded that day. If not traded, they are valued at the mean of the bid and ask prices on the primary exchange on which they are traded. Futures contracts are valued using the settlement price established each day on the exchange on which they are traded. The value of OTC swap agreements entered into by the Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value provided by an independent pricing service. Forward foreign currency exchange contracts are valued daily at current exchange rates. The Fund values money market funds at net asset value. Short-term securities with remaining maturities of 60 days or less are valued at market price, or if a market price is not available, at amortized cost, provided such amount approximates market value.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For those securities where quotations or prices are not available, the valuations are determined in accordance with procedures established in good faith by management and approved by the Board of Trustees. A valuation committee consisting of representatives from investment management, fund administration, legal and compliance is responsible for the oversight of the valuation process of the Fund and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged priced securities, halted securities, price challenges, fair valued securities sold and back testing trade prices in relation to prior day closing prices. On a quarterly basis, the valuations and methodologies of all Level 3 fair valued securities are presented to the Fund&#8217;s Board of Trustees.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Valuations in accordance with these procedures are intended to reflect each security&#8217;s (or asset&#8217;s) fair value. Such fair value is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one security to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security&#8217;s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities), (vii) an analysis of the company&#8217;s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security). There were no securities fair valued in accordance with such procedures established by the Board of Trustees as of April 30, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">GAAP requires disclosure of fair valuation measurements as of each measurement date. In compliance with GAAP, the Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund&#8217;s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund&#8217;s investments and summarized in the following fair value hierarchy:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 1 &#8211; quoted prices in active markets for identical securities</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 2 &#8211; quoted prices in inactive markets or other significant observable inputs (e.g. quoted prices for similar securities; interest rates; prepayment speed; credit risk; yield curves)</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 3 &#8211; significant unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair value)</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Observable inputs are those based upon market data obtained from independent sources, and unobservable inputs reflect the Fund&#8217;s own assumptions based on the best information available. A financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following are certain inputs and techniques that are generally utilized to evaluate how to classify each major type of investment in accordance with GAAP.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Equity Securities (Common and Preferred Stock) &#8211; Equity securities traded in active markets where market quotations are readily available are categorized as Level 1. Equity securities traded in inactive markets and certain foreign equities are valued using inputs which include broker quotes, prices of securities closely related where the security held is not trading but the related security is trading, and evaluated price quotes received from independent pricing providers. To the extent that these inputs are observable, such securities are categorized as Level 2. To the extent that these inputs are unobservable, such securities are categorized as Level 3.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Convertible Bonds &amp; Notes &#8211; Convertible bonds and notes are valued by independent pricing providers who employ matrix pricing models utilizing various inputs such as market prices, broker quotes, prices of securities with comparable maturities and qualities, and closing prices of corresponding underlying securities. To the extent that these inputs are observable, such securities are categorized as Level 2. To the extent that these inputs are unobservable, such securities are categorized as Level 3.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Corporate Bonds &amp; Notes &#8211; Corporate bonds and notes are valued by independent pricing providers who employ matrix pricing models utilizing various inputs such as market prices, broker quotes, and prices of securities with comparable maturities and qualities, and closing prices of corresponding underlying securities. To the extent that these inputs are observable, such securities are categorized as Level 2. To the extent that these inputs are unobservable, such securities are categorized as Level 3.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Listed derivatives that are actively traded are valued based on quoted prices from the exchange and categorized in level 1 of the fair value hierarchy. Over-the-counter (OTC) derivative contracts including forward foreign currency exchange contracts, swap contracts and option contracts derive their value from underlying asset prices, indices, reference rates, and other inputs. Depending on the product and terms of the transaction, the fair value of the OTC derivative products can be modeled taking into account the counterparties&#8217; creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments, and the pricing inputs are observed from actively quoted markets. These OTC derivatives are categorized within level 2 of the fair value hierarchy.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund did not hold any Level 3 securities during the six months ended April 30, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(b) Investment Transactions and Investment Income</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Discounts on debt securities purchased are accreted to interest income over the lives of the respective securities using the effective interest method. Premiums on debt securities purchased are amortized to interest income up to the next call date of the respective securities using the effective interest method.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(c) Cash and Cash Equivalents</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund considers all demand deposits to be cash equivalents. Cash and cash equivalents are held at the Bank of New York Mellon.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(d) Due from Broker</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Amounts due from broker, if any, may include cash due to the Fund as proceeds from investments sold, but not yet purchased as well as pending investment and financing transactions, which may be restricted until the termination of the financing transactions.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(e) Restricted Cash</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A portion of cash on hand is pledged with a broker for current or potential holdings, which may include options, swaps, forward foreign currency exchange contracts and securities purchased on a when issued or delayed delivery basis.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of April 30, 2016, there was no restricted cash outstanding.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(f) Convertible Securities</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund invests in preferred stocks and fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Traditionally, convertible securities have paid dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. By investing in a convertible security, the Fund may participate in any capital appreciation or depreciation of a company&#8217;s stock, but to a lesser degree than if it had invested in that company&#8217;s common stock. Convertible securities rank senior to common stock in a corporation&#8217;s capital structure and, therefore, entail less risk than the corporation&#8217;s common stock.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(g) Currency Translation</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the bid and ask price of the respective exchange rates on the last day of the period. Purchases and sales of investments denominated in foreign currencies are translated at the mean of the bid and ask price of respective exchange rates on the date of the transaction.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Foreign exchange realized gain or loss resulting from the holding of a foreign currency, expiration of a currency exchange contract, difference in the exchange rates between the trade date and settlement date of an investment purchased or sold, and the difference between dividends actually received compared to the amount shown in a Fund&#8217;s accounting records on the date of receipt are included as net realized gains or losses on foreign currency transactions in the Fund&#8217;s Statement of Operations.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Foreign exchange gain or loss on assets and liabilities, other than investments, are included in unrealized appreciation (depreciation) on foreign currency translations in the Fund&#8217;s Statement of Operations.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(h) Covered Call and Put Options</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund will pursue its objective by employing an option strategy of writing (selling) covered call options or put options on securities held in the portfolio of the Fund. The Fund seeks to generate current gains from option premiums as a means to enhance distributions payable to shareholders.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund may purchase and sell (&#8220;write&#8221;) put and call options to manage and hedge risk within its portfolio and to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (&#8220;strike price&#8221;) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">When an option is purchased, the premium paid by the Fund for options purchased is included on the Statement of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation of investments on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current market value of the option written. These liabilities are reflected as options written, at value, on the Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund is not subject to credit risk in options written as the counterparty has already performed its obligations by paying the premium at the inception of the contract.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(i) Swap Agreements</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund may engage in various swap transactions, including interest rate and credit default swaps to manage interest rate (e.g., duration, yield curve) and credit risk. The Fund may also use swaps as alternatives to direct investments. Swap transactions are negotiated contracts (&#8220;OTC swaps&#8221;) between a fund and a counterparty or centrally cleared (&#8220;centrally cleared swaps&#8221;) with a central clearinghouse through a Futures Commission Merchant (&#8220;FCM&#8221;), to exchange investment cash flows or assets at specified, future intervals.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Upfront payments made and/or received by the Fund is recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund may be required to post or receive collateral based on the net value of the Fund&#8217;s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Cash collateral posted by the Fund is included on the Statement of Assets and Liabilities as Restricted Cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by the custodian.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(j) Forward Foreign Currency Exchange Contracts</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund entered into forward foreign currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchases and sales commitments denominated in foreign currencies and for investment purposes. Forward foreign currency exchange contracts are agreements between two parties to buy and sell currencies at a set price on a future date. Fluctuations in the value of open forward foreign currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Fund until the contracts are closed. When the contracts are closed, realized gains and losses are recorded, and included on the Statement of Operations.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Forward foreign currency exchange contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(k) Senior Floating Rate Interests</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Senior floating rate interests, or term loans, in which the Fund typically invests are not listed on a securities exchange or board of trade. Term loans are typically bought and sold by institutional investors in individually negotiated transactions. A loan is often administered by a bank or other financial institution (the &#8220;lender&#8221;) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The term loan market generally has fewer trades and less liquidity than the secondary market for other types of securities. Due to the nature of the term loan market, the actual settlement date may not be certain at the time of purchase or sale. Interest income on term loans is not accrued until settlement date. Typically, term loans are valued by independent pricing services using broker quotes.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(l) Reverse Repurchase Agreements</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In a reverse repurchase agreement, the Fund delivers to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. Reverse repurchase agreements are valued based on the amount of cash received, which represents</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">fair value. Reverse repurchase agreements are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made are recorded as a component of interest expense on the Statement of Operations. The Fund monitors collateral market value for the reverse repurchase agreement, including accrued interest, throughout the life of the agreement, and when necessary, delivers or receives cash or securities in order to manage credit exposure and liquidity. If the counterparty defaults or enters insolvency proceeding, realization or return of the collateral to the Fund may be delayed or limited.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(m) Risks and Other Considerations</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or the potential inability of a counterparty to meet the terms of an agreement (counterparty risk). The Fund is also exposed to other risks such as, but not limited to, concentration, interest rate, credit and financial leverage risks.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Concentration of Risk. </font>It is the Fund&#8217;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&#8217;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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Risk. </font>Credit risk is the risk that one or more income securities in the Fund&#8217;s portfolio will decline in price, or fail to pay interest and principal when due, because the issuer of the security experiences a decline in its financial status. The Fund&#8217;s investments in income securities involve credit risk. However, in general, lower rated, lower grade and non-investment grade securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative impact on the Fund&#8217;s net asset value or dividends.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interest Rate Risk. </font>Convertible and nonconvertible income-producing securities including preferred stock and debt securities (collectively, &#8220;income securities&#8221;) are subject to certain interest rate risks. If interest rates go up, the value of income securities in the Fund&#8217;s portfolio generally will decline. These risks may be greater in the current market environment because interest rates are near historically low levels. During periods of rising interest rates, the average life of certain types of income securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security&#8217;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. 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lower Grade Securities Risk. </font>Investing in lower grade and non-investment grade securities involves additional risks. Securities of below investment grade quality are commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield securities.&#8221; Investment in securities of below investment grade quality involves</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">substantial risk of loss. Securities of below investment grade quality are predominantly speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default or decline in market value due to adverse economic and issuer specific developments. Issuers of below investment grade securities are not perceived to be as strong financially as those with higher credit ratings. Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. These issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. The issuer&#8217;s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer&#8217;s inability to meet specific projected business forecasts or the unavailability of additional financing. Therefore, there can be no assurance that in the future there will not exist a higher default rate relative to the rates currently existing in the market for lower grade securities. The risk of loss due to default by the issuer is significantly greater for the holders of lower grade securities because such securities may be unsecured and may be subordinate to other creditors of the issuer. Securities of below investment grade quality display increased price sensitivity to changing interest rates and to a deteriorating economic environment. The market values for securities of below investment grade quality tend to be more volatile and such securities tend to be less liquid than investment grade debt securities. To the extent that a secondary market does exist for certain below investment grade securities, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Structured and Synthetic Convertible Securities Risk. </font>The value of structured convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation and the entire value of the security may be at a risk of loss depending on the performance of the underlying equity security. Structured convertible securities may be less liquid than other 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign Securities and Emerging Markets Risk. </font>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: news and events unique to a country or region; smaller market size, resulting in lack of liquidity and price volatility; certain national policies which may restrict the Fund&#8217;s investment opportunities; less uniformity in accounting and reporting requirements; unreliable securities valuation; and custody risk.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Leverage Risk. </font>Certain risks are associated with the leveraging of common stock, including the risk that 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Counterparty Risk. </font>The Fund is subject to counterparty credit risk, which is the risk that the counterparty fails to perform on agreements with the Fund such as swap and option contracts, and reverse repurchase agreements.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(n) Distributions to Shareholders</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund declares and pays monthly distributions to common shareholders. These distributions 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. If the Fund&#8217;s total distributions in any year exceed the amount of its investment company taxable income and net capital gain for the year, any such excess would generally be characterized as a return of capital for U.S. federal income tax purposes.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 GAAP.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(o) Indemnifications</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Under the Fund&#8217;s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund&#8217;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 3 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Management Agreement, Servicing Agreement and Other Agreements:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Pursuant to the Investment Management Agreement (the &#8220;Agreement&#8221;) between the Fund and Advent Capital Management, LLC (&#8220;Advent&#8221; or the &#8220;Investment Adviser&#8221;), the Investment Adviser is responsible for the daily management for the Fund&#8217;s portfolio of investments, which includes buying and selling securities for the Fund, as well as investment research. The Investment Adviser will receive an annual fee from the Fund based on the average value of the Fund&#8217;s Managed Assets. Managed Assets means the total of assets of the Fund (including any assets attributable to borrowings in the use of financial leverage, if any) less the sum of accrued liabilities (other than debt representing financial leverage, if any). In addition, subject to the approval of the Fund&#8217;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 Investment Adviser who devote substantial time to Fund operations may be reimbursed by the Fund to the Investment Adviser. For the six months ended April 30, 2016, the Investment Adviser was not reimbursed by the Fund for these items. The annual fee will be determined as follows:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">(a) If the average value of the Fund&#8217;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&#8217;s Managed Assets.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Pursuant to a Servicing Agreement between the Fund and Guggenheim Funds Distributors, LLC, the Fund&#8217;s servicing agent (the &#8220;Servicing Agent&#8221;), 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&#8217;s Managed Assets. The fee will be determined as follows: (a) If the average value of the Fund&#8217;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&#8217;s Managed Assets.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 43</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Bank of New York Mellon (&#8220;BNY&#8221;) acts as the Fund&#8217;s custodian and accounting agent. As custodian, BNY is responsible for the custody of the Fund&#8217;s assets. As accounting agent, BNY is responsible for maintaining the books and records of the Fund&#8217;s securities and cash.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Rydex Fund Services, LLC (&#8220;RFS&#8221;), an affiliate of the Servicing Agent, provides fund administration services to the Fund. As compensation for these services RFS 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:</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 54.54%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 45.46%">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 54.54%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Managed Assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 45.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Rate</div>
</td>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">First $200,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 45.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.0275%</div>
</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 54.54%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Next $300,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 45.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.0200%</div>
</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 54.54%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Next $500,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 45.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.0150%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 54.54%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Over $1,000,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 45.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">0.0100%</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Certain officers and trustees of the Fund are also officers and directors of the Investment Adviser or Servicing Agent. The Fund does not compensate its officers or trustees who are officers of the aforementioned firms.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 4 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Federal Income Taxes:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 avoids a 4% federal excise tax that is assessed on the amount of the under distribution.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of April 30, 2016, the cost and related gross unrealized appreciation and depreciation on investments for tax purposes, excluding written options, forward foreign currency exchange contracts and foreign currency translations are as follows:</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 16.51%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 19.58%">&#160;</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.51%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Net Tax</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.51%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Cost of</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Net Tax</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unrealized</div>
</td>
</tr>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.51%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.65%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Gross Tax</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Gross Tax</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unrealized</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Depreciation on</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 16.51%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">for Tax</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.65%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unrealized</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unrealized</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Depreciation on</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Derivatives and</div>
</td>
</tr>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 16.51%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Purposes</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.65%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Appreciation</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 20.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Depreciation</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Investments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Foreign Currency</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.51%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$608,537,060</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.65%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$18,427,268</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$(30,409,485)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$(11,982,217)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.58%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$(117,670)</div>
</td>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The differences between book basis and tax basis unrealized appreciation/(depreciation) are primarily attributable to the tax deferral of losses on wash sales and additional income adjustments for tax purposes on certain convertible securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of October 31, 2015 (the most recent fiscal year end for federal income tax purposes), the components of accumulated earnings/(losses) (excluding paid-in capital) on a tax basis were as follows:</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 23.24%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 38.38%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 38.38%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 23.24%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Undistributed</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Undistributed</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 23.24%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Ordinary</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Long-Term</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 23.24%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Income/</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Gains/</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 23.24%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(Accumulated</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">(Accumulated</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 23.24%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Ordinary Loss)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 38.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Capital Loss)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.24%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.38%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.38%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ (122,504,574)</div>
</td>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">44 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The differences between book basis and tax basis undistributed long-term gains/(accumulated capital losses) are attributable to the tax deferral of losses on wash sales and straddles.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of October 31, 2015 (the most recent fiscal year end for federal income tax purposes), the Fund had a capital loss carryforward available as shown in the table below, to offset possible future capital gains through the years indicated. Per the Regulated Investment Company Modernization Act of 2010, capital loss carryforwards generated in taxable years beginning after December 22, 2010 must be fully used before capital loss carryforwards generated in taxable years prior to December 22, 2010; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.22%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.22%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 19.19%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.19%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Expires</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.21%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Expires</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unlimited</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.22%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unlimited</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.19%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Capital Loss</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.17%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">in 2017</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.21%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">in 2019</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.22%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Short-Term</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.22%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Long-Term</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 19.19%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Carryforward</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.17%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$92,452,933</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.21%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$1,291,643</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$16,311,432</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.22%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$12,448,566</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.19%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$122,504,574</div>
</td>
</tr>
</table>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For the year ended October 31, 2015 (the most recent fiscal year end for federal income tax purposes), the tax character of distributions paid, as reflected on the Statement of Changes in Net Assets, of $17,996,503 was ordinary income and $8,574,429 was return of capital, respectively.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For all open tax years and all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Uncertain tax positions are tax positions taken or expected to be taken in the course of preparing the Fund&#8217;s tax returns that would not meet a more-likely-than not threshold of being sustained by the applicable tax authority and would be recorded as a tax expense in the current year. Open tax years are those that are open for examination by taxing authorities (i.e. generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Trust 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 the next twelve months.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 5 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investments in Securities:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For the six months ended April 30, 2016, the cost of purchases and proceeds from sales of investments, excluding written options and short-term securities, were $323,302,711 and $369,419,944 respectively.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 6 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Derivatives:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund&#8217;s financial position and results of operations.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 45</div>

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</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund may utilize derivatives for the following purposes:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Hedge </font>&#8211; an investment made in order to seek to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Higher Investment Returns </font>&#8211; the use of an instrument to seek to obtain increased investment returns.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income </font>&#8211; the use of any instrument that distributes cash flows typically based upon some rate of interest.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Speculation </font>&#8211; the use of an instrument to express macro-economic and other investment views.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(a) Covered Call and Put Options</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or &#8220;strike&#8221; price. The writer of an option on a security has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund will follow a strategy of writing covered call options, which is a strategy designed to produce income from option premiums and offset a portion of a market decline in the underlying security. This strategy will be the Fund&#8217;s principal investment strategy in seeking to pursue its primary investment objective. The Fund will only &#8220;sell&#8221; or &#8220;write&#8221; options on securities held in the Fund&#8217;s portfolio. It may not sell &#8220;naked&#8221; call options, i.e., options on securities that are not held by the Fund or on more shares of a security than are held in the Fund&#8217;s portfolio. The Fund will consider a call option written with respect to a security underlying a convertible security to be covered so long as (i) the convertible security, pursuant to its terms, grants to the holders of such security the right to convert the convertible security into the underlying security and (ii) the convertible security, upon conversion, will convert into enough shares of the underlying security to cover the call option written by the Fund.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">There are several risks associated with transactions in options on securities. As the writer of a covered call option, the Fund forgoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. A writer of a put option is exposed to the risk of loss if fair value of the underlying securities declines, but profits only to the extent of the premium received if the underlying security increases in value. The writer of an option has no control over the time when it may be required to fill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Transactions in written options for the six months ended April 30, 2016, were as follows:</div>

<table id="b84c76ad85484f718ca3c47f774a38a0" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right">Number of</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right">Premiums</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right">Contracts</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right">Received</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 76%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="TEXT-ALIGN: left">Options outstanding, beginning of period</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>3,751</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>514,598</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 76%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Options written during the period</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>7,881</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>1,042,703</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 76%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="TEXT-ALIGN: left">Options expired during the period</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>(3,520</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>(461,955</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 76%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Options closed during the period</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(6,225</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>(899,271</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="TEXT-ALIGN: left">Options assigned during the period</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>(1,821</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div>(145,382</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 4px solid; WIDTH: 76%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="TEXT-ALIGN: left">Options outstanding, end of period</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>66</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>$</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div>50,693</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<hr style="HEIGHT: 2px; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
 46 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 9pt; CLEAR: both; MARGIN-TOP: 9pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</div>

<table id="c7048dd50c224cf4846dcf53edf128b5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s exchange traded options are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across the transactions).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(b) Forward Foreign Currency Exchange Contracts</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency on a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contracts and the closing of such contracts would be included in net realized gain or loss on foreign currency transactions.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Risk may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars, reflects the total exposure the Fund has in that particular currency contract.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">At April 30, 2016, the following forward foreign currency exchange contracts were outstanding:</div>

<table id="182a40cc4aee4437838cd208b8b2930e" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Net</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Settlement</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Settlement</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value at</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Unrealized</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Contracts to Sell</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Counterparty</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Date</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">4/30/16</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Depreciation</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">EUR</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">828,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">for USD</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">929,488</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">The Bank of New York Mellon</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6/16/2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">929,488</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">949,763</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(20,275</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">EUR</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,600,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">for USD</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,782,912</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">The Bank of New York Mellon</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6/16/2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,782,912</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,835,291</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(52,379</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">GBP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">753,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">for USD</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,081,135</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">The Bank of New York Mellon</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6/16/2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,081,135</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,103,230</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(22,095</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">GBP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,103,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.33%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">for USD</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,583,655</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">The Bank of New York Mellon</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.33%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">6/16/2016</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,583,655</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">1,616,019</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt">(32,364</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total unrealized depreciation for forward foreign currency exchange contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">$</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt">(127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt">)</div>
</td>
</tr>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(c) Swap Agreements</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party (the &#8220;Counterparty&#8221;) based on the change in market value or level of a specified rate, index or asset. In return, the Counterparty agrees to make periodic payments to the first party based on the return of a different specified rate, index or asset. Swap agreements will usually be done on a net basis, the Fund receiving or paying only the net amount of the two payments.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund may enter into swap agreements to manage its exposure to interest rates and/or credit risk, to generate income or to manage duration. 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 elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Credit default swap transactions involve the Fund&#8217;s agreement to exchange the credit risk of an issuer. A buyer of a credit default swap is said to buy protection by paying periodic fees in return for a contingent payment from the seller if the issuer has a credit event such as bankruptcy, a failure to pay outstanding obligations or deteriorating credit while the swap is outstanding. A seller of a credit</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 47</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">default swap is said to sell protection and thus collects the periodic fees and profits if the credit of the issuer remains stable or improves while the swap is outstanding but the seller in a credit default swap contract would be required to pay an agreed upon amount, which approximates the notional amount of the swap, to the buyer in the event of an adverse credit event of the issuer.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">There were no credit default swap agreements outstanding as of April 30, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(d) Summary of Derivatives Information</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund is required by GAAP to disclose: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge fund items are accounted for, and c) how derivative instruments and related hedge items affect a fund&#8217;s financial position, results of operations and cash flows.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following table presents the types of derivatives in the Fund by location as presented on the Statement of Assets and Liabilities as of April 30, 2016.</div>

<table id="54f2d5672a68420d9f2538a99fba4ba5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 30.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 24.49%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Statement of Assets and Liabilities</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Presentation of Fair Values of Derivative Instruments ($000s):</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle" colspan="6">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.63%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Asset Derivatives</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.49%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Liability Derivatives</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 30.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 3.35pt">Statement of Assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.49%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">Statement of Assets</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.44%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Primary Risk Exposure</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 3.35pt">and Liabilities Location</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Fair Value</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.49%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Liabilities Location</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Fair Value</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.44%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Equity risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.49%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">Options written, at value</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$&#160; 41</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Foreign Exchange risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 30.63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3.35pt">Unrealized appreciation on</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.49%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">Unrealized depreciation on</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 30.63%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3.35pt">forward foreign currency</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.49%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">forward foreign currency</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.44%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 3.35pt">exchange contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.49%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 0.05pt">exchange contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">127</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 22.44%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 30.63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 13.26%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 24.49%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 9.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$168</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following table presents the effect of derivatives instruments on the Statement of Operations for the six months ended April 30, 2016.</div>

<table id="719100d39e0f4dd3a68868dfbc2eb7f2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 19.59%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 22.68%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 13.4%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 13.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Effect of Derivative Instruments on the Statement of Operations: ($000s)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Amount of Realized Gain/(Loss) on Derivatives</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Derivatives not</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Foreign</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">accounted for as</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Currency</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Swap</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">hedging instruments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Options</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Transactions</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.7%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Equity risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 693</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.7%; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 693</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Foreign Exchange risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,010</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,010</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Credit risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">(340)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">(340)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 693</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,010</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 23.7%; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ (340)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 1,363</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Change in Unrealized Appreciation/(Depreciation) on Derivatives ($000s)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%; BACKGROUND-COLOR: #ffffff" colspan="6">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Derivatives not</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Foreign</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">accounted for as</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Currency</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Swap</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">hedging instruments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Options</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Translations</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.7%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Equity risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 293</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.7%; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 293</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Foreign Exchange risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">(531)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">(531)</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Credit risk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">248</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">248</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 20.63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 293</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ (531)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 23.7%; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 248</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 13.4%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 10</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
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</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">48 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><br>
</div>

<table id="ff55236eb60144c084c560ef72901974" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Derivative Volume</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Option Contracts:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Average Number of Contracts Written</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,099</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Forward Foreign Currency Exchange Contracts:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Average Settlement Value Purchased</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$1,455,585</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Average Settlement Value Sold</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,572,171</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Swap Agreements:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 79.8%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Average Notional Value</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$5,710,000</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s derivatives contract held at April 30, 2016 are not accounted for as hedging instruments under GAAP.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 7 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Offsetting:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Master Repurchase Agreements govern repurchase and reverse repurchase agreements between the Fund and the counterparties. Master Repurchase Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In order to better define their contractual rights and to secure rights that will help the Fund mitigate their counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (&#8220;ISDA Master Agreement&#8221;) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as restricted cash and deposits due to counterparties, respectively. Generally, the amount of collateral due from or to a counter party must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 49</div>

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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
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</div>

<table id="0d040f88936443dc871aaf1f049a3678" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following table presents derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements and offset in the Statement of Assets and Liabilities in conformity with GAAP.</div>

<table id="4f263ae932904e78bb1f2973a2a32b40" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Gross</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Net Amounts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amounts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">of Liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Gross</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Offset in the</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Presented in</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amounts of</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Statement </div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; TEXT-ALIGN: right; WIDTH: 11.34%">the Statement</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Derivatives</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Recognized</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">of Assets &amp;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">of Assets &amp;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Available</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Financial</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Collateral</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Net</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.44%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Counterparty</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Type</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">for Offset</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Instruments</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Pledged</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.24%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Societe Generale</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Reverse</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$92,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$92,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$(92,000,000)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8211;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Repurchase</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Agreement</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Bank of New York</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Forward</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">127,113</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8211;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">127,113</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Mellon</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Foreign</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Currency</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Exchange</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Contracts</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.35%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.34%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.3%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.24%">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The table above does not include the additional collateral pledged to the counterparty for the reverse repurchase agreement. Total additional collateral pledged for the reverse repurchase agreement was $51,712,447.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 8 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Common Shares</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund has an unlimited amount of common shares, $0.001 par value, authorized and 23,580,877 issued and outstanding. In connection with the Fund&#8217;s dividend reinvestment plan, the Fund did not issue shares during the six months ended April 30, 2016, or the year ended October 31, 2015. As of April 30, 2016, Advent Capital Management LLC, the Fund&#8217;s Investment Adviser, owned 12,303 shares of the Fund.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Preferred Shares</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On June 19, 2003, the Fund&#8217;s Board of Trustees authorized the issuance of Auction Market Preferred Shares (&#8220;AMPS&#8221; or &#8220;Preferred Shares&#8221;), as part of the Fund&#8217;s leverage strategy. AMPS issued by the Fund had seniority over the common shares.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund redeemed preferred shares during the year ended October 31, 2009. The number of shares and dollar amount redeemed were as follows:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">50 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 35.36%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 46.46%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 18.18%">&#160;</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 81.82%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="3">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Number of</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Shares</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.36%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Series</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Redeemed</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.18%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Redeemed</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">M7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">102</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$2,550,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">T28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">102</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$2,550,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">W7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">102</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$2,550,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">W28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">56</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$1,440,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">TH28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">102</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$2,550,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">F7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 46.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">56</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 18.18%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$1,440,000</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On November 9, 2012, the Fund commenced a tender for up to 100% of its outstanding AMPS. The Fund offered to purchase the AMPS at 99% of the liquidation preference of $25,000 (or $24,750 per share), plus any unpaid dividends accrued through the expiration of the offer.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On December 13, 2012, the Fund announced the expiration and results of the tender offer. The Fund accepted for payment 10,417 AMPS that were properly tendered and not withdrawn, which represented approximately 99.4% of its then outstanding AMPS. Details of the number of AMPS tendered and not withdrawn per series are provided in the table below:</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 22.67%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 35.06%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 22.68%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 19.58%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Number of AMPS</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Number of</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Outstanding</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">AMPS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">After</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.67%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Series</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.06%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">CUSIP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.68%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Tendered</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.58%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Tender Offer</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">M7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C208</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,023</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">25</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">T28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C307</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,046</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">W7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C406</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,018</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">30</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">W28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C703</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,143</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">TH28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C505</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,046</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.67%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">F7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 35.06%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C604</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.68%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,141</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.58%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On May 10, 2013, the Fund announced an at-par redemption of all of its remaining outstanding AMPS, liquidation preference $25,000 per share. The Fund redeemed its remaining $1,575,000 of outstanding AMPS. The redemption price was equal to the liquidation preference of $25,000 per share, plus accumulated but unpaid dividends as of the applicable redemption date as noted in the table below:</div>

<table id="3c722e85551b481ebead9b9f45929c8b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 10.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 25.53%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 24.48%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.34%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Number of</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">AMPS</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Amount</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Redemption</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.21%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Series</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.44%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">CUSIP</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.53%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Redeemed</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.48%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Redeemed</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Date</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">M7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C208</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">25</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$625,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">June 18, 2013</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">T28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C307</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">50,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">June 26, 2013</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">W7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C406</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">30</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">June 13, 2013</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">W28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C703</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">25,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">June 13, 2013</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">TH28</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C505</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">50,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">June 14, 2013</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">F7</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 22.44%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">00764C604</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 25.53%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">3</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 24.48%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">75,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.34%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">June 17, 2013</div>
</td>
</tr>
</table>

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</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 51</div>

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</div>

<table id="b3645abbc1314bb18be1c97108dbee39" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 9 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Borrowings:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On November 9, 2012, the Fund entered into a five year margin loan agreement with an approved counterparty whereby the counterparty has agreed to provide secured financing to the Fund and the Fund will provide pledged collateral to the lender. The interest rate on the amount borrowed is 1.74%. On December 20, 2012, the Fund borrowed $170,000,000 under the margin loan agreement and $170,000,000 is outstanding in connection with the margin loan agreement as of period end. An unused commitment fee of 0.25% is charged on the difference between the $170,000,000 margin loan agreement and the amount borrowed. If applicable, the unused commitment fee is included in Interest Expense on the Statement of Operations.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On December 20, 2012, the Fund entered into a three year fixed rate reverse repurchase agreement. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund&#8217;s assets. As a result, such transactions may increase fluctuations in the market value of the Fund&#8217;s assets. On December 20, 2012, the Fund entered into a $92,000,000 reverse repurchase agreement with Bank of America Merrill Lynch which terminated on December 9, 2015. Concurrent with this termination on December 9, the Fund entered into a $92,000,000 reverse repurchase agreement with Soci&#233;t&#233; G&#233;n&#233;rale with an initial scheduled expiration date of December 9, 2017. The $92,000,000 is outstanding in connection with the reverse repurchase agreement as of period end. The interest rate on the reverse repurchase agreement is 2.34%.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The average borrowings for the six months ended April 30, 2016 was $262,000,000 at an average interest rate of 1.899%.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In June 2014, the FASB issued Accounting Standards Update 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (ASU 2014-11) that expanded secured borrowing accounting for certain repurchase agreements. The ASU also sets forth additional disclosure requirements for certain transactions accounted for as secured borrowings, which applies to the reverse repurchase agreements held by the Fund. The ASU became effective prospectively for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Fund has adopted the ASU.</div>

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</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">52 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
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</div>

<table id="3d136de4e0864c9cb529a5c2809557d3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 79.8%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.2%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 79.8%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.2%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of April 30, 2016, aggregated by asset class of the related collateral pledged by the Fund:</div>

<table id="a9e276526c854f79bd93e58a8dfba58b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 19.59%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 2.07%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 12.38%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 15.46%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.52%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 17.52%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 15.46%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.45%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Overnight and</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Up to</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">31 &#8211; 90</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Greater than</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 19.59%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 2.07%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 12.38%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Continuous</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">30 days</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.52%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">days</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.52%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">90 days</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15.46%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Corporate Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.45%; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 36,019,130</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 36,019,130</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Convertible Bonds</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2.07%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.38%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">35,019,701</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">35,019,701</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Convertible Preferred</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2.07%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.38%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 9pt">Stocks</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.38%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">20,961,169</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">&#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">20,961,169</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Total Borrowings</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.45%; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 92,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 92,000,000</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Gross amount of</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2.07%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.38%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 9pt">recognized liabilities</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 2.07%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.38%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.66%; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 9pt">for reverse repurchase</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.38%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 17.52%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 15.46%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 19.59%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 9pt">agreements</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 14.45%; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 92,000,000</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 17.52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15.46%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">$ 92,000,000</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of April 30, 2016, the total amount of securities segregated in connection with borrowings and reverse repurchase agreements was $394,744,077.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund&#8217;s use of leverage creates special risks that may adversely affect the total return of the Fund. The risks include but are not limited to: greater volatility of the Fund&#8217;s net asset value and market price; fluctuations in the interest rates on the leverage; and the possibility that increased costs associated with the leverage, which would be borne entirely by the holder&#8217;s of the Fund, may reduce the Fund&#8217;s total return. The Fund will pay interest expense on the leverage, thus reducing the Fund&#8217;s total return. This expense may be greater than the Fund&#8217;s return on the underlying investment. The agreements governing the margin loan and reverse repurchase agreement include usual and customary covenants. These covenants impose on the Fund asset coverage requirements, collateral requirements, investment strategy requirements, and certain financial obligations. These covenants place limits or restrictions on the Fund&#8217;s ability to (i) enter into additional indebtedness with a party other than the lender, (ii) change its fundamental investment policy, or (iii) pledge to any other party, other than to the lender, securities owned or held by the Fund over which the lender has a lien. In addition, the Fund is required to deliver financial information to the lender within established deadlines, maintain an asset coverage ratio (as defined in Section 18(g) of the 1940 Act) greater than 300%, comply with the rules of the stock exchange on which its shares are listed, and maintain its classification as a &#8220;closed-end fund company&#8221; as defined in the 1940 Act. If the counterparty defaults or enters insolvency proceeding, realization or return of the collateral to the Fund may be delayed or limited.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Note 10 &#8211; <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subsequent Event:</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On May 2, 2016, the Fund declared a monthly distribution to common shareholders of $0.0939 per common share. The distribution is payable on May 31, 2016, to shareholders of record on May 13, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">On June 1, 2016, the Fund declared a monthly distribution to common shareholders of $0.0939 per common share. The distribution is payable on June 30, 2016, to shareholders of record on June 15, 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund has performed an evaluation of subsequent events through the date of issuance of this report and has determined that there are no material events that would require disclosure other than the events disclosed above.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 53</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 64.64%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 35.36%">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.64%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUPPLEMENTAL INFORMATION (Unaudited)</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.36%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
</td>
</tr>
</table>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Federal Income Tax Information</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In January 2017, 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 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Sector Classification</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Information in the &#8220;Portfolio of Investments&#8221; is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In the Fund&#8217;s registration statement, the Fund has investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classifies industries based on industry-level classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trustees</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Trustees of the Advent Claymore Convertible Securities and Income Fund and their principal business occupations during the past five years:</div>

<table id="452085bcc68f43f8bc8f9bb95c95fad6" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.19%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name, Address</div>

<font style="FONT-SIZE: 8pt">and Year of Birth</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Position(s)</div>

<font style="FONT-SIZE: 8pt">Held</font></div>

<font style="FONT-SIZE: 8pt">with</font></div>

<font style="FONT-SIZE: 8pt">Trust</font></div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.19%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Term of Office and Length of Time Served*</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 40.21%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Principal Occupation(s)</div>

<font style="FONT-SIZE: 8pt">During Past Five Years</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.19%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Number of</div>

<font style="FONT-SIZE: 8pt">Funds in Fund</font></div>

<font style="FONT-SIZE: 8pt">Complex**</font></div>

<font style="FONT-SIZE: 8pt">Overseen</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.23%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Directorships</div>

<font style="FONT-SIZE: 8pt">Held by Trustees</font></div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 18.32%" colspan="2">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Independent Trustees:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 40.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 21.23%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Randall C.</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="TEXT-ALIGN: left">Trustee</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">
<div style="TEXT-ALIGN: left">Since 2005</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%">
<div style="TEXT-ALIGN: left">Current: Private Investor (2001-present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 10.19%">
<div>95</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.23%" rowspan="2">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Current: Trustee, Purpose Investments Funds (2014-present).</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Barnes++</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">
<div style="TEXT-ALIGN: left">(1951)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 40.21%" rowspan="3">
<div style="TEXT-ALIGN: left">Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.23%">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.23%">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.23%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Daniel L. Black+</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="TEXT-ALIGN: left">Trustee</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">
<div style="TEXT-ALIGN: left">Since 2005</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%">
<div style="TEXT-ALIGN: left">Current: Managing Partner, the Wicks Group of Cos., LLC (2003-present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 10.19%">
<div>3</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.23%" rowspan="4">
<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Current: Harlem Lacrosse &amp; Leadership Inc. (2014-present); Bendon Publishing International (2012-present); Antenna International, Inc. (2010-present); </div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Bonded Services, Ltd. (2011-present).</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 10.19%">
<div>(1960)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%" rowspan="2">
<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">Former: Managing Director and Co-head of the Merchant Banking Group</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">at BNY Capital Markets, a division of BNY Mellon (1998-2003); and <br>
 Co-Head of U.S. Corporate Banking at BNY Mellon (1995-1998).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%"></td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.23%"></td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.2%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.19%">&#160;</td>
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<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Former: Penn Foster Education Group,</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Inc. (2007-2009).</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">54 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUPPLEMENTAL INFORMATION (Unaudited) continued</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right; TEXT-INDENT: 53.45pt">April 30, 2016</div>
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<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name, Address</div>

<font style="FONT-SIZE: 8pt">and Year of Birth</font></div>
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<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Positions(s)</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Held</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">with</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trust</div>
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<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Term of Office</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Length</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">of Time</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Served*</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Principal Occupation(s)</div>

<font style="FONT-SIZE: 8pt">During Past Five Years</font></div>
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<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Number of</div>

<font style="FONT-SIZE: 8pt">Funds in Fund</font></div>

<font style="FONT-SIZE: 8pt">Complex**</font></div>

<font style="FONT-SIZE: 8pt">Overseen</font></div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Directorships</div>

<font style="FONT-SIZE: 8pt">Held by Trustees</font></div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Independent Trustees continued:</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 8pt">Derek Medina+<br>
</font>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; TEXT-ALIGN: left">(1966)</div>
</div>
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<div style="TEXT-INDENT: 0.1pt">Trustee</div>
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<div>Since 2003</div>
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<div>Current: Senior Vice President, Business Affairs at ABC News (2008-present).</div>
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<div>3</div>
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<div style="FONT-SIZE: 10pt; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 8pt">Current: Young Scholar&#8217;s Institute </font>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">(2005-present); Oliver Scholars (2011-present).</div>
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<div>Former: Vice President, Business Affairs and News Planning at ABC News (2003-2008); Executive Director, Office of the President at ABC News (2000-2003); Associate at Cleary Gottlieb Steen &amp; Hamilton (law firm) (1995-1998); Associate in Corporate Finance at J.P. Morgan/Morgan Guaranty (1988-1990).</div>
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<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Ronald A.</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nyberg++</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">(1953)</div>
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<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">Trustee and</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">Chairman of the</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Nominating and</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Governance</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Committee</div>
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<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">
<div style="TEXT-ALIGN: left">Since 2004</div>
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<div style="TEXT-ALIGN: left">Current: Partner, Nyberg &amp; Cassioppi, LLC (2000-present).</div>
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<div>97</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Current: Edward-Elmhurst Healthcare System (2012-present).</div>
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<div style="TEXT-ALIGN: left">Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).</div>
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<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold">Gerald L. </div>

<font style="FONT-SIZE: 8pt"><font style="FONT-WEIGHT: bold">Seizert,</font> </font>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold">CFA, CIC+</div>

<div style="FONT-SIZE: 8pt">(1952)</div>
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<div>Trustee</div>
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<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 9.19%">
<div>Since 2003</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 41.2%" rowspan="2">
<div style="FONT-SIZE: 8pt">Current: Chief Executive Officer of Seizert Capital Partners, LLC, where</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">he directs the equity disciplines of the firm.</div>
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<div>3</div>
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<div style="TEXT-INDENT: 0.1pt">Current: Beaumont Hospital (2012-present); University of Toledo Foundation (2013-present).</div>
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<div style="TEXT-ALIGN: left">Former: Co-Chief Executive (1998-1999) and a Managing Partner and Chief Investment Officer &#8211; Equities of Munder Capital Management, LLC (1995-1999); Vice President and Portfolio Manager of Loomis, Sayles &amp; Co., L.P. (asset manager) (1984-1995); Vice President and Portfolio Manager at First of America Bank (1978-1984).</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.17%">&#160;</td>
</tr>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 55</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8.13%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 40.13%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 10.13%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 21.14%">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUPPLEMENTAL INFORMATION (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.13%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.14%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right; TEXT-INDENT: 53.45pt">April 30, 2016</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.13%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Position(s)</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Held</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">with</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trust</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Term of Office</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Length</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">of Time</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Served*</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.13%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.13%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Number of</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Funds in Fund</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Complex**</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Overseen</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.14%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.16%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 21.14%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.16%">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name, Address</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Year of Birth</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 40.13%">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Principal Occupation(s)</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">During Past Five Years</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.14%">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Directorships</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Held by Trustees</div>
</td>
</tr>

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<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.36%" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Independent Trustees continued:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 40.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.14%">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 11.16%" rowspan="2">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold">Michael A. Smart+</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">(1960)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 8.13%">
<div>Trustee</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 9.16%">
<div>Since 2003</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 40.13%" rowspan="2">
<div>Current: Managing Partner, Herndon Equity Partners (2014 &#8211; present), Managing Partner, Cordova, Smart &amp; Williams, LLC (2003 &#8211; present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 10.13%">
<div>3</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.14%" rowspan="4">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Current: President &amp; Chairman, Board of Directors, Berkshire Blanket, Holdings, Inc. (2006-present); President and Chairman, Board of Directors, Sqwincher Holdings (2006-present); Board of Directors, Sprint Industrial Holdings (2007-present); Vice Chairman,&#160;Board of Directors, National Association of Investment Companies (&#8220;NAIC&#8221;) (2010-present). Trustee, The Mead School (May 2014 &#8211; present).</div>
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<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.16%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.13%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.16%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 8.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.16%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 40.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.13%">&#160;</td>
</tr>

<tr style="HEIGHT: 42px">
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.16%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.13%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 40.13%"><font style="FONT-SIZE: 8pt">Former: Managing Director in Investment Banking &#8211; the Private Equity </font>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left">Group (1995-2001) and a Vice President in Investment Banking &#8211; Corporate Finance (1992-1995) at Merrill Lynch &amp; Co; Founding Partner of The Carpediem Group, a private placement firm (1991-1992); Associate at Dillon, Read and Co. (investment bank) (1988-1990).</div>
</td>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">56 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 11.23%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 8.17%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 37.76%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 20.4%">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.34%" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUPPLEMENTAL INFORMATION (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.4%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right; TEXT-INDENT: 53.45pt">April 30, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.17%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Position(s)</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Held</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">with</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trust</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Term of Office</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Length</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">of Time</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Served*</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 37.76%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Number of</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Funds in Fund</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Complex**</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Overseen</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 37.76%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.23%">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name, Address</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Year of Birth</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.76%">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Principal Occupation(s)</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">During Past Five Years</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.4%">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Directorships</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Held by Trustees</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.23%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Interested Trustee:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.17%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.76%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.26%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Tracy V. Maitland+&#248;</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 8.17%" rowspan="6">
<div>Trustee, Chairman, President and Chief Executive Officer</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">
<div style="TEXT-ALIGN: left">Since 2003</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 37.76%" rowspan="2">
<div style="TEXT-ALIGN: left">Current: President and Founder, Advent Capital Management, LLC (2001-present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 13.26%">
<div>3</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">None.</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">
<div style="TEXT-ALIGN: left">(1960)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 37.76%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 37.76%" rowspan="2">
<div style="TEXT-ALIGN: left">Former: Prior to June 2001, President, Advent Capital Management, a division of Utendahl Capital.</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 11.23%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 13.26%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 20.4%">&#160;</td>
</tr>

<tr>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.76%">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.4%">&#160;</td>
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<div>&#160;</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">
<div style="FONT-SIZE: 10pt">+</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 98.35%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Address of all Trustees noted: 1271 Avenue of the Americas, 45th Floor, New York, NY 10020.</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 98.35%" colspan="2">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">
<div style="FONT-SIZE: 10pt">++</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 98.35%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Address of all Trustees noted: 227 West Monroe Street, Chicago, IL 60606.</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 98.35%" colspan="2">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">*</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 98.35%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">After a Trustee&#8217;s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves:<br>
</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 96.64%" rowspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">-Mr. Gerald L. Seizert, Mr. Derek Medina and Mr. Randall C. Barnes are the Class I Trustees. The term of the Class I Trustees will continue until the 2016 meeting of shareholders or until successors shall have been elected and qualified.</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%"></td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 96.64%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-STYLE: italic; TEXT-ALIGN: left; WIDTH: 96.64%" rowspan="2">
<div style="FONT-SIZE: 10pt">-Mr. Michael A. Smart and Mr. Daniel L. Black are the Class II Trustees. The term of the Class II Trustees will continue until the 2017 annual meeting of or until successors shall have been elected and qualified.</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%"></td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 96.64%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 96.64%" rowspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">-Mr. Tracy V. Maitland and Mr. Ronald A. Nyberg are the Class III Trustees. The term of the Class III Trustees will continue until the 2018 annual meeting of or until successors shall have been elected and qualified.</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 1.65%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 1.65%"></td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 98.35%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">
<div style="FONT-SIZE: 10pt">**</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 98.35%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">As of period end. The Guggenheim Investments Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds Investment Advisors, LLC and/or Guggenheim Funds Distributors, LLC and/or affiliates of such entities. The Guggenheim Investments Fund Complex is overseen by multiple Boards of Trustees.</div>
</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 98.35%" colspan="2">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1.65%">
<div style="FONT-SIZE: 10pt">&#248;</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; FONT-STYLE: italic; WIDTH: 98.35%" colspan="2">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Mr. Maitland is an &#8220;interested person&#8221; (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&#8217;s Investment Adviser.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 57</div>

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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 10.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 9.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 59.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 12.24%">&#160;</td>
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<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 87.76%" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUPPLEMENTAL INFORMATION (Unaudited) continued</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.24%">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="5">&#160;</td>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="5">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Officers</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 87.76%" colspan="4">
<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">The Officers of the Advent Claymore Convertible Securities and Income Fund, who are not Trustees, and their principal occupations during the past five years:</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
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<div>&#160;</div>

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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 9.19%" rowspan="4">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Position(s)</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">held</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">with the</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trust</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">&#160;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 9.18%" rowspan="3">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Term of Office</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Length of</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Time Served**</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.21%" rowspan="2">
<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name, Address*</div>

<div style="FONT-SIZE: 8pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">and Year of Birth</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 59.18%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Principal Occupations During Past Five Years</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 12.24%">&#160;</td>
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<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10.21%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Officers:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 9.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 9.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 59.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Edward C. Delk</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%" rowspan="4">
<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Secretary and</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Chief</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Compliance</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Officer</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">
<div style="TEXT-ALIGN: left">Since 2012</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">
<div style="TEXT-ALIGN: left">Current: General Counsel and Chief Compliance Officer, Advent Capital Management, LLC (2012-present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="TEXT-ALIGN: left">(1968)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 71.42%" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: left">Former: Assistant General Counsel and Chief Compliance Officer, Insight Venture Management, LLC (2009-2012); Associate General Counsel, TIAA-CREF (2008-2009); Principal, Legal Department, The Vanguard Group, Inc. (2000-2008).</div>
</td>
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<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Tony Huang</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.19%" rowspan="3">
<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Vice President</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">and Assistant</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Secretary</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">
<div style="TEXT-ALIGN: left">Since 2014</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">
<div style="TEXT-ALIGN: left">Current: Vice President, Co-Portfolio Manager and Analyst, Advent Capital Management, LLC (2007-present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="TEXT-ALIGN: left">(1976)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 71.42%" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: left">Former: Senior Vice President, Portfolio Manager and Analyst, Essex Investment Management (2001-2006); Vice President, Analyst, Abacus&#160; Investments (2001); Vice President, Portfolio Manager, M/C Venture Partners (2000-2001); Associate, Fidelity Investments (1996-2000).</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.21%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Robert White</div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%" rowspan="3">
<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Treasurer and</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Chief Financial</div>

<div style="FONT-SIZE: 8pt; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">Officer</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 9.18%">
<div style="TEXT-ALIGN: left">Since 2005</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 59.18%">
<div style="TEXT-ALIGN: left">Current: Chief Financial Officer, Advent Capital Management, LLC (2005-present).</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 12.24%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 10.21%">
<div style="TEXT-ALIGN: left">(1965)</div>
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<div style="TEXT-ALIGN: left">Former: Vice President, Client Service Manager, Goldman Sachs Prime Brokerage (1997-2005).</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">*</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Address for all Officers: 1271 Avenue of the Americas, 45th Floor, New York, NY 10020.</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">DIVIDEND REINVESTMENT PLAN (Unaudited)</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 Computershare Trust Company, N.A. (the &#8220;Plan Administrator&#8221;), Administrator for shareholders in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder&#8217;s common shares are registered. Whenever the Fund declares a dividend or other distribution (together, a &#8220;Dividend&#8221;) payable in cash, nonparticipants 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&#8217; accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (&#8220;Newly Issued Common Shares&#8221;) or (ii) by purchase of outstanding common shares on the open market (&#8220;Open-Market Purchases&#8221;) 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&#8217;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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">DIVIDEND REINVESTMENT PLAN (Unaudited) continued</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Plan Administrator maintains all shareholders&#8217; 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 30170 College Station, TX 77842-3170; Attention: Shareholder Services Department, Phone Number: (866) 488-3559 or online at www.computershare.com/investor.</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">FUND INFORMATION</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right; TEXT-INDENT: 128.449pt">April 30, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Board of Trustees</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Randall C. Barnes</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Advent Capital Management, LLC</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">New York, NY</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Daniel L. Black</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tracy V. Maitland,*</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Guggenheim Funds Distributors, LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-STYLE: italic; TEXT-ALIGN: left">Chairman</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Chicago, IL</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Derek Medina</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Ronald A. Nyberg</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Accounting Agent and Custodian</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">The Bank of New York Mellon</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Gerald L. Seizert</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">New York, NY</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Michael A. Smart</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; WIDTH: 49%">Administrator</td>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Rydex Fund Services, LLC</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">* Trustee is an &#8220;interested person&#8221; of the Fund</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Rockville, MD</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 9pt">as defined in the Investment Company Act of</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left; TEXT-INDENT: 9pt">1940, as amended.</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Transfer Agent</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Computershare Trust Company, N.A.</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Officers</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Jersey City, NJ</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tracy V. Maitland</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Legal Counsel</div>
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<div style="FONT-SIZE: 10pt; FONT-STYLE: italic; TEXT-ALIGN: left">President and Chief Executive Officer</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Skadden, Arps, Slate, Meagher</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">&amp; Flom LLP</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Robert White</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">New York, NY</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Independent Registered Public</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Edward C. Delk</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Accounting Firm</div>
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<div style="FONT-SIZE: 10pt; FONT-STYLE: italic; TEXT-ALIGN: left">Secretary and Chief Compliance Officer</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">New York, NY</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Tony Huang</div>
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<div style="FONT-SIZE: 10pt; FONT-STYLE: italic; TEXT-ALIGN: left">Vice President and Assistant Secretary</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">62 l AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">FUND INFORMATION continued</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right">April 30, 2016</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Portfolio Managers of the Fund</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The portfolio managers of the Fund are Tracy Maitland (Chief Investment Officer of Advent), Paul Latronica (Managing Director of Advent), David Hulme (Managing Director of Advent), Michael Brown (Managing Director of Advent) and Tony Huang (Vice President of Advent).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Privacy Principles of the Fund</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund restricts access to non-public personal information about its shareholders to employees of the Fund&#8217;s Investment Adviser 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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Questions concerning your shares of Advent Claymore Convertible Securities and Income Fund?</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; TEXT-ALIGN: left">If your shares are held in a Brokerage Account, contact your Broker.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">If you have physical possession of your shares in certificate form, contact the Fund&#8217;s Transfer Agent:</font>&#160;<font style="FONT-SIZE: 10pt">Computershare Trust Company, N.A., </font><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">P.O. Box 30170, College Station, TX 77842-3170; (866) 488-3559 or online</font>&#160;<font style="FONT-SIZE: 10pt; FONT-STYLE: italic">at www.computershare.com/investor.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A description of the Fund&#8217;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, by visiting the Fund&#8217;s website at guggenheiminvestments.com/avk or by accessing the Fund&#8217;s Form N-PX on the U.S. Securities &amp; Exchange Commission&#8217;s (&#8220;SEC&#8221;) website at www.sec.gov.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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&#8217;s Form N-Q is available on the SEC website at www.sec.gov or by visiting the Fund&#8217;s website at guggenheiminvestments.com/avk. The Fund&#8217;s Form N-Q may also be viewed and copied at the SEC&#8217;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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Notice to Shareholders</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended that the Fund from time to time may purchase shares of its common stock in the open market or in private transactions.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AVK l ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND SEMIANNUAL REPORT l 63</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ABOUT THE FUND MANAGER</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Advent Capital Management, LLC</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent Capital Management, LLC (&#8220;Advent&#8221;) is a registered investment adviser, based in New York, which specializes in convertible and high-yield securities for institutional and individual investors. The firm was established by Tracy V. Maitland, a former Director in the Convertible Securities sales and trading division of Merrill Lynch. Advent&#8217;s investment discipline emphasizes capital structure research, encompassing equity fundamentals as well as credit research, with a focus on cash flow and asset values while seeking to maximize total return.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment Philosophy</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent believes that superior returns can be achieved while reducing risk by investing in a diversified portfolio of global equity, convertible and high-yield securities. Advent seeks securities with attractive risk/reward characteristics. Advent employs a bottom-up security selection process across all of the strategies it manages. Securities are chosen from those that Advent believes have stable-to-improving fundamentals and attractive valuations.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment Process</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Advent manages securities by using a strict four-step process:</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">1</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Screen the convertible and high-yield markets for securities with attractive risk/reward characteristics and favorable cash flows;</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Analyze the quality of issues to help manage downside risk;</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">3</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Analyze fundamentals to identify catalysts for favorable performance; and</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">4</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Continually monitor the portfolio for improving or deteriorating trends in the financials of each investment.</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Advent Capital Management, LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left">Guggenheim Funds Distributors, LLC</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">1271 Avenue of the Americas, 45th Floor</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">227 West Monroe Street</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">New York, NY 10020</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Chicago, IL 60606</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">Member FINRA/SIPC</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: left">(06/16)</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">NOT FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 2.&#160; Code of Ethics.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Not applicable for a semi-annual reporting period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 3.&#160; Audit Committee Financial Expert.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Not applicable for a semi-annual reporting period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 4.&#160; Principal Accountant Fees and Services.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Not applicable for a semi-annual reporting period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 5.&#160; Audit Committee of Listed Registrants.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Not applicable for a semi-annual reporting period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 6.&#160; Schedule of Investments.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The Schedule of Investments is included as part of Item 1.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 7.&#160; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Not applicable for a semi-annual reporting period.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Item 8. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Portfolio Managers of Closed-End Management Investment Companies.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">(a)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Not applicable for a semi-annual reporting period.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">(b)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">There has been no change, as of the date of this filing, in the Portfolio Managers identified in response to paragraph (a)(1) of this Item in the registrant&#8217;s most recent annual report on Form N-CSR.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 9.&#160; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">None.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 10.&#160; Submission of Matters to a Vote of Security Holders.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant&#8217;s Board of Trustees.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 11.&#160; Controls and Procedures.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">(a)&#160; &#160; &#160; 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) 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, 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&#8217;s rules and forms.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">(b)&#160; &#160; &#160; 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) 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.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 12.&#160; Exhibits.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(a)(1)&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Not applicable.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(a)(2)&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Certification of principal executive officer and principal financial officer pursuant to Rule 30a-2(a) of the Investment Company Act.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">(a)(3)&#160;&#160; Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Certification of principal executive officer and principal financial officer pursuant to Rule 30a-2(b) of the Investment Company Act and Section 906 of the Sarbanes-Oxley Act of 2002.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURES</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">(Registrant)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u> Advent Claymore Convertible Securities and Income Fund</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">By:&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Tracy V. Maitland&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Name: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Tracy V. Maitland</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Title:&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">President and Chief Executive Officer</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date:&#160;&#160; July 7, 2016</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">By:&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Tracy V. Maitland&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Name:&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Tracy V. Maitland</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Title:&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">President and Chief Executive Officer</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date:&#160;&#160; July 7, 2016</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">By:&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Robert White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Name:&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Robert White</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Title:&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Treasurer and Chief Financial Officer</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date:&#160;&#160; July 7, 2016</div>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 360pt">EXHIBIT (a) (2)</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">CERTIFICATION OF CHIEF EXECUTIVE OFFICER</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>CERTIFICATIONS</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">I, Tracy V. Maitland, certify that:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">1. I have reviewed this report on Form N-CSR of Advent Claymore Convertible Securities and Income Fund;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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):</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>July 7, 2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Tracy V. Maitland&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font><br>
<font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font></font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font>Tracy V. Maitland<br>
<font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font>President and Chief Executive Officer</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">CERTIFICATION OF CHIEF FINANCIAL OFFICER</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>CERTIFICATIONS</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">I, Robert White, certify that:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">1. I have reviewed this report on Form N-CSR of Advent Claymore Convertible Securities and Income Fund;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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):</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;Date: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>July 7, 2016&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

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<font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font></font>Robert White<br>
<font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font><font style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 9pt">&#160;</font>Treasurer and Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Certification of CEO and CFO Pursuant to</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">18 U.S.C. Section 1350,</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">as Adopted Pursuant to</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Section 906 of the Sarbanes-Oxley Act of 2002</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">In connection with the Report on Form N-CSR of Advent Claymore Convertible Securities and Income Fund (the &#8220;Company&#8221;) for the semi-annual period ended April 30, 2016 (the &#8220;Report&#8221;), Tracy V. Maitland, as President and Chief Executive Officer of the Company, and Robert White, as Treasurer and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Dated: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>July 7, 2016</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

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<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Tracy V. Maitland&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Name: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Tracy V. Maitland</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Title:&#160;&#160; President and Chief Executive Officer</div>

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<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Robert White &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Name: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Robert White</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Title:&#160;&#160; Treasurer and Chief Financial Officer</div>

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<DOCUMENT>
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<SEQUENCE>6
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