gug63315-ncsr.htm

Item 2. Code of Ethics.

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

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

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

(d) The registrant has not granted a waiver or an implicit waiver to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions from a provision of its Code of Ethics during the period covered by this report.

(e) Not applicable.

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

(2) Not applicable.

(3) Not applicable.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that it has six audit committee financial experts serving on its audit committee (the “Audit Committee”), each of whom is an "independent" Trustee, as defined in Item 3 of Form N-CSR: Randall C. Barnes, Daniel L. Black, Derek M. Medina, Ronald A. Nyberg, Gerald L. Seizert and Michael A. Smart.

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

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

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

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

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

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

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees: the aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $90,000 and $86,100 for the fiscal years ended October 31, 2015, and October 31, 2014, respectively.

(b) Audit-Related Fees: the aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements, and are not reported under paragraph 4(a) of this Item, were $0 and $0 for the fiscal years ended October 31, 2015, and October 31, 2014, respectively. These services were performed for agreed upon procedures associated with the registrant’s Auction Market Preferred Shares.

The registrant's principal accountant did not bill fees for tax services not included in Items 4(a), (b) or (c) above that required approval by the Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the registrant's last two fiscal years.

(c) Tax Fees: the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning, including federal, state and local income tax return preparation and related advice and determination of taxable income and miscellaneous tax advice were $15,700 and $14,950 for the fiscal years ended October 31, 2015, and October 31, 2014, respectively.

The registrant's principal accountant did not bill fees for non-audit services that required approval by the Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the registrant's last two fiscal years.

(d) All Other Fees: the aggregate fees billed for products and services provided by the principal accountant, other than the services reported in paragraphs 4(a). 4(b) or 4(c) of this Item were $0 and $0 for the fiscal years ended October 31, 2015, and October 31, 2014, respectively.

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

(1) In accordance with Rule 2-01(c)(7) of Regulation S-X, the Audit Committee pre-approves all of the Audit and Tax Fees of the registrant. All of the services described in paragraphs 4(b) through 4(d) above were approved by the Audit Committee in accordance with paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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

with the adviser if such services relate directly to the operations and financial reporting of the registrant.

AUDIT COMMITTEE PRE-APPROVAL POLICY OF

ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND

Statement of Principles

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

This Policy and the appendices to this Policy describe the Audit, Audit-Related, Tax and All Other services that are Covered Services and that have been pre-approved under this Policy. The appendices hereto sometimes are referred to herein as the "Service Pre-Approval Documents". The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. At its June meeting of each calendar year, the Audit Committee will review and re-approve this Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both. The Audit Committee hereby directs that each version of this Policy and the Service Pre-Approval Documents approved, re-approved or amended from time to time be maintained with the books and records of the Trust.

Delegation

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

Pre-Approved Fee Levels

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

Audit Services

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

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

Audit-Related Services

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

Tax Services

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

All Other Services

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

Procedures

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, the registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted with or overseen by another investment adviser) and/or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that directly related to the operations and financial reporting of the registrant were $143,700 and $332,950 for the fiscal years ended October 31, 2015, and October 31, 2014, respectively.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

a) The Audit Committee was established as a separately designed standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 as amended. The audit committee of the registrant is composed of: Randall C. Barnes, Daniel L. Black, Derek M. Medina, Ronald A. Nyberg, Gerald L. Seizert and Michael A. Smart.

b) Not applicable.

Item 6. Schedule of Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

a) (1) Tracy Maitland and Paul Latronica (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the registrant’s portfolio. The following provides information regarding the Portfolio Managers as of October 31, 2015:

Name	Since	Professional Experience
Tracy Maitland	2003 (Inception)	Chief Executive Officer and Founder at Advent Capital Management, LLC.
Paul Latronica	2011	Portfolio Manager at Advent Capital Management, LLC. He has been associated with Advent Capital Management for more than fifteen years.
Tony Huang	2014	Vice President, Portfolio Management & Research at Advent Capital Management, LLC; formerly at Essex Investment Management and Fidelity Investment.
David Hulme	2014	Managing Director at Advent Capital Management, LLC; formerly, Investment Director and Portfolio Manager at Van Eck Global Asset Management, Investment Analyst at Peregrine Asset Management, and Deputy Manager of the Financial Markets Group at PriceWaterhouse.
Michael Brown	2014	Managing Director at Advent Capital Management, LLC; formerly, Director at Evergreen Investments, and also worked in portfolio management and analyst capacities at Duetsche Asset Management, Merrill Lynch Investment Management, and Eagle Asset Management.

(a) (2) (i-iii) Other accounts managed. The following summarizes information regarding each of the other accounts managed by them as of October 31, 2014:

Tracy Maitland

Type of Account	Number of Accounts	Total Assets in the Accounts	Number of Accounts In Which the Advisory Fee is Based on Performance	Total Assets in the Accounts In Which the Advisory Fee is Based on Performance
Registered investment companies	0	$0.00	0	$0.00
Other pooled investment vehicles	2	$233,772,763.20	2	$233,772,763.20
Other accounts	418	$4,543,698,982.83	1	$253,699,609.18

Paul Latronica

Type of Account	Number of Accounts	Total Assets in the Accounts	Number of Accounts In Which the Advisory Fee is Based on Performance	Total Assets in the Accounts In Which the Advisory Fee is Based on Performance
Registered investment companies	3	$1,250,406,337.71	0	$0.00
Other pooled investment vehicles	2	$672,586,731.34	0	$0.00
Other accounts	384	$3,067,208,815.52	2	$469,722,339.95

Tony Huang

Type of Account	Number of Accounts	Total Assets in the Accounts	Number of Accounts In Which the Advisory Fee is Based on Performance	Total Assets in the Accounts In Which the Advisory Fee is Based on Performance
Registered investment companies	3	$1,250,406,337.71	0	$0.00
Other pooled investment vehicles	0	$0.00	0	$0.00
Other accounts	0	$0.00	0	$0.00

David Hulme

Type of Account	Number of Accounts	Total Assets in the Accounts	Number of Accounts In Which the Advisory Fee is Based on Performance	Total Assets in the Accounts In Which the Advisory Fee is Based on Performance
Registered investment companies	3	$1,250,406,337.71	0	$0.00
Other pooled investment vehicles	2	$620,528,380.36	0	$0.00
Other accounts	41	$2,604,991,712.39	1	$253,699,609.18

Michael Brown

Type of Account	Number of Accounts	Total Assets in the Accounts	Number of Accounts In Which the Advisory Fee is Based on Performance	Total Assets in the Accounts In Which the Advisory Fee is Based on Performance
Registered investment companies	3	$1,250,406,337.71	0	$0.00
Other pooled investment vehicles	0	$0.00	0	$0.00
Other accounts	0	$0.00	0	$0.00

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

(a) (3) Compensation Structure. The salaries of the Portfolio Managers are fixed at an industry-appropriate amount and generally reviewed annually. In addition, a discretionary bonus may be awarded to the Portfolio Managers, if appropriate. Bonuses are generally considered on an annual basis and based upon a variety of factors, including, but not limited to, the overall success of the firm, an individual's responsibility and his/her performance versus expectations. The bonus is determined by senior management at Advent Capital Management, LLC. Compensation is based on the entire employment relationship and not based solely on the performance of the registrant or any other single account or type of account. In addition, all Advent Capital Management, LLC employees are also eligible to participate in a 401(k) plan.

(a) (4) Securities ownership. The following table discloses the dollar range of equity securities of the registrant beneficially owned by the Portfolio Managers as of October 31, 2015:

Name of Portfolio Manager Dollar Range of Equity Securities in Fund

Tracy Maitland $100,001-$500,000

Paul Latronica $10,001- $50,000

Tony Huang $1 - $10,000

David Hulme $50,001-$100,000

Michael Brown $10,001-$50,000

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) 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’s rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) 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.

Item 12. Exhibits.

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

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

(a)(3) Not applicable.

(b) 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Advent Claymore Convertible Securities and Income Fund

By: /s/ Tracy V. Maitland

Name: Tracy V. Maitland

Title: President and Chief Executive Officer

Date: January 8, 2016

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

By: /s/ Tracy V. Maitland

Name: Tracy V. Maitland

Title: President and Chief Executive Officer

Date: January 8, 2016

By: /s/ Robert White

Name: Robert White

Title: Treasurer and Chief Financial Officer

Date: January 8, 2016

EXHIBIT (C)

ADVENT CAPITAL MANAGEMENT, LLC

PROXY VOTING POLICY AND PROCEDURES

I. POLICY STATEMENT

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

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

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

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

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

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

II.	GENERAL PROXY VOTING GUIDELINES

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

A.	Management Proposals:

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

x o o For Against Case by Case	Selection or ratification of auditors
x o o For Against Case by Case	Approval of financial statements, director and auditor reports
x o o For Against Case by Case	Election of Directors
x o o For Against Case by Case	Limiting Directors' liability and broadening indemnification of Directors

x o o For Against Case by Case	Requirement that a certain percentage (up to 66 2/3%) of its Board's members be comprised of independent and unaffiliated Directors
x o o For Against Case by Case	Requirement that members of the company's compensation, nominating and audit committees be comprised of independent or unaffiliated Directors
x o o For Against Case by Case	Recommendations to set retirement ages or require specific levels of stock ownership by Directors
x o o For Against Case by Case	General updating/corrective amendments to the charter
x o o For Against Case by Case	Elimination of cumulative voting
x o o For Against Case by Case	Elimination of preemptive rights
x o o For Against Case by Case	Provisions for confidential voting and independent tabulation of voting results
x o o For Against Case by Case	Proposals related to the conduct of the annual meeting except those proposals which relate to the "transaction of such other business which may come before the meeting”
x o o For Against Case by Case	Capitalization changes which eliminate other classes of stock and voting rights
x o o For Against Case by Case	Proposals to increase the authorization of existing classes of stock if: (i) a clear and legitimate business purpose is stated; (ii) the number of shares requested is reasonable in relation to the purpose for which authorization is requested; and (iii) the authorization does not exceed 10% of shares currently authorized and at least 10% of the new authorization will be outstanding

x o o For Against Case by Case	Proposals to create a new class of preferred stock or for issuances of preferred stock up to 10% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders
x o o For Against Case by Case	Proposals for share repurchase plans, unless it appears that a repurchase plan lacks a bona fide business purpose
x o o For Against Case by Case	Proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock, provided such proposals have a legitimate business purpose
x o o For Against Case by Case	Proposals to effect stock splits unless such a split would be contrary to shareholders' best interests
x o o For Against Case by Case	Proposals to effect reverse stock splits if management proportionately reduces the authorized share amount set forth in the corporate charter. Reverse stock splits that do not adjust proportionately to the authorized share amount will generally be approved if the resulting increase in authorized shares coincides with the proxy guidelines set forth above for common stock increases
x o o For Against Case by Case	Director fees unless the amounts are excessive relative to other companies in the country or industry
x o o For Against Case by Case	Employee stock purchase plans that permit discounts up to 15%, but only for grants that are part of a broad based employee plan, including all non-executive employees
x o o For Against Case by Case	Establishment of Employee Stock Option Plans and other employee ownership plans
x o o For Against Case by Case	Modify or rescind existing supermajority vote requirements to amend the charters or bylaws.

x o o

For Against Case

Case

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

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

o x o For Against Case by Case	Capitalization changes which add classes of stock which substantially dilute the voting interests of existing shareholders
o x o For Against Case by Case	Proposals to increase the authorized number of shares of existing classes of stock which carry preemptive rights or super voting rights
o x o For Against Case by Case	Creation of blank check preferred stock
o x o For Against Case by Case	Changes in capitalization by 5% or more where management does not offer an appropriate rationale or where it is contrary to the best interests of existing shareholders
o x o For Against Case by Case	Compensation proposals that allow for discounted stock options which have not been offered to employees in general
o x o For Against Case by Case	Change-in-control provisions in non-salary compensation plans, employment contracts, and severance agreements that benefit management and would be costly to shareholders if triggered
o x o For Against Case by Case	Anti-takeover and related provision that serve to prevent the majority of shareholders from exercising their rights or effectively deter the appropriate tender offers and other offers
o x o For Against Case by Case	Shareholders rights plans which allow appropriate offers to shareholders to be blocked by the board or trigger provisions which prevent legitimate offers from proceeding

o x o For Against Case by Case	Amendments to bylaws that would require a supermajority shareholder vote to pass or repeal certain provisions
o x o For Against Case by Case	Proposals to indemnify auditors

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

o o x For Against Case by Case	· Mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) will be examined on a case-by-case basis
o o x For Against Case by Case	· Executive/Director stock option plans. Generally, the stock option plans should meet the following criteria: (i) Whether the stock option plan is incentive based; (ii) For mature companies, should be no more than 5% of the issued capital at the time of approval; and (iii) For growth companies, should be no more than 10% of the issued capital at the time of approval
o o x For Against Case by Case	Proposals requiring shareholder ratification of poison pills

B.	Shareholder Proposals:

1.	The following shareholder proposals are often supported:

x o o For Against Case by Case	Requiring Auditors to attend the annual meeting of shareholders
x o o For Against Case by Case	Requirement that members of the company's compensation, nominating and audit committees be comprised of independent or unaffiliated Directors

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

o o x For Against Case by Case	Proposals which limit tenure of directors
o o x For Against Case by Case	Proposals to limit golden parachutes
o o x For Against Case by Case	Proposals requiring directors to own large amounts of stock to be eligible for election
o o x For Against Case by Case	Restoring cumulative voting in the election of directors
o o x For Against Case by Case	Requirement that a certain percentage of its Board's members be comprised of independent and unaffiliated Directors
o o x For Against Case by Case	Proposals which request or require disclosure of executive compensation in addition to the disclosure required by the Securities and Exchange Commission ("SEC") regulations.
o o x For Against Case by Case	Proposals which limit retirement benefits or executive compensation
o o x For Against Case by Case	Requiring shareholder approval for Bylaw or charter amendments
o o x For Against Case by Case	Requiring shareholder approval for shareholder rights plan or poison pill
o o x For Against Case by Case	Requiring shareholder approval of golden parachutes
o o x For Against Case by Case	Confidential voting
o o x For Against Case by Case	Elimination of certain anti-takeover related provisions

o o x For Against Case by Case	Reduction or elimination of supermajority vote requirements
o o x For Against Case by Case	Prohibit payment of greenmail

3.	The following shareholder proposals are often not supported:

o x o For Against Case by Case	Requirements that the issuer prepare reports which are costly to provide or which would require duplicative efforts or expenditures which are of a non-business nature or would provide no pertinent information from the perspective of institutional shareholders
o x o For Against Case by Case	Restrictions related to social, political or special interest issues that impact the ability of the company to do business or be competitive and which have a significant financial or best interest impact to the shareholders
o x o For Against Case by Case	Proposals which require inappropriate endorsements or corporate actions.

III. ADMINISTRATION OF PROXY POLICIES AND PROCEDURES

A. Proxy Review Committee

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

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

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

3.	The Committee shall meet as needed to oversee and address all questions relating to the Advisor's Policies and Procedures, including: (1) general review of proposals

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

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

B. Operating Procedures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If the Proxy Review Committee determines that with respect to any Discretionary Matter that a material conflict of interest exists in voting the Discretionary Matter in the manner favored by the Committee, the Committee shall direct the Compliance Officer to obtain the informed written consent of the affected client (or clients) to the Committee's favored vote. If obtaining such consent from any client is impracticable or undesirable, the Advisor shall vote the client's proxy in accordance with the recommendation of an independent third-party service provider experienced in such matters to be retained by the Advisor on a case-by-case basis, as necessary.

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

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

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

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

12.

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

IV. CLIENT DISCLOSURE POLICIES

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

V. RECORDKEEPING REQUIREMENTS

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


FUND SUMMARY (Unaudited)				October 31, 2015

Fund Statistics
Share Price					$14.13
Common Share Net Asset Value					$17.11
Discount to NAV					-17.42%
Net Assets ($000)					$403,555

AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIOD ENDED OCTOBER 31, 2015
					Since
	One	Three	Five	Ten	Inception
	Year	Year	Year	Year	(4/30/03)
Advent Claymore Convertible
Securities & Income Fund
NAV	-4.20%	5.96%	4.38%	3.84%	5.46%
Market	-12.57%	0.71%	2.35%	3.38%	4.07%

Portfolio Breakdown				% of Net Assets
Investments:
Convertible Bonds					76.4%
Corporate Bonds					45.0%
Convertible Preferred Stocks					20.8%
Common Stocks					18.4%
Short Term Investments					2.2%
Senior Floating Rate Interests					1.2%
Total Investments					164.0%
Call Options Written					-0.2%
Other Assets & Liabilities, net					-63.8%
Net Assets					100.0%


Country Breakdown	(% of Long-Term Investments)
United States	89.0%
Ireland	2.6%
Cayman Islands	1.9%
Canada	1.5%
Netherlands	1.1%
France	1.0%
Bermuda	0.8%
Marshall Island	0.5%
United Kingdom	0.4%
Mexico	0.4%
Liberia	0.3%
Australia	0.3%
Austria	0.2%
Malta	0.0%*


PORTFOLIO OF INVESTMENTS	October 31, 2015



	Shares	Value

COMMON STOCKS† – 18.4%
Consumer, Cyclical – 5.6%
General Motors Co.1	142,000	$ 4,957,219
Nordstrom, Inc.2	55,700	3,632,197
Bayerische Motoren Werke AG	27,775	2,864,440
Royal Caribbean Cruises Ltd.1	26,500	2,606,275
MGM Resorts International*,1,2	110,200	2,555,538
Yum! Brands, Inc.2	35,000	2,481,850
Faurecia	52,484	2,088,892
Daimler AG — Class D	18,994	1,656,927
Total Consumer, Cyclical		22,843,338

Consumer, Non-cyclical – 4.6%
Cigna Corp.2	29,971	4,017,313
Gilead Sciences, Inc.1	33,800	3,654,794
Valeant Pharmaceuticals International, Inc.*	29,700	2,784,969
Mylan N.V.*,2	49,400	2,178,046
Amgen, Inc.2	12,200	1,929,796
Biogen, Inc.*,1,2	6,600	1,917,366
Endo International plc*	23,700	1,421,763
Cempra, Inc.*,2	35,500	788,100
Total Consumer, Non-cyclical		18,692,147

Industrial – 2.6%
General Dynamics Corp.1,2	31,500	4,680,270
General Electric Co.2	120,000	3,470,400
Deutsche Post AG	80,000	2,392,230
Total Industrial		10,542,900

Financial – 2.6%
Ares Capital Corp.2	200,000	3,046,000
Blackstone Group, LP2	80,000	2,644,800
ING Groep N.V.	134,005	1,959,159
Citigroup, Inc.1	35,900	1,908,803
NorthStar Realty Finance Corp. REIT2	64,100	769,841
Total Financial		10,328,603

Technology – 2.3%
Apple, Inc.1	26,500	3,166,750
Xilinx, Inc.2	65,146	3,102,253
QUALCOMM, Inc.2	50,250	2,985,855
Total Technology		9,254,858


PORTFOLIO OF INVESTMENTS continued	October 31, 2015



	Shares	Value

COMMON STOCKS† – 18.4% (continued)
Basic Materials – 0.7%
BASF SE2	32,064	$ 2,639,815
Total Common Stocks
(Cost $74,792,827)		74,301,661

CONVERTIBLE PREFERRED STOCKS† – 20.8%
Consumer, Non-cyclical – 7.4%
Allergan plc
5.50% due 03/01/18	13,915	14,563,856
Anthem, Inc.
5.25% due 05/01/182	163,263	7,598,260
Tyson Foods, Inc.
4.75% due 07/15/17	126,400	6,617,040
Kindred Healthcare, Inc.
7.50% due 12/01/172	1,662	1,228,745
Total Consumer, Non-cyclical		30,007,901

Communications – 4.7%
Frontier Communications Corp.
11.13% due 06/29/182	169,873	16,839,510
T-Mobile US, Inc.
5.50% due 12/15/172	30,942	2,057,334
Total Communications		18,896,844

Financial – 4.0%
Wells Fargo & Co.
7.50%2,3	5,032	5,983,048
American Tower Corp.
5.25% due 05/15/172	26,000	2,766,400
5.50% due 02/15/182	24,784	2,589,928
KeyCorp
7.75%2,3	18,000	2,375,370
Alexandria Real Estate Equities, Inc.
7.00%2,3	50,000	1,375,000
Weyerhaeuser Co.
6.38% due 07/01/162	17,958	901,312
Total Financial		15,991,058

Utilities – 1.6%
Dominion Resources, Inc.
6.38% due 07/01/172	55,950	2,776,799
NextEra Energy, Inc.
5.80% due 09/01/162	44,104	2,426,602
Exelon Corp.
6.50% due 06/01/172	33,700	1,415,737
Total Utilities		6,619,138


PORTFOLIO OF INVESTMENTS continued	October 31, 2015




	Shares	Value

CONVERTIBLE PREFERRED STOCKS† – 20.8% (continued)
Energy – 1.1%
Southwestern Energy Co.
6.25% due 01/15/182	99,134	$ 2,779,717
Kinder Morgan, Inc.
9.75% due 10/26/18	31,660	1,561,155
Total Energy		4,340,872

Industrial – 1.0%
Stanley Black & Decker, Inc.
4.75% due 11/17/152	17,496	2,541,294
Stericycle, Inc.
5.25% due 09/15/18	15,690	1,462,622
Total Industrial		4,003,916

Basic Materials – 0.6%
Alcoa, Inc.
5.38% due 10/01/172	51,526	1,629,767
A Schulman, Inc.
6.00%3	1,000	850,000
Total Basic Materials		2,479,767

Consumer, Cyclical – 0.4%
William Lyon Homes
6.50% due 12/01/17	13,579	1,484,456
Total Convertible Preferred Stocks
(Cost $87,809,715)		83,823,952

SHORT TERM INVESTMENTS† – 2.2%
Goldman Sachs Financial Prime Obligations – Administration Share Class, 0.00%4	9,047,323	9,047,323
Total Short Term Investments
(Cost $9,047,323)		9,047,323
	Face
	Amount~

CONVERTIBLE BONDS†† – 76.4%
Technology – 20.6%
Intel Corp.
3.25% due 08/01/392	3,132,000	5,158,029
2.95% due 12/15/352	2,182,000	2,779,323
Microchip Technology, Inc.
1.63% due 02/15/252,5	6,334,000	6,599,236
Lam Research Corp.
1.25% due 05/15/182	2,763,000	3,895,830
0.50% due 05/15/162	1,887,000	2,394,131
ON Semiconductor Corp.
1.00% due 12/01/202,5	4,250,000	4,196,875
2.63% due 12/15/262	1,395,000	1,674,000


PORTFOLIO OF INVESTMENTS continued	October 31, 2015


	Contracts
(100 shares per contract)		Value

CALL OPTIONS WRITTEN†,* – (0.2)%
Citigroup, Inc. Expiring November 2015 with strike price of $52.50	359	$ (53,132)
Gilead Sciences, Inc. Expiring November 2015 with strike price of $110.00	338	(65,910)
Royal Caribbean Cruises Ltd. Expiring December 2015 with strike price of $100.00	265	(79,500)
General Dynamics Corp. Expiring November 2015 with strike price of $145.00	240	(122,400)
MGM Resorts International Expiring November 2015 with strike price of $22.00	864	(138,240)
Apple, Inc. Expiring November 2015 with strike price of $115.00	265	(141,775)
General Motors Co. Expiring November 2015 with strike price of $34.00	1,420	(197,380)
Total Call Options Written
(Premiums received $514,598)		(798,337)
Other Assets & Liabilities, net – (63.8)%		(257,360,522)
Total Net Assets – 100.0%		$ 403,554,951


PORTFOLIO OF INVESTMENTS continued		October 31, 2015


B.V.	Limited Liability Company
CAD	Canadian Dollar
EUR	Euro
GBP	Great Britain Pound
Gmb H	Limited Liability
N.V.	Publicly Traded Company
plc	Public Limited Company
Pty	Proprietary
S.A.	Corporation
SAB de CV	Publicly Traded Company
REIT	Real Estate Investment Trust

See Sector Classification in Fund Information section.


			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
Description	Prices		Inputs		Inputs		Total
Assets
Convertible Bonds	$	—	$	308,215,400	$	—	$	308,215,400
Corporate Bonds		—		181,516,584		—		181,516,584
Senior Floating Rate Interests		—		4,808,890		—		4,808,890
Convertible Preferred Stocks		83,823,952		—		—		83,823,952
Common Stocks		74,301,661		—		—		74,301,661
Short Term Investments		9,047,323		—		—		9,047,323
Forward Foreign Currency
Exchange Contracts		—		533,080		—		533,080
Total	$	167,172,936	$	495,073,954	$	—	$	662,246,890

Liabilities
Call Options Written	$	798,337	$	—	$	—	$	798,337
Forward Foreign Currency
Exchange Contracts		—		129,250		—		129,250
Swap Agreements		—		823,720		—		823,720
Total	$	798,337	$	952,970	$	—	$	1,751,307


STATEMENT OF ASSETS AND LIABILITIES	October 31, 2015


ASSETS:
Investments, at value (cost $668,161,617)	$	661,713,810
Cash		1,391,110
Restricted cash		1,100,000
Unrealized appreciation on forward foreign currency exchange contracts		533,080
Receivables:
Investments sold		8,159,853
Interest		4,772,186
Dividends		261,773
Other assets		37,034
Total assets		677,968,846

LIABILITIES:
Margin loan		170,000,000
Reverse repurchase agreements		92,000,000
Options written, at value (premiums received of $514,598)		798,337
Upfront premiums received on swap agreements		576,074
Unrealized depreciation on swap agreements		247,646
Unrealized depreciation on forward foreign currency exchange contracts		129,250
Interest due on borrowings		111,440
Payable for:
Investments purchased		9,718,559
Investment advisory fees		302,003
Professional fees		172,067
Servicing fees		117,446
Administration fees		11,645
Other fees		229,428
Total liabilities		274,413,895
NET ASSETS	$	403,554,951

NET ASSETS CONSIST OF:
Common Stock, $0.001 par value per share; unlimited number of shares authorized,
23,580,877 shares issued and outstanding	$	23,581
Additional paid-in capital		534,833,697
Distributions in excess of net investment income		(1,694,484	)
Accumulated net realized loss on investments, written options, foreign
currency transactions and swap agreements		(123,028,792	)
Net unrealized depreciation on investments, written options, foreign currency
translations and swap agreements		(6,579,051	)
NET ASSETS	$	403,554,951
Shares outstanding ($0.001 par value with unlimited amount authorized)		23,580,877
Net asset value, offering price and repurchase price per share	$	17.11


STATEMENT OF OPERATIONS	October 31, 2015
For the Year Ended October 31, 2015
INVESTMENT INCOME:
Interest	$	20,815,104
Dividends, net of foreign taxes withheld of $5,836		5,366,785
Total investment income		26,181,889
EXPENSES:
Interest expense		4,616,473
Investment advisory fees		3,750,240
Servicing fees		1,458,426
Professional fees		231,630
Trustees’ fees and expenses*		157,628
Administration fees		144,173
Fund accounting fees		125,219
Insurance		103,531
Printing fees		95,492
Custodian fees		28,784
NYSE listing fees		23,725
Transfer agent fees		20,526
Other fees		1,612
Total expenses		10,757,459
Net investment income		15,424,430
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(24,938,922	)
Written options		255,132
Foreign currency transactions		1,213,255
Swap agreements		(164,650	)
Net realized loss		(23,635,185	)
Net change in unrealized appreciation (depreciation) on:
Investments		(8,927,778	)
Written options		(205,920	)
Foreign currency translations		(315,479	)
Swap agreements		(247,646	)
Net change in unrealized appreciation (depreciation)		(9,696,823	)
Net realized and unrealized loss		(33,332,008	)
Net decrease in net assets resulting from operations	$	(17,907,578	)


STATEMENTS OF CHANGES IN NET ASSETS				October 31, 2015


	Year Ended			Year Ended
	October 31, 2015			October 31, 2014
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	15,424,430		$	16,820,372
Net realized gain (loss) on investments, written options,
foreign currency transactions and swap agreements		(23,635,185	)		20,856,102
Net change in unrealized appreciation (depreciation) on
investments, written options, foreign currency translations
and swap agreements		(9,696,823	)		(29,103,398	)
Net increase (decrease) in net assets resulting from operations		(17,907,578	)		8,573,076
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,996,503	)		(26.570,932	)
Return of capital		(8,574,429	)		—
Total distributions		(26,570,932	)		(26,570,932	)
Net decrease in net assets		(44,478,510	)		(17,997,856	)
NET ASSETS:
Beginning of year		448,033,461			466,031,317
End of year	$	403,554,951		$	448,033,461
Distributions in excess of net investment income at end of year	$	(1,694,484	)	$	(1,081,789	)


STATEMENT OF CASH FLOWS	October 31, 2015
For the Year Ended October 31, 2015
Cash Flows from Operating Activities:
Net decrease in net assets resulting from operations	$	(17,907,578	)
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to
Net Cash Provided by Operating and Investing Activities:
Net change in unrealized appreciation (depreciation) on investments		8,927,778
Net change in unrealized appreciation (depreciation) on written options		205,920
Net change in unrealized appreciation (depreciation) on foreign currency translation		315,479
Net change in unrealized appreciation (depreciation) on swap agreements		247,646
Net realized loss on investments		24,938,922
Net realized gain on written options		(255,132	)
Purchase of long-term investments		(794,751,260	)
Proceeds from sale of long-term investments		790,656,648
Net proceeds from sale of short-term investments		13,394,266
Net amortization/accretion of premium/discount		177,641
Premiums received on written options		1,594,119
Cost of written options closed		(959,333	)
Premiums received on swap agreements		576,074
Increase in restricted cash		(1,100,000	)
Decrease in due from broker		507,375
Decrease in investments sold receivable		10,627,964
Decrease in interest receivable		1,020,831
Decrease in dividends receivable		171,938
Decrease in tax reclaims receivable		597
Decrease in other assets		14,744
Increase in interest due on borrowings		86,676
Decrease in investments purchased payable		(10,594,132	)
Decrease in investment advisory fees payable		(17,733	)
Increase in professional fees payable		71,100
Decrease in servicing fees payable		(6,896	)
Increase in printing fees payable		46,250
Increase in trustees’ fees and expenses payable		16,943
Decrease in administration fees payable		(493	)
Decrease in other fees		(36,506	)
Net Cash Provided by Operating and Investing Activities		27,969,848
Cash Flows From Financing Activities:
Distributions to common shareholders		(26,570,932	)
Due to custodian		(41,710	)
Net Cash Used in Financing Activities		(26,612,642	)
Net increase in cash		1,357,206
Cash at Beginning of Period (including foreign currency)		33,904
Cash at End of Period (including foreign currency)	$	1,391,110
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	4,529,797

FINANCIAL HIGHLIGHTS													October 31, 2015


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2015			2014			2013			2012			2011

Per Share Data:
Net asset value, beginning of period	$	19.00		$	19.76		$	17.19		$	17.52		$	19.38
Income from investment operations:
Net investment income(a)		0.65			0.71			0.74			1.06			1.37
Net gain (loss) on investments (realized and unrealized)		(1.41	)		(0.34	)		2.87			0.13			(1.48	)
Distributions to preferred shareholders from net investment
income (common share equivalent basis)		—			—			(0.02	)		(0.17	)		(0.17	)
Total from investment operations		(0.76	)		0.37			3.59			1.02			(0.28	)
Less distributions from:
Net investment income		(0.76	)		(1.13	)		(1.13	)		(1.35	)		(1.58	)
Return of capital		(0.37	)		—			—			—			—
Total distributions to shareholders		(1.13	)		(1.13	)		(1.13	)		(1.35	)		(1.58	)
Increase resulting from tender and repurchase of Auction
Market Preferred Shares (Note 8)		—			—			0.11			—			—
Net asset value, end of period	$	17.11		$	19.00		$	19.76		$	17.19		$	17.52
Market Value, end of period	$	14.13		$	17.34		$	17.81		$	16.84		$	15.87
Total Return(b)
Net asset value		-4.20	%		1.73	%		22.09	%(d)		6.18	%		-1.91	%
Market value		-12.57	%		3.49	%		12.90	%		15.54	%		-4.82	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	403,555		$	448,033		$	466,031		$	405,461		$	413,041
Preferred shares, at redemption value ($25,000 per share
liquidation preference) (in thousands)		N/A			N/A			N/A		$	262,000		$	262,000
Preferred shares asset coverage per share(c)		N/A			N/A			N/A		$	63,689		$	64,412

FINANCIAL HIGHLIGHTS continued													October 31, 2015

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2015			2014			2013			2012			2011

Ratio to average net assets of:
Net Investment Income, prior to the effect of dividends to
preferred shares, including interest expense		3.56	%		3.58	%		3.96	%		6.23	%		7.11	%
Net Investment Income, after effect of dividends to preferred
shares, including interest expense		3.56	%		3.58	%		3.85	%		5.26	%		6.25	%
Total expenses(f)		2.48	%		2.32	%(e)		2.37	%(e)		1.72	%(e)		1.59	%
Portfolio turnover rate		117	%		264	%		240	%		218	%		93	%
Senior Indebtedness
Total Borrowings outstanding (in thousands)	$	262,000		$	262,000		$	262,000			N/A			N/A
Asset Coverage per $1,000 of indebtedness(g)	$	2,540		$	2,710		$	2,779			N/A			N/A

(a)	Based on average shares outstanding.
(b)	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 (“NAV”) or market price per share. Dividends and distributions are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund’s Dividend Reinvestment Plan for market value returns. Total return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.
(c)	Calculated by subtracting the Fund’s total liabilities from the Fund’s total assets and dividing by the total number of preferred shares outstanding.
(d)	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’ per share liquidation preference. Had this transaction not occurred, the total return at net asset value would have been lowered by 0.67%.
(e)	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%, 0.08%, 0.02% and 0.08%, respectively, for the years ended October 31, 2015, 2014, 2013 and 2012.
(f)	Excluding interest expense, the operating expense ratio for the years ended October 31, would be:


PORTFOLIO OF INVESTMENTS continued	October 31, 2015



	Face
	Amount~	Value

CONVERTIBLE BONDS†† – 76.4% (continued)
Technology – 20.6% (continued)
Micron Technology, Inc.
3.00% due 11/15/432	6,407,000	$ 5,830,370
Verint Systems, Inc.
1.50% due 06/01/212	4,669,000	4,736,116
Synchronoss Technologies, Inc.
0.75% due 08/15/192	4,539,000	4,649,638
SanDisk Corp.
0.50% due 10/15/202	2,171,000	2,299,903
1.50% due 08/15/172	1,322,000	2,115,200
Red Hat, Inc.
0.25% due 10/01/192	3,193,000	4,091,032
Proofpoint, Inc.
0.75% due 06/15/202,5	3,628,000	4,086,035
ServiceNow, Inc.
0.00% due 11/01/182,6	3,123,000	3,901,798
Cornerstone OnDemand, Inc.
1.50% due 07/01/182	3,916,000	3,871,944
salesforce.com, Inc.
0.25% due 04/01/182	2,562,000	3,328,999
NVIDIA Corp.
1.00% due 12/01/182	1,772,000	2,599,302
BroadSoft, Inc.
1.00% due 09/01/222,5	2,304,000	2,357,280
Akamai Technologies, Inc.
0.00% due 02/15/192,6	2,285,000	2,317,859
Citrix Systems, Inc.
0.50% due 04/15/192	1,973,000	2,254,153
PROS Holdings, Inc.
2.00% due 12/01/192,5	1,966,000	1,972,144
Xilinx, Inc.


PORTFOLIO OF INVESTMENTS continued	October 31, 2015



	Face
	Amount~	Value

CONVERTIBLE BONDS†† – 76.4% (continued)
Consumer, Non-cyclical – 16.5% (continued)
Molina Healthcare, Inc.
1.63% due 08/15/44	3,689,000	$ 4,537,470
Brookdale Senior Living, Inc.
2.75% due 06/15/182	4,140,000	4,326,300
BioMarin Pharmaceutical, Inc.
1.50% due 10/15/202	2,756,000	4,013,424
Isis Pharmaceuticals, Inc.
1.00% due 11/15/212,5	3,682,000	3,684,300
Gilead Sciences, Inc.
1.63% due 05/01/162	685,000	3,272,162
Euronet Worldwide, Inc.
1.50% due 10/01/442,5	2,217,000	2,839,146
NuVasive, Inc.
2.75% due 07/01/172	2,144,000	2,702,780
PTC Therapeutics, Inc.
3.00% due 08/15/225	3,049,000	2,593,556
Array BioPharma, Inc.
3.00% due 06/01/202	2,334,000	2,422,983
Wright Medical Group, Inc.
2.00% due 02/15/205	2,511,000	2,385,450
Jazz Investments I Ltd.
1.88% due 08/15/212	2,148,000	2,288,963
Illumina, Inc.
0.50% due 06/15/212	2,080,000	2,239,901
Horizon Pharma Investment Ltd.
2.50% due 03/15/222,5	2,561,000	2,212,063
Emergent BioSolutions, Inc.
2.88% due 01/15/21	1,784,000	2,196,549
Huron Consulting Group, Inc.
1.25% due 10/01/19	2,354,000	2,187,749


PORTFOLIO OF INVESTMENTS continued	October 31, 2015



	Face
	Amount~	Value

CONVERTIBLE BONDS†† – 76.4% (continued)
Consumer, Non-cyclical – 16.5% (continued)
Pernix Therapeutics Holdings, Inc.
4.25% due 04/01/212,5	1,356,000	$ 929,708
Medicines Co.
2.50% due 01/15/225	734,000	898,233
Total Consumer, Non-cyclical		66,719,040

Communications – 14.8%
Priceline Group, Inc.
0.35% due 06/15/202	3,792,000	4,929,599
1.00% due 03/15/182	2,788,000	4,438,148
0.90% due 09/15/212	1,486,000	1,580,733
Ciena Corp.
0.88% due 06/15/172	3,800,000	3,814,250
4.00% due 12/15/202	2,452,000	3,501,763
Ctrip.com International Ltd.
1.25% due 10/15/182	5,072,000	6,736,250
Finisar Corp.
0.50% due 12/15/332	5,000,000	4,484,375
Telecom Italia Finance S.A.
6.13% due 11/15/16	2,500,000 EUR	4,386,842
FireEye, Inc.
1.63% due 06/01/352,5	4,460,000	3,782,637
Twitter, Inc.
1.00% due 09/15/212	3,835,000	3,391,578
Liberty Media Corp.
1.38% due 10/15/23	3,086,000	3,172,794
Yahoo!, Inc.
0.00% due 12/01/182,6	3,138,000	3,147,807
SINA Corp.
1.00% due 12/01/182	2,900,000	2,809,374


PORTFOLIO OF INVESTMENTS continued	October 31, 2015



	Face
	Amount~	Value

CONVERTIBLE BONDS†† – 76.4% (continued)
Financial – 11.7% (continued)
Forest City Enterprises, Inc.
3.63% due 08/15/202	6,086,000	$ 6,622,329
Portfolio Recovery Associates, Inc.
3.00% due 08/01/202	4,465,000	4,827,781
Air Lease Corp.
3.88% due 12/01/182	3,065,000	4,176,063
Fidelity National Financial, Inc.
4.25% due 08/15/182	2,122,000	4,152,489
Starwood Property Trust, Inc.
4.00% due 01/15/192	3,637,000	3,739,291
Radian Group, Inc.
2.25% due 03/01/192	2,677,000	3,719,357
iStar, Inc.
3.00% due 11/15/162	2,796,000	3,295,785
American Realty Capital Properties, Inc.
3.00% due 08/01/18	3,100,000	2,976,000
Encore Capital Group, Inc.
2.88% due 03/15/21	2,426,000	2,169,754
Starwood Waypoint Residential Trust
4.50% due 10/15/172	1,677,000	1,726,262
Extra Space Storage, LP
3.13% due 10/01/355	983,000	1,045,666
Element Financial Corp.
4.25% due 06/30/205	550,000 CAD	441,396
Total Financial		47,186,025

Consumer, Cyclical – 7.1%
Jarden Corp.
1.13% due 03/15/342	5,473,000	6,061,347
1.50% due 06/15/192	1,240,000	1,577,900

(g)	Calculated by subtracting the Fund’s total liabilities (not including the borrowings) from the Fund’s total assets and dividing by the total borrowings.
N/A		Not Applicable


Managed Assets	Rate
First $200,000,000	0.0275%
Next $300,000,000	0.0200%
Next $500,000,000	0.0150%
Over $1,000,000,000	0.0100%

				Net Tax
Cost of			Net Tax	Unrealized
Investments	Gross Tax	Gross Tax	Unrealized	Depreciation on
for Tax	Unrealized	Unrealized	Depreciation on	Derivatives and
Purposes	Appreciation	Depreciation	Investments	Foreign Currency
$669,976,381	$25,823,826	$(34,086,397)	$(8,262,571)	$(535,074)

	Undistributed	Undistributed
	Ordinary	Long-Term
	Income/	Gains/
	(Accumulated	(Accumulated
	Ordinary Loss)	Capital Loss)
	$ —	$ (122,504,574)

				Total
Expires	Expires	Unlimited	Unlimited	Capital Loss
in 2017	in 2019	Short-Term	Long-Term	Carryforward
$92,452,933	$1,291,643	$16,311,432	$12,448,566	$122,504,574

Transactions in written options for the year ended October 31, 2015, were as follows:
	Number of			Premiums
	Contracts			Received
Options outstanding, beginning of period		1,172		$	163,761
Options written during the period		12,374			1,594,119
Options expired during the period		(1,498	)		(94,292	)
Options closed during the period		(7,637	)		(1,120,173	)
Options assigned during the period		(660	)		(28,817	)
Options outstanding, end of period		3,751		$	514,598


						Net Unrealized
			Settlement	Settlement	Value at	Appreciation
Contracts to Buy		Counterparty	Date	Value	10/31/15	(Depreciation)

EUR	830,00
for USD	935,149	The Bank of New York Mellon	12/16/2015	$ 935,149	$ 917,576	$ (17,573)
EUR	699,000
for USD	780,911	The Bank of New York Mellon	12/16/2015	780,911	772,754	(8,157)
EUR	925,000
for USD	1,040,993	The Bank of New York Mellon	12/16/2015	1,040,993	1,022,600	(18,393)
EUR	1,000,000
for USD	1,120,555	The Bank of New York Mellon	12/16/2015	1,120,555	1,105,513	(15,042)
EUR	450,000
for USD	503,350	The Bank of New York Mellon	12/16/2015	503,350	497,481	(5,869)
JPY	221,000,000
for USD	1,847,828	The Bank of New York Mellon	12/16/2015	1,847,828	1,832,841	(14,987)
NOK	9,153,000
for USD	1,113,944	The Bank of New York Mellon	12/16/2015	1,113,944	1,080,861	(33,083)
						$ (113,104)


NOTES TO FINANCIAL STATEMENTS continued						October 31, 2015

						Net Unrealized
			Settlement	Settlement	Value at	Appreciation
Contracts to Sell		Counterparty	Date	Value	10/31/15	(Depreciation)
CAD	550,000
for USD	414,697	The Bank of New York Mellon	12/16/2015	$ 414,697	$ 420,264	$ (5,567)
EUR	16,256,000
for USD	18,409,351	The Bank of New York Mellon	12/16/2015	18,409,351	17,971,224	438,127
EUR	401,000
for USD	454,349	The Bank of New York Mellon	12/16/2015	454,349	443,311	11,038
EUR	741,000
for USD	829,121	The Bank of New York Mellon	12/16/2015	829,121	819,185	9,936
EUR	450,000
for USD	507,645	The Bank of New York Mellon	12/16/2015	507,645	497,481	10,164
EUR	496,000
for USD	563,072	The Bank of New York Mellon	12/16/2015	563,072	548,335	14,737
EUR	825,000
for USD	909,398	The Bank of New York Mellon	12/16/2015	909,398	912,048	(2,650)
EUR	749,000
for USD	827,652	The Bank of New York Mellon	12/16/2015	827,652	828,029	(377)
GBP	753,000
for USD	1,159,643	The Bank of New York Mellon	12/16/2015	1,159,643	1,162,707	(3,064)
GBP	1,103,000
for USD	1,698,653	The Bank of New York Mellon	12/16/2015	1,698,653	1,703,141	(4,488)
JPY	221,000,000
for USD	1,847,635	The Bank of New York Mellon	12/16/2015	1,847,635	1,832,841	14,794
NOK	9,153,000
for USD	1,115,145	The Bank of New York Mellon	12/16/2015	1,115,145	1,080,861	34,284
						$ 516,934
Total unrealized appreciation for forward foreign currency exchange contracts						$ 403,830

								Upfront
			Protection			Notional		Premiums	Unrealized
Reference		Buy/Sell	Premium	Maturity	Credit	Principal	Market	Paid	Appreciation
Entity	Counterparty	Protection	Rate	Date	Rating1	($000)	Value	(Received)	(Depreciation)
Tegna, Inc.	Citibank, NA	Buy	5.00%	12/20/2020	BB+	$2,650	$ (382,287)	$(267,702)	$ (114,585)
	JP Morgan
Tegna, Inc.	Chase Bank, NA	Buy	5.00%	12/20/2020	BB+	3,060	(441,433)	(308,372)	(133,061)

							$(823,720)	$(576,074)	$(247,646)

Statement of Assets and Liabilities
Presentation of Fair Values of Derivative Instruments ($000s):
	Asset Derivatives		Liability Derivatives
	Statement of Assets		Statement of Assets
Primary Risk Exposure	and Liabilities Location	Fair Value	and Liabilities Location	Fair Value
Equity risk	Investments, at value	$ –	Options written, at value	$ 798
Foreign Exchange risk	Unrealized appreciation on		Unrealized depreciation on
	forward foreign currency		forward foreign currency
	exchange contracts	533	exchange contracts	129
Credit risk	Unrealized appreciation on		Unrealized depreciation on
	swap agreements	–	swap agreements	248
Total		$533		$1,175


Effect of Derivative Instruments on the Statement of Operations: ($000s)
Amount of Realized Gain/(Loss) on Derivatives
Derivatives not		Foreign
accounted for as		Currency		Swap
hedging instruments	Options	Transactions	Agreements		Total
Equity risk	$ (971)	$ –	$ –		$ (971)
Foreign Exchange risk	–	1,182		–	1,182
Credit risk	–	–		(165)	(165)
Total	$ (971)	$ 1,182	$ (165)		$ 46
Change in Unrealized Appreciation/(Depreciation) on Derivatives ($000s)
Derivatives not		Foreign
accounted for as		Currency		Swap
hedging instruments	Options	Translations	Agreements		Total
Equity risk	$ 623	$ –	$ –		$ 623
Foreign Exchange risk	–	(324)		–	(324)
Credit risk	–	–		(248)	(248)
Total	$ 623	$ (324)	$ (248)		$ 51
Derivative Volume


Option Contracts:
Average Number of Contracts Written	1,032
Average Number of Contracts Purchased	–*

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$1,402,398
Average Settlement Value Sold	2,653,775

Swap Agreements:
Average Notional Value	$7,340,000
* The average number of contracts purchased from November 1, 2014 to November 17, 2014 was 4,527.


			Gross	Net Amounts
			Amounts	of Assets
		Gross	Offset in the	Presented in	Derivatives
		Amounts of	Statement the	Statement	Available
	Investment	Recognized	of Assets &	of Assets &	for	Financial	Collateral	Net
Counterparty	Type	Assets	Liabilities	Liabilities	Offset	Instruments	Received	Amount
Bank of New York	Forward	$ 533,080	$ –	$ 533,080	$(129,250)	$ –	$ –	$403,830
Mellon	Foreign
	Currency
	Exchange
	Contracts


			Number of AMPS
		Number of	Outstanding
		AMPS	After
Series	CUSIP	Tendered	Tender Offer
M7	00764C208	2,023	25
T28	00764C307	2,046	2
W7	00764C406	2,018	30
W28	00764C703	1,143	1
TH28	00764C505	2,046	2
F7	00764C604	1,141	3


	Overnight and	Up to	31 - 90	Greater than
	Continuous	30 days	days	90 days	Total

Convertible Bonds	$ —	$ —	$ 38,577,416	$ —	$ 38,577,416
Corporate Bonds	—	—	37,573,755	—	37,573,755
Convertible Preferred
Stocks	—	—	15,848,829	—	15,848,829
Total Borrowings	$ —	$ —	$ 92,000,000	$ —	$ 92,000,000
Gross amount of
recognized liabilities
for reverse repurchase
agreements	$ —	$ —	$ 92,000,000	$ —	$ 92,000,000


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	October 31, 2015


SUPPLEMENTAL INFORMATION (Unaudited)			October 31, 2015

Federal Income Tax Information
Qualified dividend income of as much as $3,350,713 was received by the Fund through October 31, 2015. The Fund intends to designate the maximum amount of dividends that qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For corporate shareholders $2,888,437 of investment income (dividend income plus short-term gains, if any) qualified for the dividends-received deduction.
Additionally, of the taxable ordinary income distributions paid during the fiscal year ending October 31, 2015, the Fund had the corresponding percentage qualify as interest related dividends as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2).

	% Qualifying Interest
	77.20%
In January 2016, 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 2015.

Results of Shareholder Votes
The Annual Meeting of Shareholders of the Fund was held on September 30, 2015. Shareholders voted on the election of Trustees.
With regards to the election of the following Class III Trustees by shareholders of the Fund:
	# of Shares in Favor	# of Shares Against	# of Shares Abstain
Tracy V. Maitland	21,328,173	482,119	302,264
Ronald A. Nyberg	21,313,549	500,192	298,815
The other Trustees of the Fund whose terms did not expire in 2015 are Randall C. Barnes, Daniel L. Black, Derek Medina, Gerald L. Seizert and Michael A. Smart.


SUPPLEMENTAL INFORMATION (Unaudited) continued					October 31, 2015


Trustees
The Trustees of the Advent Claymore Convertible Securities and Income Fund and their principal business occupations during the past five years:
	Position(s)	Term of Office		Number of
	Held	and Length		Portfolios in
Name, Address	with	of Time	Principal Occupation(s)	Fund Complex	Other Directorships
and Year of Birth	Trust	Served*	During Past Five Years	Overseen**	Held by Trustees

Independent Trustees:
Randall C.	Trustee	Since 2005	Current: Private Investor (2001-present).	106	Current: Trustee, Purpose Investments
Barnes++					Funds (2014-present).
(1951)			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).
Daniel L. Black+	Trustee	Since 2005	Current: Managing Partner, the Wicks Group of Cos., LLC (2003-present).	3	Current: Harlem Lacrosse & Leadership
(1960)					Inc. (2014-present); Bendon Publishing
			Former: Managing Director and Co-head of the Merchant Banking Group		International (2012-present); Antenna
			at BNY Capital Markets, a division of BNY Mellon (1998-2003); and Co-Head		International, Inc. (2010-present);
			of U.S. Corporate Banking at BNY Mellon (1995-1998).		Bonded Services, Ltd. (2011-present).

					Former: Penn Foster Education Group,
					Inc. (2007-2009).
Derek Medina+	Trustee	Since 2003	Current: Senior Vice President, Business Affairs at ABC News	3	Current: Young Scholar’s Institute
(1966 )			(2008-present).		(2005-present); Oliver Scholars
					(2011-present).
			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 & Hamilton (law firm)
			(1995-1998); Associate in Corporate Finance at J.P. Morgan/Morgan
			Guaranty (1988-1990).
Ronald A.	Trustee and	Since 2004	Current: Partner, Nyberg & Cassioppi, LLC (2000-present).	108	Current: Edward-Elmhurst Healthcare
Nyberg++	Chairman of the				System (2012-present).
(1953)	Nominating and		Former: Executive Vice President, General Counsel, and Corporate
	Governance		Secretary, Van Kampen Investments (1982-1999).
	Committee


+	Address of all Trustees noted: 1271 Avenue of the Americas, 45th Floor, New York, NY 10020.

++	Address of all Trustees noted: 227 West Monroe Street, Chicago, IL 60606.

*	Each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves:

	- 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 annual meeting of shareholders or until successors shall have been elected and qualified.

	- 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 shareholders or until successors shall have been elected and qualified.

	- 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 shareholders or until successors shall have been elected and qualified.

**	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.

ø	Mr. Maitland is an “interested person” (as defined in section 2(a)(19) of the 1940 Act) of the Fund because of his position as an officer of Advent Capital Management, LLC, the Fund’s Investment Adviser.