Fitch Rates Advent Claymore Convertible Securities & Income Fund Pfd Shares 'AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--July 28, 2003 Advent Claymore Convertible Securities and Income Fund's auction market preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. 2,150 shares series M7, 2,150 shares series W7, 2,150 shares series T28 and 2,150 shares series TH28 are rated 'AAA' by Fitch Ratings. The ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager. Advent Claymore Convertible Securities and Income Fund (NYSE NYSE See: New York Stock Exchange : AVK AVK Application Verification Kit (Java) AVK Audio Video Kernel ) is a closed-end management investment company that invests primarily in a portfolio of convertible securities in addition to high yield debts. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow up to 50% of the fund's value through the issuance of preferred shares. The fund's current preferred share issuance is about 33% of its value. The asset manager for the fund is Advent Capital Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Advent), an asset management firm with approximately $1.7 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of Feb. 28, 2003. Founded in 1995 and based in New York, NY, Advent specializes in the management of convertible and high-yield securities. The preferred shares issuance closed on July 24, 2003. |
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