Advent Claymore Convertible Securities and Income Fund Announces Offering of Additional Auction Market Preferred Shares.

Business Editors

NEW YORK & WHEATON, Ill.--(BUSINESS WIRE)--Jan. 22, 2004

(NYSE: AVK) The Advent Claymore Convertible Securities and Income Fund today announced the filing of a registration statement with the Securities and Exchange Commission in connection with the offering of additional Auction Market Preferred Shares (AMPS). Pursuant to approval by the Board of Trustees, the Fund will issue up to $75 million in additional AMPS to increase its total leverage from approximately 25% to approximately 30% of the Fund's total assets.

Additionally, the Fund has entered into interest rate swap transactions in an attempt to reduce its exposure to rising short-term interest rates on a portion of the Fund's leverage. The dividend rate paid on the Fund's outstanding AMPS typically fluctuates with short-term interest rates.

Advent Capital Management, LLC is the Fund's investment advisor. Founded in 1995 and based in New York, New York, Advent specializes in the management of convertible and high-yield securities and manages over $3.4 billion in assets.

Claymore Securities, Inc. offers unique investment solutions for financial advisors and their valued clients. The firm provides supervision, management or servicing and has provided distribution on approximately $6.1 billion in assets through closed-end funds, defined portfolios and separately managed accounts.