Edgar Filing: ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND

gug58165-ncsr.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21309

Advent Claymore Convertible Securities and Income Fund

(Exact name of registrant as specified in charter)

1271 Avenue of the Americas, 45th Floor New York, NY 10020

(Address of principal executive offices) (Zip code)

Robert White, Treasurer

1271 Avenue of the Americas, 45th Floor New York, NY 10020

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 482-1600

Date of fiscal year end: October 31

Date of reporting period: November 1, 2012 - October 31, 2013

Item 1. Reports to Stockholders.

The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

GUGGENHEIMINVESTMENTS.COM/AVK

...YOUR BRIDGE TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT THE ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND

The shareholder report you are reading right now is just the beginning of the story. Online at guggenheiminvestments.com/avk, you will find:

•	Daily, weekly and monthly data on share prices, net asset values, dividends and more

•	Portfolio overviews and performance analyses

•	Announcements, press releases and special notices

•	Fund and adviser contact information

Advent Capital Management and Guggenheim Investments are continually updating and expanding shareholder information services on the Fund’s website in an ongoing effort to provide you with the most current information about how your Fund’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.

(Unaudited)

October 31, 2013

Tracy V. Maitland

President and Chief Executive Officer

DEAR SHAREHOLDER

We thank you for your investment in the Advent Claymore Convertible Securities and Income Fund (the “Fund”). This report covers the Fund’s performance for the 12 months ended October 31, 2013.

Advent Capital Management, LLC (“Advent” or the “Investment Adviser”) serves as the Fund’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—long-only strategies, hedge funds and closed-end funds. As of October 31, 2013, Advent managed approximately $7.3 billion in assets.

Guggenheim Funds Distributors, LLC (the “Servicing Agent”) serves as the Servicing Agent to the Fund. The Servicing Agent is an affiliate of Guggenheim Partners, LLC, a global diversified financial services firm.

The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal market conditions, the Fund will invest 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 60% of its managed assets in convertible securities and up to 40% in non-convertible income securities. The Fund may invest without limitation in foreign securities.

All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. For the 12-month period ended October 31, 2013, the Fund generated a total return based on market price of 12.90% and a return of 22.09% based on NAV. As of October 31, 2013, the Fund’s market price of $17.81 represented a discount of 9.87% to NAV of $19.76. The Fund uses financial leverage to finance the purchase of additional securities, a strategy which contributed to performance for the period.

In each month from November 2012 through October 2013, the Fund paid a monthly distribution of $0.0939 per share. The current monthly distribution represents an annualized distribution rate of 6.33% based upon the last closing market price of $17.81 as of October 31, 2013. There is no guarantee of any future distributions or that the current returns and distribution rate will be maintained.

We encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan (“DRIP”), which is described in detail on page 41 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’s common shares is at a premium above NAV, the DRIP reinvests participants’ 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.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 3

DEAR SHAREHOLDER continued (Unaudited)

October 31, 2013

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 & Answers section, which provides additional information regarding the factors that influenced the Fund’s performance.

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’s website at guggenheiminvestments.com/avk.

Sincerely,

Tracy V. Maitland

President and Chief Executive Officer of the Advent Claymore Convertible Securities and

Income Fund

November 30, 2013

4 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

QUESTIONS & ANSWERS (Unaudited)

October 31, 2013

Advent Claymore Convertible Securities and Income Fund (the “Fund”) is managed by a team of seasoned professionals at Advent Capital Management, LLC (“Advent” or the “Investment Adviser”), led by Tracy V. Maitland, Advent’s Founder, President and Chief Investment Officer. In the following interview, the management team discusses the convertible-securities and high-yield markets and the performance of the Fund during the 12-month period ended October 31, 2013.

Please describe the Fund’s objective and management strategies.

The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal market conditions, the Fund will invest 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 60% of its managed assets in convertible securities and may invest up to 40% 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. 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.

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, common shareholders’ 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, common shareholders’ return will be less than if financial leverage had not been used.

Historically, the primary means of implementing leverage had been through Auction Market Preferred Shares (“AMPS”), but other permitted means include borrowing or the issuance of commercial paper or other forms of debt. Earlier in the period, the Fund commenced a tender offer for up to 100% of its outstanding AMPS. The offer expired on December 13, 2012, and in the tender offer the Fund repurchased almost all of its outstanding AMPS. On May 10, 2013, the Fund announced an at-par redemption of all of its remaining outstanding AMPS. The Fund redeemed its remaining $1,575,000 of outstanding AMPS in June 2013.

The Fund refinanced its tendered AMPS through alternative forms of leverage, including borrowings under a margin loan agreement and reverse repurchase agreement transactions.

Please describe the economic and market environment over the last 12 months.

Global equity markets broadly performed well in 2013 as further monetary easing in the developed markets—United States, Europe and Japan—led to strong stock performance in all three geographies, while emerging markets, particularly in Asia where the Fund does much of its overseas convertible investing, managed to eke out small gains for the most part. Bond markets struggled as Western world risk-free rates began rising, but the effect on the shorter-duration corporate market, which is the Fund’s specialty in convertibles and high-yield, still gained on relatively high coupons and the lower duration.

In the U.S., corporate earnings continued to grow but at a slower pace given their elevated levels relative to GDP already. As of November 30, 2013, consensus earnings for the S&P 500 were forecast to grow approximately 7% over 2012 levels. Thus, the large gain in the S&P 500 index came from earnings multiple expansions, although this metric is still not at historically high levels and has a tendency to rise in periods where interest rates go from low to moderate levels. Economic growth is best described as steady with moderate GDP growth recorded and overcoming perceived headwinds from tax increases and lower government spending. Jobs growth posted decent gains, and other metrics such as industrial production and ISM surveys of manufacturing expanded at consistent rates. Productivity gains reaccelerated to levels near 2.0% after dipping in early 2013. Growth was good enough that the Federal Reserve has been considering reducing its expansionary purchases of existing bonds, which has had the effect of raising money supply.

Such speculation led to the U.S. dollar rising against counterparts before coming back down as investors began to bid up growth currencies around the world. Lower foreign currencies abroad helped to buttress growth, particularly in Europe, where austerity continues to put a ceiling on growth, but the European Central Bank retains many instruments to spur growth and may put them into effect over the short-term. Some major emerging markets like Brazil and China declined for the year but the Fund’s exposure to these areas was minor. Japan was particularly strong on moves by the new government to spur growth, and the Fund was able to take advantage.

The Fund’s largest asset class, convertible bonds, performed particularly well in this environment, with the exposure to cyclical, health care and technology issuers. Also helping was outperformance of mid-cap and small-cap companies allowing the underlying equities of convertible bond indices to do better than general large-cap equity ones and allowing the structural advantages of convertibles, with low duration and asymmetry via the option in the underlying warrant, to participate in equity gains without as much downside from rising bond yields.

How did the Fund perform in this environment?

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 5

QUESTIONS & ANSWERS continued (Unaudited)

October 31, 2013

discount of 9.87% to NAV of $19.76. As of October 31, 2012, the Fund’s market price of $16.84 represented a discount of 2.04% to NAV of $17.19.

Past performance is not a guarantee of future results. The Fund’s NAV performance data reflects fees and expenses of the Fund. The market price of the Fund’s shares fluctuates from time to time, and it may be higher or lower than the Fund’s NAV. The Investment Adviser believes that, over the long term, the progress of the NAV will be reflected in the market price return to shareholders who continue to hold over that period.

How has the Fund’s leverage strategy affected performance?

The Fund utilizes leverage as part of its investment strategy, 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. Leverage in the Fund was a contributor to performance for the period. The Fund’s leverage outstanding as of October 31, 2013, was $262 million, approximately 36% of the Fund’s total managed assets. There is no guarantee that the Fund’s leverage strategy will be successful, and the Fund’s use of leverage may cause the Fund’s NAV and market price of common shares to be more volatile. Leverage adds value only when the return on securities purchased exceeds the cost of leverage.

What was the impact of the Fund’s covered call strategy?

The Fund continued its strategy of seeking income through writing call options against equity and the equity portion of convertible bond holdings. With a strong equity market apparent in 2013 and volatility low, the Fund limited the writing of these options, seeing in general the income garnered not worth the upside signed away. The Fund also wrote options with longer maturities and higher strikes as another tactic to allow for more equity upside while still protecting downside should market corrections occur. In general, this strategy was beneficial as there was no period where the CBOE SPX Volatility Index (VIX) went above 20 during the year, a departure from prior years when sell-offs would generally produce spikes well above 20.

How did other market measures perform in this environment?

For the 12-month period ended October 31, 2013, the S&P 500 Index returned 27.18%. Global equities were equally strong, with the Morgan Stanley Capital International World Index returning 25.77%.

Many bond indices also delivered positive returns during the 12 months ended October 31, 2013, with measures of riskier parts of the market leading the pack. The return of the Bank of America Merrill Lynch High Yield Master II Index was 8.83%. The returns of the Bank of America Merrill Lynch All U.S. Convertibles Index and the Bank of America Merrill Lynch Global 300 Convertible Index were 23.94% and 17.68%, respectively. The Barclays U.S. Aggregate Bond Index (the “Barclays Aggregate”) fell 1.08% for the period.

The CBOE S&P 500 2% OTM Buy Write Index (BXY) returned 13.90%. It is important to remember that the Fund’s mandate differs materially from each of these indices and that the Fund maintains leverage and incurs transaction costs, advisory fees and other expenses, while these indices do not.

Please discuss the Fund’s distributions.

How was the Fund’s portfolio allocated among asset classes during the 12 months ended October 31, 2013, and how did this influence performance?

The Fund is diversified globally among convertible securities, high-yield bonds and equities.

As of October 31, 2012, 64.4% of the Fund’s total investments were in convertible securities. High yield bonds represented 29.9% and equity positions 2.6% of total investments. The rest, 3.1%, was in cash and other investments.

As of October 31, 2013, 68.9% of the Fund’s total investments were in convertible securities. High yield bonds represented 20.7% and equity positions 6.3% of total investments. The rest, 4.1%, was in cash and other investments.

Advent increased exposure to convertible and equity securities relative to high yield securities due to our belief equity markets would provide greater returns relative to bonds in a recovering economy. This view seemed to be confirmed as risk-free rates began rising in the second half of the fiscal year and the returns of convertibles and equities outpaced the return for high yield bonds for the period.

Which investment decisions had the greatest effect on the Fund’s performance?

Among top-performing investments were the convertible bonds of Micron Technology (2.0% of long-term investments at period end). The memory-chip company benefited from greater use of its products in smartphones and tablets and the accretive acquisition of bankrupt competitor Elpida Memory, Inc.

The convertible bond of Gilead Sciences (1.8% of long-term investments at period end) was another large contributor to return. Gilead Sciences was a steady performer all year, benefiting its convertible bonds, as the company had produced consistently good data and execution of its new hepatitis C drug, Sofosbuvir.

Convertible bonds of Ciena Corp. (1.4% of long-term investments at period end) also contributed to return. The company’s financial condition improved over the year, as its revenues climbed and margins improved. It has benefited from greater spending by telecom companies and growth of the market for fiber-optic communications equipment.

Holdings that detracted from the Fund’s performance included convertible bonds of iron ore miner Cliffs Natural Resources (not held in the portfolio at period end), which declined on lower prices for its commodity, because of higher competitive exports out of China and stagnant emerging market demand.

6 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

QUESTIONS & ANSWERS continued (Unaudited)

October 31, 2013

A second large detractor was the convertible bond of Newmont Mining Corp., the world’s second-largest gold producer (0.6% of long-term investments at period end). The company has struggled to keep production costs under control in the face of slumping gold prices.

Another detractor from performance was the convertible bond of voice and health care software maker Nuance Communications (1.5% of long-term investments at period end). It had losses as growth slowed, with carriers more cautious about a second phase of investment in voice-enabled applications. Activist involvement in the company may presage a recovery in 2014.

Have there been any changes to the Fund’s investment guidelines?

The Commodity Futures Trading Commission (“CFTC”) recently amended its Rule 4.5, which excludes the Investment Adviser and the Investment Manager from registration as a commodity pool operator provided certain requirements are met. In order to permit the Investment Adviser and the Investment Manager to continue to claim this exclusion under the amended rule, beginning on January 1, 2013, the Fund limited its trading activity in futures, options on futures and swaps (excluding activity for “bona fide hedging purposes,” as defined under CFTC regulations) such that either:

•	the aggregate initial margin and premiums required to establish its futures, options on futures and swaps did not exceed 5% of the liquidation value of the Fund’s portfolio, after taking into account unrealized profits and losses on such positions; or

•	the aggregate net notional value of its futures, options on futures and swaps did not exceed 100% of the liquidation value of the Fund’s portfolio, after taking into account unrealized profits and losses on such positions.

The Fund and the Investment Manager do not believe that complying with the amended rule limits the Fund’s ability to use futures, options and swaps in the manner needed to effectively manage the portfolio.

Do you have any other comments about the markets and the Fund?

The Fund is facing a period in which equity markets attempt to sustain the strong earnings multiple expansion of the previous year, and both bond and equity markets look to actions of a new Federal Reserve Chairperson for clues on market money flows. The effect of health care reform and government budget trimming could be headwinds, but economic growth figures have easy comparisons after sluggish results in 2012 on lower retail spending and the effect of the first budget sequestration and tax increases on high-income earners.

Also, the international environment may be a source of opportunities, with monetary authorities looking to inject more stimuli in Europe, more fiscal and monetary stimulus likely in Japan, and new leadership managing economic growth in China. Wildcards exist with volatile commodity prices and in countries with similar sluggish economies but governments under political pressure, such as in Brazil and also in India, where elections loom in spring 2014.

The Investment Adviser views this Fund as opportunistic given its mandate to invest across corporate capital structures from loans to high-yield to convertibles to equity, and will continue to use its expansive research staff to find appropriate opportunities across the globe.

Index Definitions

Indices are unmanaged and do not experience fees, expenses or transaction costs, and it is not possible to invest directly in an index.

S&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.

MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

Bank of America Merrill Lynch All U.S. Convertibles Index is comprised of approximately 500 issues of convertible bonds and preferred stock of all qualities.

Bank of America Merrill Lynch Global 300 Convertible Index measures the performance of convertible securities of issuers throughout the world.

The Barclays U.S. Aggregate Bond Index covers the U.S. dollar-denominated, investment-grade, fixed rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities (agency fixed-rate and hybrid ARM passthroughs), asset-backed securities and collateralized mortgage-backed securities sectors.

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.

The CBOE S&P 500 2% OTM BuyWrite Index (BXY) uses the same methodology as the widely accepted CBOE S&P 500 BuyWrite Index (BXM), but the BXY Index is calculated using out-of-the-money S&P 500 Index (SPX) call options, rather than at-the-money SPX call options. The BXY strategy diversifies the buy-write opportunities currently provided by the BXM. The BXY Index yields lower monthly premiums in return for a greater participation in the upside moves of the S&P 500.

VIX is the ticker symbol for the Chicago Board Options Exchange Market Volatility Index, a popular measure of the implied volatility of S&P 500 index options. It is a weighted blend of prices for a range of options on the S&P 500 index.

AVK Risks and Other Considerations

The views expressed in this report reflect those of the Portfolio Managers 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.

Please see guggenheiminvestments.com/avk for a detailed discussion of the Fund’s risks and considerations.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 7

FUND SUMMARY (Unaudited)

October 31, 2013

Fund Statistics
Share Price	$	17.81
Common Share Net Asset Value	$	19.76
Premium/Discount to NAV		-9.87%
Net Assets ($000)	$	466,031

Total Returns
(Inception 4/30/03)	Market			NAV
One Year		12.90	%		22.09	%
Three Year – average annual		7.48	%		8.34	%
Five Year – average annual		15.36	%		18.08	%
Ten Year – average annual		5.82	%		5.82	%
Since Inception – average annual		5.87	%		6.80	%

	% of Long-Term
Top Ten Industries	Investments
Telecommunications		10.1	%
Oil & Gas		7.6	%
Pharmaceuticals		7.5	%
Real Estate Investment Trusts		7.4	%
Health Care Products		5.7	%
Internet		5.6	%
Semiconductors		5.1	%
Banks		4.2	%
Biotechnology		3.4	%
Mining		3.3	%

	% of Long-Term
Top Ten Issuers	Investments
Hologic, Inc.		2.7	%
Clearwire Communications, LLC / Clearwire Finance, Inc.		2.2	%
Micron Technology, Inc.		2.0	%
Alcatel-Lucent, Inc.		2.0	%
Chesapeake Energy Corp.		1.9	%
Gilead Sciences, inc.		1.8	%
BioMarin Pharmaceutical, Inc.		1.7	%
EMC Corp.		1.7	%
WebMD Health Corp.		1.6	%
SL Green Operating Partnership, LP		1.5	%

Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions. NAV performance data reflects fees and expenses of the Fund. All portfolio data is subject to change daily. For more current information, please visit guggenheiminvestments.com/avk. The above summaries are provided for informational purposes only and should not be viewed as recommendations.

Country Breakdown (% of Total Investments)
United States	82.0	%
Cayman Islands	2.8	%
Luxembourg	2.5	%
France	1.9	%
Jersey	1.7	%
United Kingdom	1.6	%
Japan	1.5	%
Singapore	1.0	%
British Virgin Islands	0.9	%
South Korea	0.7	%
Mexico	0.6	%
Marshall Islands	0.6	%
Canada	0.4	%
Australia	0.3	%
Netherlands	0.3	%
Austria	0.2	%
Bermuda	0.2	%
China	0.2	%
Germany	0.2	%
United Arab Emirates	0.1	%
Italy	0.1	%
Malaysia	0.1	%
Bahamas	0.1	%
Subject to change daily.

8 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS

October 31, 2013

Principal

Optional Call

Amount~

Description

Rating*

Coupon

Maturity

Provisions**

Value

Long-Term Investments – 148.9%

Convertible Bonds – 100.5%

Aerospace & Defense – 0.3%

1,301,000

L-3 Communications Holdings, Inc.(a)

BB+

3.000%

08/01/2035

11/25/13 @ 100

1,491,271

Airlines – 0.1%

155,000

United Airlines, Inc.

4.500%

01/15/2015

N/A

288,397

Apparel – 0.1%

EUR 200,000

Adidas AG, Series ADS (Germany)

0.250%

06/14/2019

N/A

341,289

222,000

Iconix Brand Group, Inc.(a) (b)

1.500%

03/15/2018

N/A

285,270

626,559

Auto Manufacturers – 1.1%

2,816,000

Navistar International Corp.(a) (c)

CCC–

3.000%

10/15/2014

N/A

2,905,760

1,563,000

Navistar International Corp.(b)

CCC–

4.500%

10/15/2018

N/A

1,581,561

EUR 400,000

Volkswagen International Finance NV (Netherlands)(b)

BBB

5.500%

11/09/2015

N/A

634,513

5,121,834

Auto Parts & Equipment – 1.4%

EUR 2,687,000

Faurecia, Series EO (France)

3.250%

01/01/2018

N/A

974,884

5,905,000

Meritor, Inc.(a) (d)

B–

4.000%

02/15/2027

02/15/19 @ 100

5,443,672

6,418,556

Banks – 0.1%

400,000

National Bank of Abu Dhabi PJSC, Series NBAD (United Arab Emirates)

AA–

1.000%

03/12/2018

N/A

431,210

Biotechnology – 5.0%

6,637,000

Cubist Pharmaceuticals, Inc.(a) (b)

1.125%

09/01/2018

N/A

7,192,849

3,948,000

Gilead Sciences, Inc., Series C(a)

A–

1.000%

05/01/2014

N/A

12,453,473

1,111,000

InterMune, Inc.(a)

2.500%

12/15/2017

N/A

1,464,437

2,839,000

Merrimack Pharmaceuticals, Inc.(a)

4.500%

07/15/2020

N/A

2,173,609

23,284,368

Building Materials – 1.0%

3,831,000

Cemex SAB de CV (Mexico)(a)

4.875%

03/15/2015

N/A

4,443,960

Commercial Services – 0.1%

JPY 40,000,000

Park24 Co. Ltd. (Japan)(e)

0.000%

04/26/2018

N/A

430,028

Computers – 4.4%

EUR 690,000

AtoS, Series ATOS (France)

1.500%

07/01/2016

N/A

601,970

EUR 2,999

Capital Gemini SA, Series CAP (France)(e)

BBB

0.000%

01/01/2019

N/A

298,357

7,665,000

EMC Corp., Series B(a)

1.750%

12/01/2013

N/A

11,588,560

EUR 356,500

Ingenico, Series ING (France)

2.750%

01/01/2017

N/A

288,063

7,683,000

SanDisk Corp.(a) (b)

0.500%

10/15/2020

N/A

7,865,471

20,642,421

Diversified Financial Services – 0.5%

414,000

Air Lease Corp.

3.875%

12/01/2018

N/A

535,095

700,000

Hong Kong Exchanges and Clearing Ltd. (China)

0.500%

10/23/2017

N/A

749,000

290,000

Portfolio Recovery Associates, Inc.(b)

3.000%

08/01/2020

N/A

340,750

HKD 1,240,000

Power Regal Group Ltd. (British Virgin Islands)

2.250%

06/02/2014

N/A

232,468

645,000

Walter Investment Management Corp.(a)

4.500%

11/01/2019

N/A

673,622

2,530,935

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 9

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal

Optional Call

Amount~

Description

Rating*

Coupon

Maturity

Provisions**

Value

Electric – 0.1%

CNY 2,200,000

China Power International Development Ltd. (China)

2.250%

05/17/2016

N/A

524,506

Electronics – 0.7%

2,750,000

TPK Holding Co. Ltd., Series REGS (Cayman Islands)(e)

0.000%

10/01/2017

N/A

2,585,000

283,000

Vishay Intertechnology, Inc.(b)

BB+

2.250%

11/15/2040

N/A

283,884

JPY 20,000,000

Yaskawa Electric Corp. (Japan)(e)

0.000%

03/16/2017

N/A

266,283

3,135,167

Energy-Alternate Sources – 1.3%

5,341,000

SolarCity Corp.(c)

2.750%

11/01/2018

N/A

6,145,488

Engineering & Construction – 0.1%

400,000

YTL Corp. Finance Labuan Ltd. (Malaysia)

1.875%

03/18/2015

N/A

437,000

Food – 0.6%

GBP 1,550,000

J Sainsbury PLC (United Kingdom)

4.250%

07/16/2014

N/A

2,676,999

Gas – 0.3%

1,250,000

ENN Energy Holdings Ltd. (Cayman Islands)(e)

0.000%

02/26/2018

N/A

1,479,688

Hand & Machine Tools – 0.8%

EUR 500,000

KUKA AG, Series KU2 (Germany)

2.000%

02/12/2018

N/A

789,665

JPY 240,000,000

OSG Corp. (Japan)(e)

0.000%

04/04/2022

N/A

2,976,455

3,766,120

Health Care Products – 8.2%

7,804,000

HeartWare International, Inc.(a)

3.500%

12/15/2017

N/A

8,652,685

HKD 25,000,000

Hengan International Group Co. Ltd. (Cayman Islands)(e)

0.000%

06/27/2018

N/A

3,450,255

9,750,000

Hologic, Inc.(a) (d) (f)

B+

2.000%

12/15/2037

06/15/14 @ 101

9,756,143

4,857,000

Hologic, Inc., Series 2010(a) (d) (g)

B+

2.000%

12/15/2037

12/15/16 @ 100

5,713,046

2,999,000

Hologic, Inc., Series 2012(a) (d) (h)

B+

2.000%

03/01/2042

03/06/18 @ 100

3,143,327

2,787,000

Volcano Corp.(a)

1.750%

12/01/2017

N/A

2,698,164

3,807,000

Wright Medical Group, Inc.(a)

2.000%

08/15/2017

N/A

4,806,338

38,219,958

Health Care Services – 2.0%

225,000

Brookdale Senior Living, Inc.

2.750%

06/15/2018

N/A

273,516

7,481,000

LifePoint Hospitals, Inc.(a)

3.500%

05/15/2014

N/A

8,121,560

504,000

Molina Healthcare, Inc.(a) (b)

1.125%

01/15/2020

N/A

515,655

225,000

WellPoint, Inc.(b)

A–

2.750%

10/15/2042

N/A

293,344

9,204,075

Holding Companies-Diversified – 0.2%

400,000

Giant Great Ltd. (British Virgin Islands)

3.000%

07/21/2016

N/A

509,600

400,000

Siem Industries, Inc., Series SUBC (Cayman Islands)

1.000%

09/12/2019

N/A

426,360

935,960

Home Builders – 2.8%

4,780,000

Lennar Corp.(a) (b)

BB–

2.000%

12/01/2020

12/02/13 @ 100

6,130,350

1,563,000

Lennar Corp.(b)

BB–

3.250%

11/15/2021

11/20/16 @ 100

2,617,048

2,787,000

Ryland Group, Inc.(a)

BB–

1.625%

05/15/2018

N/A

4,089,923

12,837,321

Household Products & Housewares – 0.1%

580,000

Jarden Corp.(a) (b)

BB–

1.500%

06/15/2019

N/A

664,100

Insurance – 1.9%

6,102,000

Radian Group, Inc.(a)

B–

3.000%

11/15/2017

N/A

8,889,851

See notes to financial statements.

10 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal

Optional Call

Amount~

Description

Rating*

Coupon

Maturity

Provisions**

Value

Internet – 7.0%

360,000

BroadSoft, Inc.

1.500%

07/01/2018

N/A

391,725

7,290,000

Ctrip.com International Ltd. (Cayman Islands)(b) (c)

1.250%

10/15/2018

N/A

7,604,381

4,171,000

Equinix, Inc.(a)

B+

3.000%

10/15/2014

N/A

6,071,412

5,549,000

priceline.com, Inc.(a) (c)

BBB

1.000%

03/15/2018

N/A

7,376,702

11,300,000

WebMD Health Corp.(a)

2.500%

01/31/2018

N/A

11,102,250

32,546,470

Investment Companies – 1.3%

EUR 200,000

Aabar Investments PJSC, Series REGS (United Arab Emirates)

4.000%

05/27/2016

N/A

318,531

5,400,000

Billion Express Investments Ltd. (British Virgin Islands)

0.750%

10/18/2015

N/A

5,644,350

5,962,881

Iron & Steel – 2.4%

1,045,000

Allegheny Technologies, Inc.

BBB–

4.250%

06/01/2014

N/A

1,083,534

410,297

ArcelorMittal, Series MTUS (Luxembourg)(a) (c)

B+

6.000%

01/15/2016

N/A

9,936,901

11,020,435

Lodging – 1.0%

3,960,000

MGM Resorts International(a) (c)

B+

4.250%

04/15/2015

N/A

4,860,900

Machinery-Diversified – 0.4%

111,000

AGCO Corp.(a)

BB+

1.250%

12/15/2036

12/19/13 @ 100

159,771

JPY 31,000,000

Ebara Corp., Series 6 (Japan)(e)

0.000%

03/19/2018

N/A

404,393

JPY 100,000,000

IHI Corp. (Japan)(e)

0.000%

03/29/2016

N/A

1,503,669

2,067,833

Media – 1.8%

336,000

Liberty Interactive, LLC(b)

0.750%

03/30/2043

04/05/23 @ 100

403,200

5,703,000

Liberty Interactive, LLC(a) (b)

1.000%

09/30/2043

10/05/16 @ 100

5,877,654

2,172,000

Liberty Media Corp.(b)

1.375%

10/15/2023

N/A

2,290,103

8,570,957

Metal Fabricate & Hardware – 0.1%

375,000

RTI International Metals, Inc.

1.625%

10/15/2019

N/A

404,531

Mining – 3.9%

5,100,000

Glencore Finance Europe SA (Luxembourg)

BBB

5.000%

12/31/2014

N/A

6,033,300

3,583,000

Newmont Mining Corp., Series B(a)

BBB

1.625%

07/15/2017

N/A

3,887,555

8,705,000

Royal Gold, Inc.(a)

2.875%

06/15/2019

N/A

8,318,716

18,239,571

Oil & Gas – 4.4%

7,683,000

Chesapeake Energy Corp.(a)

BB–

2.250%

12/15/2038

12/15/18 @ 100

7,274,841

7,162,000

Cobalt International Energy, Inc.(a)

2.625%

12/01/2019

N/A

7,354,479

500,000

Lukoil International Finance BV (Netherlands)

BBB

2.625%

06/16/2015

N/A

559,250

2,505,000

Premier Oil Finance Jersey Ltd., Series PMO (Jersey)

2.500%

07/27/2018

N/A

2,951,140

300,000

Seadrill Ltd. (Bermuda)

3.375%

10/27/2017

N/A

496,950

1,698,000

Stone Energy Corp.(a)

B–

1.750%

03/01/2017

N/A

1,864,616

20,501,276

Oil & Gas Services – 2.2%

4,374,000

Hornbeck Offshore Services, Inc.(a)

BB–

1.500%

09/01/2019

N/A

5,552,246

EUR 3,538,000

Technip SA, Series TEC (France)

BBB+

0.500%

01/01/2016

N/A

4,698,506

10,250,752

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 11

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal

Optional Call

Amount~

Description

Rating*

Coupon

Maturity

Provisions**

Value

Pharmaceuticals – 10.8%

2,760,000

Array BioPharma, Inc.(a)

3.000%

06/01/2020

N/A

2,903,175

2,961,000

Auxilium Pharmaceuticals, Inc.(a)

1.500%

07/15/2018

N/A

3,038,726

11,713,000

BioMarin Pharmaceutical, Inc.(a)

1.500%

10/15/2020

N/A

12,079,031

1,288,000

Isis Pharmaceuticals, Inc.(a)

2.750%

10/01/2019

N/A

2,746,660

2,637,000

Medivation, Inc.(a)

2.625%

04/01/2017

N/A

3,733,003

112,000

Pacira Pharmaceuticals, Inc.(b)

3.250%

02/01/2019

N/A

241,500

4,285,000

Salix Pharmaceuticals Ltd.(a)

1.500%

03/15/2019

N/A

5,632,097

JPY 316,000,000

Sawai Pharmaceutical Co. Ltd. (Japan)(e)

0.000%

09/17/2015

N/A

4,905,392

3,135,000

Shire PLC, Series SHP (Jersey)

2.750%

05/09/2014

N/A

4,285,545

4,263,000

Theravance, Inc.(a)

2.125%

01/15/2023

N/A

6,450,452

4,837,000

Vivus, Inc.(a) (b)

4.500%

05/01/2020

N/A

4,386,555

50,402,136

Real Estate – 3.3%

EUR 400,000

BENI Stabili SpA, REIT (Italy)

3.375%

01/17/2018

N/A

579,908

SGD 9,500,000

CapitaLand Ltd., Series REGS (Singapore)

1.850%

06/19/2020

N/A

7,333,615

6,149,000

Forest City Enterprises, Inc.(a) (b)

BB–

3.625%

08/15/2020

08/15/18 @ 100

6,548,685

EUR 90,455

IMMOFINANZ AG (Austria)

4.250%

03/08/2018

N/A

571,655

GBP 200,000

Unite Jersey Issuer Ltd., Series UTG (Jersey)

2.500%

10/10/2018

N/A

330,444

15,364,307

Real Estate Investment Trusts – 9.8%

8,746,000

Annaly Capital Management, Inc.(a)

5.000%

05/15/2015

N/A

8,904,521

1,538,000

BioMed Realty, LP(a) (b)

3.750%

01/15/2030

01/21/15 @ 100

1,852,329

9,868,000

Boston Properties, LP(a) (b)

A–

3.625%

02/15/2014

N/A

10,009,852

293,000

DDR Corp.

BBB–

1.750%

11/15/2040

11/20/15 @ 100

348,670

GBP 300,000

Derwent London Capital Jersey Ltd. (Jersey)

BBB

2.750%

07/15/2016

N/A

596,692

GBP 2,000,000

Derwent London Capital No. 2 Jersey Ltd., Series DLN (Jersey)

BBB

1.125%

07/24/2019

N/A

3,259,151

GBP 300,000

Great Portland Estates Capital Jersey Ltd., Series GPOR (Jersey)

1.000%

09/10/2018

N/A

498,512

272,000

Host Hotels & Resorts, LP(a) (b)

BBB–

2.500%

10/15/2029

10/20/15 @ 100

396,440

727,000

NorthStar Realty Finance, LP(b)

5.375%

06/15/2033

06/15/23 @ 100

748,356

304,000

Pennymac Corp.(b)

5.375%

05/01/2020

N/A

296,210

2,603,000

ProLogis, LP

BBB

3.250%

03/15/2015

N/A

3,056,898

8,400,000

SL Green Operating Partnership, LP(a) (b)

BB+

3.000%

10/15/2017

N/A

10,704,750

4,608,000

Starwood Property Trust, Inc.(a)

BB–

4.000%

01/15/2019

N/A

4,944,960

45,617,341

Retail – 0.1%

253,000

Group 1 Automotive, Inc.(d)

2.250%

06/15/2036

06/15/16 @ 100

303,758

EUR 208,047

Rallye SA, Series COFP (France)

1.000%

10/02/2020

N/A

306,613

610,371

Semiconductors – 6.8%

7,602,000

Advanced Micro Devices, Inc.(a)

6.000%

05/01/2015

N/A

7,934,588

320,000

Microchip Technology, Inc.

2.125%

12/15/2037

N/A

532,800

2,901,000

Micron Technology, Inc.

BB–

1.875%

06/01/2014

N/A

3,725,972

5,504,000

Micron Technology, Inc., Series A(a) (c)

1.500%

08/01/2031

08/05/15 @ 100

10,371,600

183,000

Novellus Systems, Inc.

BBB

2.625%

05/15/2041

N/A

305,724

357,000

ON Semiconductor Corp., Series B

BB+

2.625%

12/15/2026

12/20/16 @ 100

387,122

3,000,000

Semiconductor Manufacturing International Corp., Series REGS (Cayman Islands)(e)

0.000%

11/07/2018

N/A

3,067,365

See notes to financial statements.

12 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal

Optional Call

Amount~

Description

Rating *

Coupon

Maturity

Provisions**

Value

Semiconductors (continued)

4,100,000

SK Hynix, Inc. (South Korea)

2.650%

05/14/2015

N/A

4,807,250

406,000

Xilinx, Inc.(a)

BBB+

2.625%

06/15/2017

N/A

647,570

31,779,991

Software – 4.2%

4,463,000

Allscripts Healthcare Solutions, Inc.(a) (b)

1.250%

07/01/2020

N/A

4,744,727

251,000

Cornerstone OnDemand, Inc.(b)

1.500%

07/01/2018

N/A

286,611

3,476,000

Electronic Arts, Inc.(a)

0.750%

07/15/2016

N/A

3,871,395

9,995,000

Nuance Communications, Inc.(a)

BB–

2.750%

08/15/2027

08/20/14 @ 100

10,532,231

150,000

Salesforce.com, Inc.(b)

0.250%

04/01/2018

N/A

164,062

19,599,026

Telecommunications – 7.7%

EUR 1,566,050

Alcatel-Lucent, Series ALU (France)

CCC+

4.250%

07/01/2018

N/A

6,908,747

6,401,000

Ciena Corp.(a)

0.875%

06/15/2017

N/A

6,657,040

404,000

Ciena Corp.(a) (b)

3.750%

10/15/2018

N/A

576,710

1,562,000

Ciena Corp.

4.000%

12/15/2020

N/A

2,271,734

13,184,000

Clearwire Communications, LLC / Clearwire Finance, Inc.(a) (b)

8.250%

12/01/2040

12/01/17 @ 100

15,095,680

355,000

Ixia

3.000%

12/15/2015

N/A

398,487

1,302,000

JDS Uniphase Corp.(b)

0.625%

08/15/2033

08/20/18 @ 100

1,372,796

JPY 20,000,000

KDDI Corp. (Japan)(e)

0.000%

12/14/2015

12/16/13 @ 100

378,504

1,302,000

Level 3 Communications, Inc.(a)

CCC+

6.500%

10/01/2016

N/A

2,166,202

35,825,900

Transportation – 0.1%

JPY 20,000,000

Yamato Holdings Co. Ltd. (Japan)(e)

0.000%

03/07/2016

N/A

257,058

Total Convertible Bonds – 100.5%

(Cost $442,290,017)

468,507,508

Corporate Bonds – 32.0%

Aerospace & Defense – 0.2%

625,000

Kratos Defense & Security Solutions, Inc.(a)

10.000%

06/01/2017

06/01/14 @ 105

684,375

Auto Manufacturers – 0.6%

1,250,000

Allied Specialty Vehicles, Inc.(b)

B+

8.500%

11/01/2019

11/01/16 @ 104

1,256,250

1,250,000

Chrysler Group, LLC / CG Co.-Issuer, Inc.(a)

8.250%

06/15/2021

06/15/16 @ 104

1,420,312

2,676,562

Auto Parts & Equipment – 1.0%

1,075,000

Dana Holding Corp.(a)

6.750%

02/15/2021

02/15/16 @ 103

1,174,437

1,000,000

Goodyear Tire & Rubber Co.(a)

B+

8.250%

08/15/2020

08/15/15 @ 104

1,135,000

500,000

Pittsburgh Glass Works, LLC(a) (b)

8.500%

04/15/2016

04/15/14 @ 102

524,700

300,000

Titan International, Inc.(b)

B+

6.875%

10/01/2020

10/01/16 @ 105

309,000

1,250,000

TRW Automotive, Inc.(a) (b)

BBB–

4.500%

03/01/2021

N/A

1,281,250

4,424,387

Banks – 5.1%

5,214,000

Ally Financial, Inc.(a)

B+

4.625%

06/26/2015

N/A

5,454,923

1,450,000

Ally Financial, Inc.(a)

B+

7.500%

09/15/2020

N/A

1,701,937

975,000

CIT Group, Inc.(a) (b)

BB–

5.500%

02/15/2019

N/A

1,060,313

9,769,000

Emigrant Bancorp, Inc.(a) (b)

B–

6.250%

06/15/2014

N/A

9,964,380

5,334,000

Synovus Financial Corp.(a)

B+

5.125%

06/15/2017

N/A

5,467,350

23,648,903

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 13

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal					Optional Call
Amount~	Description	Rating*	Coupon	Maturity	Provisions**		Value
	Building Materials – 0.2%
1,050,000	Boise Cascade Co.(a)	B+	6.375%	11/01/2020	11/01/15 @ 105	$	1,102,500

	Chemicals – 1.8%
1,250,000	Ashland, Inc.(a)	BB	4.750%	08/15/2022	05/15/22 @ 100		1,206,250
1,250,000	Celanese US Holdings, LLC(a)	BB+	4.625%	11/15/2022	N/A		1,232,812
1,250,000	Cornerstone Chemical Co., Series AI(a)	B–	9.375%	03/15/2018	03/15/15 @ 107		1,312,500
625,000	Phibro Animal Health Corp.(a) (b)	B	9.250%	07/01/2018	07/01/14 @ 105		676,562
625,000	Rain CII Carbon, LLC / CII Carbon Corp.(b)	BB–	8.250%	01/15/2021	01/15/16 @ 106		648,438
1,250,000	Rockwood Specialties Group, Inc.(a)	BB+	4.625%	10/15/2020	10/15/15 @ 103		1,290,625
625,000	Tronox Finance, LLC(a)	BB–	6.375%	08/15/2020	08/15/15 @ 105		640,625
1,275,000	Vertellus Specialties, Inc.(a) (b)	CCC+	9.375%	10/01/2015	10/01/14 @ 100		1,244,719
							8,252,531

	Coal – 0.2%
751,000	SunCoke Energy, Inc.(a)	B+	7.625%	08/01/2019	08/01/14 @ 106		809,203

	Commercial Services – 0.7%
925,000	ADT Corp.(a) (b)	BB–	6.250%	10/15/2021	N/A		982,812
925,000	Cenveo Corp.(a)	CCC+	8.875%	02/01/2018	02/01/14 @ 104		936,562
1,250,000	Prospect Medical Holdings, Inc.(a) (b)	B–	8.375%	05/01/2019	05/01/15 @ 106		1,348,438
							3,267,812

	Computers – 0.3%
1,250,000	Seagate HDD Cayman (Cayman Islands)(a) (b)	BBB–	4.750%	06/01/2023	N/A		1,221,875

	Diversified Financial Services – 0.4%
625,000	Denali Borrower, LLC / Denali Finance Corp.(b)	BB+	5.625%	10/15/2020	10/15/16 @ 104		620,312
250,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.	B+	6.500%	08/01/2018	08/01/15 @ 103		260,000
150,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.(a)	B+	7.875%	10/01/2020	10/01/16 @ 104		161,062
825,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.(a)	B+	6.500%	07/01/2021	01/01/17 @ 103		814,688
							1,856,062

	Electrical Components & Equipment – 0.1%
625,000	International Wire Group Holdings, Inc.(a) (b)	B	8.500%	10/15/2017	10/15/15 @ 104		667,188

	Engineering & Construction – 0.2%
1,077,000	MasTec, Inc.	BB–	4.875%	03/15/2023	03/15/18 @ 102		1,029,881

	Entertainment – 0.1%
644,000	Six Flags Entertainment Corp.(a) (b)	BB–	5.250%	01/15/2021	01/15/16 @ 104		634,340

	Environmental Control – 0.5%
1,250,000	Casella Waste Systems, Inc.	CCC	7.750%	02/15/2019	02/15/15 @ 104		1,268,750
1,250,000	Clean Harbors, Inc.(a)	BB+	5.125%	06/01/2021	12/01/16 @ 103		1,273,437
							2,542,187

	Food – 0.5%
1,500,000	Land O’Lakes Capital Trust I(a) (b)	BB	7.450%	03/15/2028	N/A		1,477,500
950,000	Marfrig Holding Europe BV (Netherlands)(a) (b)	B	9.875%	07/24/2017	01/24/16 @ 105		953,563
							2,431,063

	Forest Products & Paper – 0.9%
1,200,000	Appvion, Inc.(a)	CCC+	11.250%	12/15/2015	N/A		1,368,000
925,000	Catalyst Paper Corp. (Canada)(a) (i)	NR	11.000%	10/30/2017	12/15/13 @ 100		531,875
300,000	Neenah Paper, Inc.(b)	BB–	5.250%	05/15/2021	05/15/16 @ 104		293,250
1,200,000	Sappi Papier Holding GmbH (Austria)(a) (b)	BB	6.625%	04/15/2021	04/15/16 @ 103		1,134,000

See notes to financial statements.

14 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal					Optional Call
Amount~	Description	Rating*	Coupon	Maturity	Provisions**		Value
	Forest Products & Paper (continued)
300,000	Tembec Industries, Inc. (Canada)	CCC+	11.250%	12/15/2018	12/15/14 @ 106	$	329,250
325,000	Verso Paper Holdings, LLC / Verso Paper, Inc.	B+	11.750%	01/15/2019	01/15/15 @ 109		338,000
							3,994,375

	Health Care Products – 0.3%
1,250,000	Biomet, Inc.(a)	B–	6.500%	08/01/2020	08/01/15 @ 105		1,334,375

	Health Care Services – 2.1%
1,250,000	Fresenius Medical Care US Finance, Inc.(a) (b)	BB+	5.750%	02/15/2021	N/A		1,328,125
2,575,000	HCA Holdings, Inc.(a)	B–	7.750%	05/15/2021	11/15/15 @ 104		2,826,063
1,875,000	Health Net, Inc.(a)	BB	6.375%	06/01/2017	N/A		2,010,938
625,000	HealthSouth Corp.(a)	BB–	8.125%	02/15/2020	02/15/15 @ 104		691,406
1,250,000	IASIS Healthcare, LLC / IASIS Capital Corp.(a)	CCC+	8.375%	05/15/2019	05/15/14 @ 106		1,331,250
1,625,000	Tenet Healthcare Corp.(a) (b)	B+	6.000%	10/01/2020	N/A		1,721,484
							9,909,266

	Household Products & Housewares – 0.4%
1,875,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC	CCC+	9.000%	04/15/2019	10/15/14 @ 105		2,015,625

	Insurance – 0.1%
300,000	Fidelity & Guaranty Life Holdings, Inc.(b)	BB–	6.375%	04/01/2021	04/01/16 @ 105		314,250

	Internet – 0.4%
1,250,000	Equinix, Inc.(a)	BB	5.375%	04/01/2023	04/01/18 @ 103		1,246,875
500,000	NetFlix, Inc.(a) (b)	BB–	5.375%	02/01/2021	N/A		513,750
							1,760,625

	Iron & Steel – 0.3%
300,000	Commercial Metals Co.	BB+	4.875%	05/15/2023	02/15/23 @ 100		286,500
835,000	Steel Dynamics, Inc.(a)	BB+	6.375%	08/15/2022	08/15/17 @ 103		905,975
							1,192,475

	Leisure Time – 0.1%
300,000	Carlson Wagonlit BV (Netherlands)(b)	B+	6.875%	06/15/2019	06/15/15 @ 105		312,000

	Lodging – 0.3%
900,000	Caesars Entertainment Operating Co., Inc.(a)	B–	8.500%	02/15/2020	02/15/16 @ 104		834,188
522,856	Inn of the Mountain Gods Resort & Casino(b)	NR	9.250%	11/30/2020	10/01/14 @ 107		499,327
16	MTR Gaming Group, Inc.	B–	11.500%	08/01/2019	08/01/15 @ 106		18
							1,333,533

	Machinery-Construction & Mining – 0.0%+
150,000	Permian Holdings, Inc.(b)	B–	10.500%	01/15/2018	07/15/15 @ 108		148,875

	Media – 0.9%
875,000	CCO Holdings, LLC / CCO Holdings Capital Corp.(a)	BB–	6.500%	04/30/2021	04/30/15 @ 105		914,375
625,000	CCO Holdings, LLC / CCO Holdings Capital Corp.	BB–	5.250%	09/30/2022	09/30/17 @ 103		590,625
625,000	Clear Channel Communications, Inc.	CCC+	9.000%	12/15/2019	07/15/15 @ 105		637,500
312,000	Clear Channel Communications, Inc.	CCC+	11.250%	03/01/2021	03/01/16 @ 108		336,570
625,000	DISH DBS Corp.	BB–	5.125%	05/01/2020	N/A		635,937
1,250,000	Starz, LLC / Starz Finance Corp.(a)	BB	5.000%	09/15/2019	09/15/15 @ 103		1,268,750
							4,383,757

	Mining – 1.1%
1,250,000	American Gilsonite Co.(a) (b)	B–	11.500%	09/01/2017	09/01/14 @ 109		1,303,125
375,000	Barminco Finance Pty Ltd. (Australia)(b)	B–	9.000%	06/01/2018	N/A		356,250
960,000	FMG Resources August 2006 Pty Ltd. (Australia)(a) (b)	BB–	8.250%	11/01/2019	11/01/15 @ 104		1,070,400

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 15

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal					Optional Call
Amount~	Description	Rating*	Coupon	Maturity	Provisions**		Value
	Mining (continued)
1,025,000	FQM Akubra, Inc. (Canada)(a) (b)	B+	8.750%	06/01/2020	06/01/16 @ 104	$	1,137,750
1,250,000	St Barbara Ltd. (Australia)(a) (b)	B	8.875%	04/15/2018	10/15/15 @ 107		1,062,500
							4,930,025

	Miscellaneous Manufacturing – 0.7%
925,000	Dispensing Dynamics International(a) (b)	B–	12.500%	01/01/2018	01/01/16 @ 106		985,125
1,250,000	LSB Industries, Inc.(a) (b)	B+	7.750%	08/01/2019	08/01/16 @ 104		1,334,375
1,075,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. (Luxembourg)(a) (b)	B	8.750%	02/01/2019	08/01/15 @ 104		1,077,688
							3,397,188

	Oil & Gas – 4.9%
2,542,000	Alta Mesa Holdings, LP / Alta Mesa Finance Services Corp.(a)	B	9.625%	10/15/2018	10/15/14 @ 105		2,719,940
1,100,000	Bill Barrett Corp.(a)	B	7.625%	10/01/2019	10/01/15 @ 104		1,166,000
800,000	BreitBurn Energy Partners, LP / BreitBurn Finance Corp.(a)	B–	7.875%	04/15/2022	01/15/17 @ 104		812,000
1,850,000	Chesapeake Oilfield Operating, LLC / Chesapeake Oilfield Finance, Inc.	BB–	6.625%	11/15/2019	11/15/15 @ 103		1,947,125
400,000	Clayton Williams Energy, Inc.(a)	B–	7.750%	04/01/2019	04/01/15 @ 104		411,000
1,250,000	Clayton Williams Energy, Inc.(b)	B3	7.750%	04/01/2019	04/01/15 @ 104		1,284,375
975,000	Drill Rigs Holdings, Inc. (Marshall Islands)(a) (b)	B	6.500%	10/01/2017	10/01/15 @ 103		1,031,063
175,000	EP Energy, LLC / EP Energy Finance, Inc.(a)	B	9.375%	05/01/2020	05/01/16 @ 105		203,000
300,000	Halcon Resources Corp.	CCC+	9.750%	07/15/2020	07/15/16 @ 105		327,750
30,000	Hercules Offshore, Inc.(b)	B	8.750%	07/15/2021	07/15/17 @ 104		33,150
300,000	Lightstream Resources Ltd. (Canada)(b)	B–	8.625%	02/01/2020	02/01/16 @ 104		302,250
350,000	Midstates Petroleum Co., Inc. / Midstates Petroleum Co., LLC	B–	9.250%	06/01/2021	06/01/16 @ 107		362,250
925,000	Oasis Petroleum, Inc.(a) (b)	B	6.875%	03/15/2022	09/15/17 @ 103		1,003,625
350,000	Parker Drilling Co.	B+	9.125%	04/01/2018	04/01/14 @ 105		376,250
1,250,000	PBF Holding Co., LLC / PBF Finance Corp.(a)	BB+	8.250%	02/15/2020	02/15/16 @ 104		1,312,500
1,503,000	Plains Exploration & Production Co.(a)	BBB	6.125%	06/15/2019	06/15/16 @ 103		1,643,972
625,000	Plains Exploration & Production Co.(a)	BBB	6.750%	02/01/2022	02/01/17 @ 103		687,783
1,250,000	QEP Resources, Inc.(a)	BB+	5.250%	05/01/2023	02/01/23 @ 100		1,209,375
1,450,000	Range Resources Corp.(a)	BB	5.000%	08/15/2022	02/15/17 @ 103		1,455,438
1,250,000	Samson Investment Co.(a) (b)	CCC+	10.250%	02/15/2020	02/15/16 @ 105		1,356,250
445,000	SandRidge Energy, Inc.(a)	B–	8.125%	10/15/2022	04/15/17 @ 104		476,150
625,000	Talos Production, LLC / Talos Production Finance, Inc.(b)	CCC+	9.750%	02/15/2018	02/15/15 @ 105		634,375
1,250,000	Tesoro Corp.(a)	BB+	5.375%	10/01/2022	10/01/17 @ 103		1,243,750
250,000	Unit Corp.	BB–	6.625%	05/15/2021	05/15/16 @ 103		262,500
500,000	W&T Offshore, Inc.(a)	B	8.500%	06/15/2019	06/15/15 @ 104		541,250
							22,803,121

	Oil & Gas Services – 0.5%
800,000	Forbes Energy Services Ltd.(a)	B	9.000%	06/15/2019	06/15/15 @ 105		812,000
1,500,000	SESI, LLC(a)	BBB–	6.375%	05/01/2019	05/01/15 @ 103		1,597,500
							2,409,500

	Pharmaceuticals – 0.3%
1,250,000	Valeant Pharmaceuticals International(a) (b)	B	6.375%	10/15/2020	10/15/16 @ 103		1,340,625

	Pipelines – 0.8%
500,000	Crosstex Energy, LP / Crosstex Energy Finance Corp.(a)	B+	8.875%	02/15/2018	02/15/14 @ 104		533,125
1,175,000	Eagle Rock Energy Partners, LP / Eagle Rock Energy Finance Corp.(a)	B	8.375%	06/01/2019	06/01/15 @ 104		1,213,187
300,000	Genesis Energy, LP / Genesis Energy Finance Corp.	B	5.750%	02/15/2021	02/15/17 @ 103		306,000
1,250,000	Regency Energy Partners, LP / Regency Energy Finance Corp.(a)	BB	5.750%	09/01/2020	06/01/20 @ 100		1,296,875

See notes to financial statements.

16 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal					Optional Call
Amount~	Description	Rating *	Coupon	Maturity	Provisions**		Value
	Pipelines (continued)
400,000	Tesoro Logistics, LP / Tesoro Logistics Finance Corp.	BB–	5.875%	10/01/2020	10/01/16 @ 103	$	411,000
							3,760,187

	Real Estate – 0.2%
750,000	Kennedy-Wilson, Inc.(a)	BB–	8.750%	04/01/2019	04/01/15 @ 104		828,750

	Real Estate Investment Trusts – 0.4%
1,000,000	Corrections Corp. of America(a)	BB+	4.625%	05/01/2023	02/01/23 @ 100		962,500
450,000	DuPont Fabros Technology, LP(b)	BB	5.875%	09/15/2021	09/15/16 @ 104		463,500
570,000	OMEGA Healthcare Investors, Inc.(a)	BBB–	5.875%	03/15/2024	03/15/17 @ 103		587,100
							2,013,100

	Retail – 0.4%
1,000,000	Fiesta Restaurant Group, Inc.(a)	B	8.875%	08/15/2016	02/15/14 @ 104		1,066,250
90,000	Hot Topic, Inc.(b)	B	9.250%	06/15/2021	06/15/16 @ 107		94,725
750,000	Jo-Ann Stores, Inc.(b)	CCC+	8.125%	03/15/2019	03/15/14 @ 104		776,250
							1,937,225

	Software – 0.2%
1,000,000	Activision Blizzard, Inc.(a) (b)	BB+	6.125%	09/15/2023	09/15/18 @ 103		1,047,500

	Telecommunications – 3.9%
7,794,000	Alcatel-Lucent USA, Inc.(a)	CCC+	6.450%	03/15/2029	N/A		6,897,690
1,250,000	Cincinnati Bell, Inc.(a)	CCC+	8.750%	03/15/2018	03/15/14 @ 104		1,331,250
1,350,000	EarthLink, Inc.(a)	B+	7.375%	06/01/2020	06/01/16 @ 106		1,346,625
300,000	Hughes Satellite Systems Corp.(a)	B+	6.500%	06/15/2019	N/A		323,250
625,000	Intelsat Luxembourg SA (Luxembourg)(b)	CCC+	7.750%	06/01/2021	06/01/17 @ 104		661,719
1,000,000	Level 3 Communications, Inc.	CCC+	11.875%	02/01/2019	02/01/15 @ 106		1,165,000
2,500,000	Sprint Corp.(a) (b)	BB–	7.875%	09/15/2023	N/A		2,718,750
650,000	Telesat Canada / Telesat, LLC (Canada)(a) (b)	B–	6.000%	05/15/2017	05/15/14 @ 103		681,687
1,875,000	T-Mobile USA, Inc.(a)	BB	6.633%	04/28/2021	04/28/17 @ 103		1,989,844
500,000	Windstream Corp.(a)	B	7.750%	10/01/2021	10/01/16 @ 104		536,250
650,000	Windstream Corp.(a)	B	7.500%	06/01/2022	06/01/17 @ 104		684,125
							18,336,190

	Transportation – 0.9%
190,000	Gulfmark Offshore, Inc.(a)	BB–	6.375%	03/15/2022	03/15/17 @ 103		192,375
715,000	Navios Maritime Acquisition Corp. / Navios Acquisition Finance US, Inc.
	(Marshall Islands)(b)	B	8.125%	11/15/2021	11/01/16 @ 106		725,725
625,000	Navios Maritime Holdings, Inc. / Navios Maritime Finance II US, Inc.
	(Marshall Islands)(a)	B+	8.125%	02/15/2019	02/15/15 @ 104		637,500
950,000	Navios Maritime Holdings, Inc. / Navios Maritime Finance US, Inc.
	(Marshall Islands)(a)	BB–	8.875%	11/01/2017	11/01/14 @ 102		998,688
900,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc.
	(Marshall Islands)(a)	B+	9.250%	04/15/2019	04/15/14 @ 107		978,750
400,000	Swift Services Holdings, Inc.(a)	B+	10.000%	11/15/2018	11/15/14 @ 105		450,000
375,000	Ultrapetrol Bahamas Ltd. (Bahamas)(b)	B–	8.875%	06/15/2021	06/15/16 @ 107		403,125
							4,386,163

	Total Corporate Bonds – 32.0%
	(Cost $144,780,961)						149,137,599

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 17

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Principal					Optional Call
Amount~	Description	Rating*	Coupon	Maturity	Provisions**		Value
	Term Loans – 0.8%(j)
614,531	Caraustar Industries, Inc.	B+	7.500%	05/01/2019	N/A	$	627,334
625,000	Intrawest ULC	CCC	10.750%	12/04/2018	N/A		653,125
1,243,750	Sorenson Communication, Inc.	B–	9.500%	10/31/2014	N/A		1,262,406
1,250,000	Sprint Industrial Holdings LLC	CCC+	11.250%	5/14/19	N/A		1,262,500
	(Cost $3,693,793)						3,805,365

Number
of Shares	Description	Rating*	Coupon	Maturity			Value
	Convertible Preferred Stocks – 5.8%
	Aerospace & Defense – 0.1%
6,996	United Technologies Corp.	BBB+	7.500%	08/01/2015			442,707

	Auto Manufacturers – 2.3%
205,246	General Motors Co., Series B(a)	BB–	4.750%	12/01/2013			10,533,225

	Diversified Financial Services – 0.2%
16,230	AMG Capital Trust II(a)	BB+	5.150%	10/15/2037			980,900

	Electric – 0.1%
5,800	NextEra Energy, Inc.	NR	5.799%	09/01/2016			294,930

	Hand & Machine Tools – 0.0%+
1,806	Stanley Black & Decker, Inc.	Baa3	4.750%	11/17/2015			230,626

	Insurance – 0.6%
25,000	Maiden Holdings Ltd., Series B (Bermuda)	NR	7.250%	09/15/2016			1,169,750
59,922	MetLife, Inc.(a)	BBB–	5.000%	03/26/2014			1,721,559
							2,891,309

	Oil & Gas – 1.2%
4,730	Chesapeake Energy Corp.(a) (b) (k)	B–	5.750%	-			5,597,364

	Real Estate Investment Trusts – 0.1%
11,273	Alexandria Real Estate Equities, Inc., Series D(k)	NR	7.000%	-			287,462
3,965	Health Care REIT, Inc., Series I(k)	BB+	6.500%	-			233,776
							521,238

	Savings & Loans – 0.0%+
4,160	New York Community Capital Trust V	BB	6.000%	11/01/2051			203,965

	Telecommunications – 1.2%
53,100	Crown Castle International Corp., Series A	NR	4.500%	11/01/2016			5,434,785

	Total Convertible Preferred Stocks – 5.8%
	(Cost $26,656,182)						27,131,049

	Common Stocks – 9.7%
	Airlines – 0.7%
130,200	Delta Air Lines, Inc.(c)						3,434,676

	Auto Parts & Equipment – 0.6%
62,500	Johnson Controls, Inc.(c)						2,884,375

	Banks – 1.2%
103,000	JPMorgan Chase & Co.(c)						5,308,620

	Health Care Services – 0.3%
49,747	Brookdale Senior Living, Inc.(a) (l)						1,347,149

See notes to financial statements.

18 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Number
of Shares	Description		Value
	Insurance – 0.4%
39,000	American International Group, Inc.(c)	$	2,014,350
—	MetLife, Inc.(m)		47
			2,014,397

	Internet – 0.9%
130,100	Yahoo!, Inc.(c) (l)		4,284,193

	Media – 0.5%
52,023	DISH Network Corp., Class A(a) (l)		2,507,508

	Oil & Gas – 0.8%
78,069	BP PLC, ADR (United Kingdom)(a)		3,630,208

	Oil & Gas Services – 0.3%
21,648	Hornbeck Offshore Services, Inc.(l)		1,196,485

	Pharmaceuticals – 0.1%
52,094	MannKind Corp.(l)		254,740

	Real Estate Investment Trusts – 0.7%
78,126	ProLogis, Inc.		3,121,134

	Retail – 0.6%
36,500	Tiffany & Co.(c)		2,889,705

	Semiconductors – 0.8%
156,100	Intel Corp.(c)		3,813,523

	Telecommunications – 1.8%
195,754	Ixia(l)		2,775,792
149,916	Vodafone Group PLC, ADR (United Kingdom)(a)		5,519,907
			8,295,699

	Total Common Stocks – 9.7%
	(Cost $42,962,720)		44,982,412

	Warrants – 0.1%
344,053	MannKind Corp., expiring 02/08/2016(a) (l)		660,238
	(Cost $211,649)

	Total Long-Term Investments – 148.9%
	(Cost $660,595,322)		694,224,171

Contracts
(100 shares		Expiration		Exercise
per contract)	Options Purchased(l)	Month		Price		Value
	Put Options Purchased – 0.1%
470	Ctrip.com International Ltd.	November 2013	$	50.00	$	82,250
365	Ctrip.com International Ltd.	March 2014		46.00		138,700
182	SolarCity Corp.	January 2014		35.00		18,382
287	SolarCity Corp.	January 2014		40.00		65,436
3,126	SPDR S&P 500 ETF Trust	November 2013		173.00		9,378
1,304	SPDR S&P 500 ETF Trust	November 2013		174.00		6,520
1,042	SPDR S&P 500 ETF Trust	November 2013		171.00		40,638
	(Cost $613,608)					361,304

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 19

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

Number
of Shares	Description		Value
	Short-Term Investments – 5.3%
	Money Market – 5.3%
24,650,746	Goldman Sachs Financial Prime Obligations – Administration Share
	Class(n)	$	24,650,746
	(Cost $24,650,746)

	Total Investments – 154.3%
	(Cost $685,859,676)		719,236,221
	Liabilities in excess of Other Assets – 2.5%		11,505,187
	Total Value of Options Written – (0.6%) (Premiums received $2,115,490)		(2,710,091)
	Margin Loan – (36.5% of Net Assets or 23.6% of Total Investments)		(170,000,000)
	Reverse Repurchase Agreements – (19.7% of Net Assets or 12.8% of Total Investments)		(92,000,000)
	Net Assets – 100.0%	$	466,031,317

ADR – American Depositary Receipt

AG – Stock Corporation

BV – Limited Liability Company

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great Britain Pound

GmbH – Limited Liability

HKD – Hong Kong Dollar

JPY – Japanese Yen

LLC – Limited Liability Company

LP – Limited Partnership

N/A- Not Applicable

NV – Publicly Traded Company

PJSC – Private Joint Stock Company

PLC – Public Limited Company

Pty – Proprietary

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

SA – Corporation

SAB de CV – Publicly Traded Company

SCA – Limited Partnership

SGD – Singapore Dollar

SpA – Limited Share Company

ULC – Unlimited Liability Company

	All percentages shown in the Portfolio of Investments are based on Net Assets, unless otherwise noted.

~	The principal amount is denominated in U.S. Dollars unless otherwise noted.

*	Ratings shown are per Standard & Poor’s Rating Group, Moody’s Investor Services, Inc. or Fitch Ratings. Securities classified as NR are not rated. (For securities not rated by Standard & Poor’s Rating Group, the rating by Moody’s Investor Services, Inc. is provided. Likewise, for securities not rated by Standard & Poor’s Rating Group and Moody’s Investor Services, Inc., the rating by Fitch Ratings is provided.) All ratings are unaudited. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares.

**	Date and price of the earliest optional call provision. There may be other call provisions at varying prices at later dates. All optional call provisions are unaudited.

+	Less than 0.1%

(a)	All or a portion of these securities have been physically segregated in connection with borrowings and reverse repurchase agreements. As of October 31, 2013, the total amount segregated was $461,206,339.

(b)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2013 these securities amounted to $161,625,368, which represents 34.7% of net assets applicable to common shares.

(c)	All or a portion of this security represents cover for outstanding written options.

(d)	Security is a “step coupon” bond where the coupon increases or decreases at a predetermined date. The rate shown reflects the rate in effect at the end of the reporting period.

See notes to financial statements.

20 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

PORTFOLIO OF INVESTMENTS continued

October 31, 2013

(e)	Zero coupon bond.

(f)	Security becomes an accreting bond after December 15, 2013 with a 2.00% principal accretion rate.

(g)	Security becomes an accreting bond after December 15, 2016 with a 2.00% principal accretion rate.

(h)	Security becomes an accreting bond after March 1, 2018 with a 2.00% principal accretion rate.

(i)	The issuer of this security may elect on May 1 or November 1 of each year to pay the 11.000% coupon entirely in cash, or accrue interest at a rate of 13.000% per annum and make interest payments as follows: (1) 7.5% in cash and (2) 5.5% payment-in-kind shares issued out of the restructuring. During the year, the issuer has elected to pay the 11.000% coupon entirely in cash.

(j)	Term loans held by the Fund have a variable interest rate feature which is periodically adjusted based on an underlying interest rate benchmark. The rate presented is as of period end. In addition, term loans may include mandatory and/or optional prepayment terms. As a result, the actual maturity dates of the loan may be different than the amounts disclosed in the portfolio of investments. Term loans may be considered restricted in that the Fund may be contractually obligated to secure approval from the Agent Bank and/or Borrower prior to the sale or disposition of loan.

(k)	Security is perpetual and, thus does not have a predetermined maturity date. The coupon rate shown is in effect as of October 31, 2013.

(l)	Non-income producing security.

(m)	Represents less than one share.

(n)	All or a portion of this security has been set aside as collateral for forward exchange currency contracts. At October 31, 2013, the total amount segregated was $24,650,746.

Contracts
(100 shares		Expiration	Exercise
per contract)	Options Written(a)	Month		Price		Value
	Call Options Written – (0.6%)
390	American International Group, Inc.	May 2014	$	55.00	$	(91,260	)
729	Ctrip.com International Ltd.	March 2014		65.00		(262,440	)
1,302	Delta Air Lines, Inc.	March 2014		28.00		(220,038	)
1,561	Intel Corp.	April 2014		26.00		(98,343	)
625	Johnson Controls, Inc.	April 2014		47.00		(155,000	)
1,030	JPMorgan Chase & Co.	March 2014		57.50		(64,890	)
40	priceline.com, Inc.	April 2014	1,000.00			(512,000	)
104	SolarCity Corp.	January 2015		65.00		(116,480	)
758	SolarCity Corp.	January 2015		60.00		(1,023,300	)
365	Tiffany & Co.	January 2014		85.00		(51,830	)
1,041	Yahoo!, Inc.	January 2014		36.00		(114,510	)
	Total Value of Options Written – (0.6%)
	(Premiums received $2,115,490)				$	(2,710,091	)

(a) Non-income producing security.

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 21

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2013

Assets
Investments in securities, at value (cost $685,859,676)	$	719,236,221
Cash		4,749,113
Securities sold receivable		17,775,059
Interest receivable		5,724,496
Dividends receivable		76,697
Unrealized appreciation on forward exchange currency contracts		20,337
Other assets		51,284
Total assets		747,633,207
Liabilities
Margin Loan		170,000,000
Reverse repurchase agreements		92,000,000
Payable for securities purchased		15,457,482
Options written, at value (premiums received of $2,115,490)		2,710,091
Unrealized depreciation on forward exchange currency contracts		583,486
Advisory fee payable		332,586
Servicing fee payable		129,339
Administration fee payable		12,495
Interest due on borrowings		12,382
Trustees fee payable		12,304
Accrued expenses and other liabilities		351,725
Total liabilities		281,601,890
Net Assets	$	466,031,317
Composition of Net Assets
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		551,198,020
Net unrealized appreciation on investments, written options and foreign currency translations		32,221,170
Accumulated net realized loss on investments, swaps, written options, futures and foreign currency transactions		(115,456,696	)
Distributions in excess of net investment income		(1,954,758	)
Net Assets	$	466,031,317
Net Asset Value (based on 23,580,877 shares outstanding)	$	19.76

See notes to financial statements.

22 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

STATEMENT OF OPERATIONS For the year ended October 31, 2013

October 31, 2013

Investment Income
Interest	$	25,327,672
Dividends		2,443,617
Total income			$	27,771,289
Expenses
Interest expense		3,937,552
Advisory fee		3,788,795
Servicing agent fee		1,473,420
Professional fees		293,603
Administration fee		145,244
Trustees’ fees and expenses		136,050
Fund accounting		129,891
Printing		103,318
Auction Agent Fee-Preferred Shares		99,217
Insurance		98,152
Custodian		66,856
ICI dues		36,500
NYSE listing fee		23,755
Transfer agent		20,794
Rating agency fee		10,000
Miscellaneous		45,891
Total expenses				10,409,038
Net investment income				17,362,251
Realized and Unrealized Gain (Loss) on Investments, Written Options, and Foreign Currency Transactions:
Net realized gain (loss) on:
Investments				47,143,168
Written Options				(1,432,341	)
Foreign currency transactions				(1,247,969	)
Net change in unrealized appreciation (depreciation) on:
Investments				24,363,575
Written Options				(598,691	)
Foreign currency translations				(597,198	)
Net realized and unrealized gain on investments, written options and foreign currency transactions				67,630,544
Distributions to Preferred Shareholders from net investment income				(455,304	)
Net Increase in Net Assets Resulting from Operations			$	84,537,491

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 23

STATEMENT OF CHANGES IN NET ASSETS

October 31, 2013

	For the			For the
	Year Ended			Year Ended
	October 31, 2013			October 31, 2012
Change in Net Assets Resulting from Operations:
Net investment income	$	17,362,251		$	25,122,159
Net realized gain on investments, swaps, written options and foreign currency transactions		44,462,858			25,331,716
Net change in unrealized appreciation (depreciation) on investments, written options and foreign currency translations		23,167,686			(22,336,354	)
Distributions to Preferred Shareholders:
From net investment income		(455,304	)		(3,915,928	)
Net increase in net assets applicable to Common Shareholders resulting from operations		84,537,491			24,201,593
Distributions to Common Shareholders:
From and in excess of net investment income		(26,570,932	)		(31,782,306	)
Capital Share Transactions:
Net increase resulting from tender and repurchase of Auction Market Preferred Shares (Note 7)		2,604,250			—
Total increase in net assets applicable to common shareholders		60,570,809			(7,580,713	)
Net Assets
Beginning of period		405,460,508			413,041,221
End of period (including distributions in excess of net investment income of ($1,954,758) and ($928,031), respectively)	$	466,031,317		$	405,460,508

See notes to financial statements.

24 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

STATEMENT OF CASH FLOWS For the year ended October 31, 2013

October 31, 2013

Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	84,537,491
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 on investments		(24,363,575	)
Net change unrealized depreciation on written options		598,691
Net change in unrealized depreciation on foreign currency translations		597,198
Net realized gain on investments		(47,143,168	)
Purchase of long-term investments		(1,607,480,092	)
Proceeds from sale of long-term investments		1,624,062,693
Net proceeds (purchases) from sale of short-term investments		(6,037,841	)
Net amortization/accretion of premium/discount		(483,034	)
Net increase in premiums received on written options		1,389,606
Increase in securities sold receivable		(4,216,127	)
Decrease in interest receivable		947,716
Decrease in dividends receivable		220,988
Increase in other assets		(3,282	)
Increase in interest due on borrowings		12,382
Increase in payable for securities purchased		6,406,671
Increase in servicing fee payable		9,576
Increase in investment advisory fee payable		24,625
Increase in administrative fee payable		693
Increase in trustee fee payable		4,602
Decrease in accrued expenses and other liabilities		(218,817	)
Decrease in due to custodian payable		(9,719	)
Net Cash Provided by Operating and Investing Activities		28,857,277
Cash Flows From Financing Activities:
Decrease in dividends payable – preferred shares		(141,482	)
Dividends paid to common shareholders		(26,570,932	)
Redemption of auction preferred shares		(259,395,750	)
Reverse Repurchase Agreements		92,000,000
Margin Loan		170,000,000
Net Cash Used by Financing Activities		(24,108,164	)
Net increase in cash		4,749,113
Cash at Beginning of Period		—
Cash at End of Period	$	4,749,113
Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest	$	3,925,170
Supplemental Disclosure of Non Cash Financing Activity: Increase resulting from tender and repurchase of Auction Market Preferred Shares	$	2,604,250

See notes to financial statements.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 25

FINANCIAL HIGHLIGHTS

October 31, 2013

	For the			For the			For the			For the			For the
Per share operating performance for a common share outstanding throughout the period	Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009
Net asset value, beginning of period	$	17.19		$	17.52		$	19.38		$	16.28		$	12.52
Income from investment operations
Net investment income (a)		0.74			1.06			1.37			1.29			1.06
Net realized and unrealized gain/loss on investments, unfunded loan commitments, swaps, options, futures and foreign currency transactions		2.87			0.13			(1.48	)		3.11			4.10
Distributions to preferred shareholders from net investment income (common share equivalent basis)		(0.02	)		(0.17	)		(0.17	)		(0.17	)		(0.20	)
Total from investment operations		3.59			1.02			(0.28	)		4.23			4.96
Distributions to Common Shareholders:
From and in excess of net investment income		(1.13	)		(1.35	)		(1.58	)		(1.13	)		(1.19	)
Return of capital		—			—			—			—			(0.01	)
Total distributions to Common Shareholders		(1.13	)		(1.35	)		(1.58	)		(1.13	)		(1.20	)
Increase resulting from tender and repurchase of Auction Market Preferred Shares (Note 7)		0.11			N/A			N/A			N/A			N/A
Net asset value, end of period	$	19.76		$	17.19		$	17.52		$	19.38		$	16.28
Market value, end of period	$	17.81		$	16.84		$	15.87		$	18.19		$	14.24
Total investment return (b)
Net asset value		22.09	%(g)		6.18	%		-1.91	%		26.65	%		42.52	%
Market value		12.90	%		15.54	%		-4.82	%		36.74	%		20.34	%
Ratios and supplemental data
Net assets, applicable to Common Shareholders, end of period (thousands)	$	466,031		$	405,461		$	413,041		$	457,050		$	383,925
Preferred shares, at redemption value ($25,000 per share liquidation preference) (thousands)		N/A		$	262,000		$	262,000		$	262,000		$	262,000
Preferred shares asset coverage per share (c)		N/A		$	63,689		$	64,412		$	68,612		$	61,634
Ratios to Average Net Assets:
Net operating expenses		1.47	%(d)		1.72	%(d)		1.58	%		1.50	%		1.77	%
Interest expense (f)		0.90	%		N/A			N/A			N/A			N/A
Total net expenses		2.37	%(d)		1.72	%(d)		1.58	%		1.50	%		1.77	%
Fee waiver		0.00	%		0.00	%		0.01	%		0.07	%		0.18	%
Total gross expenses		2.37	%(d)		1.72	%(d)		1.59	%		1.57	%		1.95	%
Net Investment Income, after fee waiver, prior to effect of dividends to preferred shares, including interest expense		3.96	%		6.23	%		7.11	%		7.12	%		7.98	%
Net Investment Income, before fee waiver, prior to effect of dividends to preferred shares, including interest expense		3.96	%		6.23	%		7.10	%		7.05	%		7.80	%
Net Investment Income, after fee waiver, after effect of dividends to preferred shares, including interest expense		3.85	%		5.26	%		6.25	%		6.18	%		6.47	%
Net Investment Income, before fee waiver, after effect of dividends to preferred shares, including interest expense		3.85	%		5.26	%		6.24	%		6.11	%		6.29	%
Portfolio turnover rate		240	%		218	%		93	%		65	%		121	%
Senior Indebtedness
Total borrowings outstanding (in thousands)	$	262,000			N/A			N/A			N/A			N/A
Asset coverage per $1,000 of indebtedness (e)	$	2,779			N/A			N/A			N/A			N/A

(a)	Based on average shares outstanding during the period.

(b)	Total investment 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 investment 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)	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 0.02% and 0.08%, respectively, for the years ended October 31, 2013 and 2012.

(e)	Calculated by subtracting the Fund’s total liabilities (not including the borrowings) from the Fund’s total assets and dividing by the total borrowings.

(f)	Interest expense ratio relates to interest associated with borrowings and reverse repurchase agreements.

(g)	Included in the total investment 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 lower by 0.67%.

N/A	Not Applicable

See notes to financial statements.

26 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS

October 31, 2013

Note 1 – Organization:

Advent Claymore Convertible Securities and Income Fund (the “Fund”) 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.

The Fund’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 assets in a diversified portfolio of convertible securities and non-convertible income producing securities.

Note 2 – Accounting Policies:

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

The following is a summary of significant accounting policies followed by the Fund:

(a) Valuation of Investments

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 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’s fair value. Exchange-traded 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. Swaps are valued daily by independent pricing services or dealers using the mid price. Forward exchange currency 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 at the time of purchase are valued at amortized cost, which approximates market value.

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’s Board of Trustees.

Valuations in accordance with these procedures are intended to reflect each security’s (or asset’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’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’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 at October 31, 2013.

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’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and summarized in the following fair value hierarchy:

Level 1 – quoted prices in active markets for identical securities

Level 2 – 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)

Level 3 – significant unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair value)

Observable inputs are those based upon market data obtained from independent sources, and unobservable inputs reflect the Fund’s own assumptions based on the best information available. A financial instrument’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.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 27

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

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.

Equity Securities (Common and Preferred Stock) – 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.

Convertible Bonds & Notes – 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.

Corporate Bonds & Notes – 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.

The Fund did not hold any Level 3 securities during the year ended October 31, 2013.

Transfers between 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.

The following table represents the Fund’s investments carried on the Statement of Assets and Liabilities by caption and by level within the fair value hierarchy as of October 31, 2013:

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
(value in $000s)
Assets:
Convertible Bonds	$	–	$	468,508	$	–	$	468,508
Corporate Bonds		–		149,138		–		149,138
Term Loans		–		3,805		–		3,805
Convertible Preferred Stocks		27,131		–		–		27,131
Common Stocks		44,982		–		–		44,982
Warrants		–		660		–		660
Put Options Purchased		361		–		–		361
Money Market Fund		24,651		–		–		24,651
Forward Exchange
Currency Contracts		–		20		–		20
Total	$	97,125	$	622,131	$	–	$	719,256
Liabilities:
Call Options Written	$	2,710	$	–	$	–	$	2,710
Forward Exchange
Currency Contracts		–		583		–		583
Total	$	2,710	$	583	$	–	$	3,293

If not referenced in the table, please refer to the Portfolio of Investments for a breakdown of investment type by industry category.

There were no transfers between levels during the year ended October 31, 2013.

(b) Investment Transactions and Investment Income

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.

The Fund considers all demand deposits to be cash equivalents. Cash and cash equivalents are held at the Bank of New York Mellon.

28 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

(d) Restricted Cash

A portion of cash on hand is pledged with a broker for current or potential holdings, which includes options, swaps, forward exchange currency contracts and securities purchased on a when issued or delayed delivery basis.

At October 31, 2013, there was no restricted cash outstanding.

(e) Convertible Securities

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’s stock, but to a lesser degree than if it had invested in that company’s common stock. Convertible securities rank senior to common stock in a corporation’s capital structure and, therefore, entail less risk than the corporation’s common stock.

(f) Currency Translation

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the bid and ask price of respective exchange rates on the last day of the period. Purchases and sales of investments denominated in foreign currencies are translated at the exchange rate on the date of the transaction.

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.

Foreign exchange realized gain or loss resulting from the holding of a foreign currency, expiration of a currency exchange contract, difference in exchange rates between the trade date and settlement date of an investment purchased or sold, and the difference between dividends or interest actually received compared to the amount shown in the Fund’s accounting records on the date of receipt are included as net realized gains or losses on foreign currency transactions in the Fund’s Statement of Operations.

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’s Statement of Operations.

(g) Covered Call and Put Options

The Fund will pursue its objective by employing an option strategy of writing (selling) covered call options or put options on up to 25% of the 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.

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, in 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.

(h) Swaps

A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into swap agreements to manage its exposure to interest rates and/or credit risk or to generate income. The swaps are valued daily by independent pricing services or dealers using the mid price and any unrealized gain or loss is included in the Statement of Assets and Liabilities. Gain or loss is realized upon periodic payments and ultimately upon the termination of the swap and is equal to the difference between the Fund’s basis in the swap and the proceeds of the closing transaction, including any fees. During the period that the swap agreement is open, the Fund may be subject to risk from the potential inability of the other party (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. Upon termination of a swap agreement, a payable to or receivable from the swap counterparty is established on the Statement of Assets and Liabilities to reflect the net gain/loss, including interest income/expense, on terminated swap positions, according to the terms of the swap agreement.

Realized gain (loss) upon termination of swap contracts is recorded on the Statement of Operations. Fluctuations in the value of swap contracts are recorded as a component of net change in unrealized appreciation (depreciation) of swap contracts. Upfront premiums paid and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. Net periodic payments received by the Fund are included as part of realized gain (loss) and, in the case of accruals for periodic payments, are included as part of unrealized appreciation (depreciation) on the Statement of Operations.

At October 31, 2013, there were no swap agreements outstanding.

(i) Futures

The Fund may enter into futures contracts to hedge against market and other risks in the Fund’s portfolio. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Fluctuations in the value of open futures contracts are recorded for financial reporting purposes as unrealized appreciation or depreciation by the Fund.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 29

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

At October 31, 2013, there were no futures contracts outstanding.

(j) Forward Exchange Currency Contracts

The Fund entered into forward exchange currency 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 exchange currency 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 exchange currency 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.

Forward exchange currency contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

(k) Term Loans

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. 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.

(l) Reverse Repurchase Agreements

In a reverse repurchase agreement, the Fund sells 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 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.

(m) Risks and Other Considerations

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.

Concentration of Risk. It is the Fund’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’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.

Credit Risk. Credit risk is the risk that one or more of the securities in the Fund’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. 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’s net asset value or dividends.

Interest Rate Risk. Convertible and nonconvertible income securities are subject to certain interest rate risks. If interest rates go up, the value of convertible and nonconvertible income securities in the Fund’s portfolio generally will decline. Also during periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security’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.

Structured and Synthetic Convertible Securities Risk. 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.

Foreign Securities and Emerging Markets Risk. 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

30 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

region; smaller market size, resulting in lack of liquidity and price volatility; and certain national policies which may restrict the Fund’s investment opportunities; less uniformity in accounting and reporting requirements; unreliable securities valuation; and custody risk.

Financial Leverage Risk. 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.

Counterparty Risk. 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.

(n) Distributions to Shareholders

The Fund declares and pays monthly dividends to common shareholders. These dividends 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. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 7.

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.

(o) Recent Accounting Pronouncements

In December 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, as clarified with ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” issued in January 2013. These common disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a portfolio’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset and disclose instruments and transactions subject to an agreement similar to a master netting agreement. The ASU is effective for interim and annual periods beginning on or after January 1, 2013. The Investment Adviser is currently evaluating the impact, if any, of applying this provision.

Note 3 – Investment Management Agreement, Servicing Agreement and Other Agreements:

Pursuant to the Investment Management Agreement (the “Agreement”) between the Fund and the Investment Adviser, the Investment Adviser is responsible for the daily management for the Fund’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’s Managed Assets. Managed Assets means the total of assets of the Fund (including any assets attributable to preferred shares 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’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 year ended October 31, 2013, the Investment Adviser was not reimbursed by the Fund for these items. The annual fee will be determined as follows:

(a) If the average value of the Fund’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’s Managed Assets.

Pursuant to a Servicing Agreement between the Fund and Guggenheim Funds Distributors, LLC, the Fund’s servicing agent (the “Servicing Agent”), 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’s Managed Assets. The fee will be determined as follows:

(a) If the average value of the Fund’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’s Managed Assets.

The Bank of New York Mellon (“BNY”) acts as the Fund’s custodian, accounting agent and auction agent. As custodian, BNY is responsible for the custody of the Fund’s assets. As accounting agent, BNY is responsible for maintaining the books and records of the Fund’s securities and cash. As auction agent, BNY is responsible for conducting the auction of the preferred shares.

Prior to June 20, 2013, under a separate Fund Administration Agreement, Guggenheim Funds Investment Adviser, LLC (“GFIA”) provided Fund Administration services to the Fund. As compensation for its services performed under the Fund Administration Agreement, GFIA 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:

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	%

Effective June 20, 2013, the Board of Trustees approved Rydex Fund Services, LLC (“RFS”), as the Administrator of the Fund. Both RFS and GFIA are affiliates of Guggenheim Partners, LLC, a global diversified financial services firm. There is no impact to the Fund as a result of this change.

Certain officers and trustees of the Fund are also officers and directors of the Adviser or Servicing Agent. The Fund does not compensate its officers or trustees who are officers of the aforementioned firms.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

Note 4 – Federal Income Taxes:

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.

In order to present paid-in capital in excess of par, distributions in excess of net investment income and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to distributions in excess of net investment income, accumulated net realized gains or losses and paid-in capital. For the year ended October 31, 2013, the adjustments were to decrease paid-in capital by $8,969,907, decrease accumulated net realized loss by $332,649 and increase distributions in excess of net investment income by $8,637,258 due to the difference in the treatment for book and tax purposes of distributions to shareholders and of contingent payment debt instruments, real estate investment trusts, and foreign currency.

At October 31, 2013, the cost and related gross unrealized appreciation and depreciation on investments for tax purposes, excluding swaps, written options, futures contracts, forward exchange currency contracts and foreign currency translations are as follows:

Net Tax

Cost of

Unrealized

Investments

Gross Tax

Appreciation

Depreciation on

for Tax

Unrealized

Derivatives and

Purposes

Appreciation

Depreciation

Investments

Foreign Currency

688,362,747

44,312,680

(13,439,206

)

30,873,474

(714,208)

The differences between book basis and tax basis unrealized appreciation/(depreciation) are attributable to the tax deferral of losses on wash sales and income adjustments for tax purposes on certain convertible securities.

As of October 31, 2013, the components of accumulated earnings/(losses) (excluding paid-in capital) on a tax basis were as follows:

	Undistributed		Undistributed
	Ordinary		Long-Term
	Income/		Gains/
	(Accumulated		(Accumulated
	Ordinary Loss)		Capital Loss)
$	–	$	(112,827,635)

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.

At October 31, 2013, for federal income tax purposes, the Fund had a capital loss carryforward of $112,827,635 available to offset possible future capital gains. Of the capital loss carryforward, $111,535,992 expires on October 31, 2017 and $1,291,643 expires on October 31, 2019. For the year ended October 31, 2013, the Fund utilized $45,599,073 of capital losses. 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.

For the years ended October 31, 2013 and 2012, the tax character of distributions paid, as reflected in the Statement of Changes in Net Assets, of $27,026,236 and $35,698,234 was ordinary income.

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. 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 Fund 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.

Note 5 – Investments in Securities:

For the year ended October 31, 2013, purchases and sales of investments, other than short-term securities, were $1,607,480,092 and $1,624,062,693, respectively.

Note 6 – Derivatives:

(a) Covered Call and Put Options

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 “strike” 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).

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’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 the fair value of the underlying security 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 fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing

32 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.

The Fund entered into written option contracts for the year ended October 31, 2013. Details of the transactions were as follows:

	Number of Contracts		Premiums Received
Options outstanding, beginning of year		2,218	$	725,884
Options written during the period		105,079		13,464,768
Options expired during the period		(8,934)		(596,409)
Options closed during the period		(90,418)		(11,478,753)
Options outstanding, end of period		7,945	$	2,115,490

(b) Swaps

Swap agreements are contracts between parties in which one party agrees to make periodic payments to the Counterparty 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. The net amount of the excess, if any, of the Fund’s obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or highly liquid securities having an aggregate value at least equal to the accrued excess is maintained in an account at the Fund’s custodian bank.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association Master Agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each Counterparty, typically contain provisions allowing, absent other considerations, a Counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund does not meet certain collateral requirements or the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. With respect to certain counterparties, collateral posted to the Fund is held in a segregated account by the Fund’s custodian. With respect to those amounts of the collateral posted, which can be sold or repledged, those amounts are presented in the Fund’s Statement of Assets and Liabilities in Restricted Cash. At October 31, 2013, there was no restricted cash outstanding. Collateral can be in the form of cash or securities as agreed to by the Fund and the applicable Counterparty. Collateral requirements are determined based on the Fund’s net position with each Counterparty. The ISDA agreements also contain provisions, absent other conditions, for the Fund to exercise rights, to the extent not otherwise waived, against counterparties (i.e. decline in a Counterparty’s credit rating below a specified level). Such rights for both the Counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the Counterparty, which could have an adverse effect on the Fund. The ISDA agreements with certain counterparties allow the Fund and Counterparty to offset certain derivative instruments’ payables or receivables with collateral posted to a segregated custody account.

Credit default swap transactions involve the Fund’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 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. However, 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.

At October 31, 2013, there were no swap agreements outstanding.

A futures contract is an agreement to buy or sell a specified underlying security for a fixed price at a future date. Upon entering into a futures contract, the Fund is required to make an initial margin deposit with either the broker or with its custodian in an account in the broker’s name of cash or liquid securities equal to a specified percentage of the contract amount. Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities. During the period the futures contracts is open, changes in the value of the contract are recorded as unrealized gain (loss) on the Statement of Operations. When the futures contract is closed or expired, the Fund records a realized gain (loss) on the Statement of Operations.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. The Fund uses futures contracts to hedge against market and other risks in the Fund’s portfolio.

At October 31, 2013, there were no futures contracts outstanding.

(d) Forward Exchange Currency Contracts

A forward exchange currency 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.

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.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

At October 31, 2013, the following forward exchange currency contracts were outstanding:

								Net Unrealized
						Value at		Appreciation/
Contracts to Buy		Counterparty	Settlement Date	Settlement Value		10/31/13		(Depreciation)
EUR	262,000
for USD	361,397	The Bank of New York Mellon	12/19/2013	$	361,397	$	356,218	$	(5,179	)
GBP	278,000
for USD	446,224	The Bank of New York Mellon	12/19/2013		446,224		446,465		241
JPY	38,000,000
for USD	391,613	The Bank of New York Mellon	12/19/2013		391,613		387,450		(4,163	)
JPY	26,000,000
for USD	264,851	The Bank of New York Mellon	12/19/2013		264,851		265,097		246
JPY	41,000,000
for USD	421,399	The Bank of New York Mellon	12/19/2013		421,399		418,038		(3,361	)
SGD	954,000
for USD	765,247	The Bank of New York Mellon	12/19/2013		765,247		769,158		3,911
								$	(8,305	)

								Net Unrealized
						Value at		Appreciation/
Contracts to Sell		Counterparty	Settlement Date	Settlement Value		10/31/13		(Depreciation)
EUR	4,166,000
for USD	5,567,755	The Bank of New York Mellon	12/19/2013	$	5,567,755	$	5,664,137	$	(96,382	)
EUR	254,000
for USD	343,135	The Bank of New York Mellon	12/19/2013		343,135		345,341		(2,206	)
EUR	107,000
for USD	144,534	The Bank of New York Mellon	12/19/2013		144,534		145,478		(944	)
EUR	196,000
for USD	264,520	The Bank of New York Mellon	12/19/2013		264,520		266,483		(1,963	)
EUR	181,000
for USD	244,623	The Bank of New York Mellon	12/19/2013		244,623		246,090		(1,467	)
EUR	533,000
for USD	728,194	The Bank of New York Mellon	12/19/2013		728,194		724,672		3,522
EUR	5,222,000
for USD	6,979,072	The Bank of New York Mellon	12/19/2013		6,979,072		7,099,885		(120,813	)
EUR	3,257,000
for USD	4,410,831	The Bank of New York Mellon	12/19/2013		4,410,831		4,428,250		(17,419	)
EUR	1,616,000
for USD	2,209,547	The Bank of New York Mellon	12/19/2013		2,209,547		2,197,130		12,417
GBP	941,000
for USD	1,495,630	The Bank of New York Mellon	12/19/2013		1,495,630		1,511,237		(15,607	)
GBP	208,000
for USD	333,624	The Bank of New York Mellon	12/19/2013		333,624		334,046		(422	)
GBP	3,724,000
for USD	5,918,944	The Bank of New York Mellon	12/19/2013		5,918,944		5,980,708		(61,764	)
HKD	7,428,750
for USD	958,115	The Bank of New York Mellon	11/4/2013		958,115		958,171		(56	)
HKD	16,960,000
for USD	2,187,399	The Bank of New York Mellon	11/4/2013		2,187,399		2,187,526		(127	)
JPY	447,000,000
for USD	4,510,299	The Bank of New York Mellon	12/19/2013		4,510,299		4,557,632		(47,333	)
JPY	742,000,000
for USD	7,486,895	The Bank of New York Mellon	12/19/2013		7,486,895		7,565,465		(78,570	)
SGD	954,000
for USD	757,110	The Bank of New York Mellon	12/19/2013		757,110		769,158		(12,048	)
SGD	9,000,000
for USD	7,142,545	The Bank of New York Mellon	12/19/2013		7,142,545		7,256,207		(113,662	)
								$	(554,844	)
Total unrealized depreciation for forward exchange currency contracts								$	(563,149	)

34 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

(e) Summary of Derivatives Information

The Fund is required by GAAP to disclose: a) how and why a fund uses derivative instruments, b) how derivatives instruments are accounted for, and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows.

The following table presents the types of derivatives in the Fund by location as presented on the Statement of Assets Liabilities as of October 31, 2013.

Statement of Assets and Liabilities Presentation of Fair Values of Derivative Instruments:
(amount in thousands)
	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward exchange risk	Unrealized appreciation on forward exchange currency contracts	$	20	Unrealized depreciation on forward exchange currency contracts	$	583
Equity risk	Investments in securities, at value
	(Options Purchased)		361	Options written, at value		2,710
Total		$	381		$	3,293

The following table presents the effect of Derivatives Instruments on the Statement of Operations for the year ended October 31, 2013.

Effect of Derivative Instruments on the Statement of Operations
(amounts in thousands)
Amount of Realized Gain/(Loss) on Derivatives
Derivatives not
accounted for				Foreign
as hedging				Currency
instruments	Options			Transactions			Total
Equity risk	$	(5,022	)	$	–		$	(5,022	)
Forward exchange risk		–			(1,242	)		(1,242	)
Total	$	(5,022	)	$	(1,242	)	$	(6,264	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives
Derivatives not
accounted for				Foreign
as hedging				Currency
instruments	Options			Translations			Total
Equity risk	$	(239	)	$	–		$	(239	)
Forward exchange risk		–			(600	)		(600	)
Total	$	(239	)	$	(600	)	$	(839	)

Derivative Volume

Forward Exchange Currency Contracts:
Average Settlement Value Purchased							$	1,104,075
Average Settlement Value Sold								1,860,494
Ending Settlement Value Purchased								2,650,731
Ending Settlement Value Sold								51,682,772

As of October 31, 2013, the Fund has a net liability position of $2,911,936 on derivative contracts and collateral posted is $84,440,274.

Note 7 – Capital:

Common Shares

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’s dividend reinvestment plan, the Fund issued no shares during the years ended October 31, 2013 and 2012. At October 31 2013, Advent Capital Management LLC, the Fund’s investment adviser, owned 10,356 shares of the Fund.

Preferred Shares

On June 19, 2003, the Fund’s Board of Trustees authorized the issuance of Auction Market Preferred Shares (“AMPS”), as part of the Fund’s leverage strategy. AMPS issued by the Fund have seniority over the common shares.

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.

Dividends are accumulated daily at a rate set through an auction process. The broad auction-rate preferred securities market, including the Fund’s AMPS, has experienced considerable disruption since mid-February 2008. The result has been failed auctions on nearly all auction-rate preferred shares, including the Fund’s AMPS. A failed auction is not a default, nor does it require the redemption of the Fund’s AMPS.

Provisions in the AMPS offering documents establish a maximum rate in the event of a failed auction. The AMPS reference rate is the seven-day LIBOR Rate for a dividend period of 7 to 21 days, and the one-month LIBOR Rate for a dividend period of more than 21 days but fewer than 49 days. For AAA rated AMPS, the maximum rate, for auctions for which

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

the Fund has not given notice that the auction will consist of net capital gains or other taxable income, is the higher of the reference rate times 125% or the reference rate plus 1.25%. Distributions of net realized gains, if any, are made annually.

For the period November 1, 2012 to redemption date, the annualized dividend rates ranged from:

	High			Low
Series M7		1.44	%		1.41	%
Series T28		1.46	%		0.17	%
Series W7		1.44	%		1.41	%
Series W28		1.47	%		0.18	%
Series TH28		1.47	%		0.18	%
Series F7		1.44	%		0.14	%

The Fund is subject to certain limitations and restrictions while Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Fund from declaring any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of Preferred Shares at their liquidation value.

Preferred Shares, which are entitled to one vote per share, generally vote with the common stock but vote separately as a class to elect two trustees and on any matters affecting the rights of the Preferred Shares.

Since issuance, the Fund redeemed preferred shares during the year ended October 31, 2009. The number of shares and dollar amount redeemed were as follows:

	Number of
	Shares		Amount
Series	Redeemed		Redeemed
M7		102	$	2,550,000
T28		102	$	2,550,000
W7		102	$	2,550,000
W28		56	$	1,440,000
TH28		102	$	2,550,000
F7		56	$	1,440,000

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.

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 represents approximately 99.4% of its outstanding AMPS. Details of the number of AMPS tendered and not withdrawn per series are provided in the table below:

					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

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 has redeemed its remaining $1,575,000 of outstanding AMPS. The redemption price is 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:

Number of

AMPS

Amount

Redemption

Series

CUSIP

Redeemed

Date

00764C208

625,000

June 18, 2013

T28

00764C307

50,000

June 26, 2013

00764C406

750,000

June 13, 2013

W28

00764C703

25,000

June 13, 2013

TH28

00764C505

50,000

June 14, 2013

00764C604

75,000

June 17, 2013

Note 8 – Borrowings

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 was outstanding in connection with the Margin Loan Agreement for the remainder of the year. 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.

36 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS continued

October 31, 2013

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’s assets. As a result, such transactions may increase fluctuations in the market value of the Fund’s assets. On December 20, 2012, the Fund entered into a $92,000,000 reverse repurchase agreement with Bank of America Merrill Lynch which expires on December 20, 2015. The $92,000,000 was outstanding in connection with the reverse repurchase agreement for the remainder of the year. The interest rate on the reverse repurchase agreement is 1.63%.

As of October 31, 2013, the Fund has collateral of $461,206,339 in connection with borrowings and reverse repurchase agreements.

The Fund’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’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’s of the Fund, may reduce the Fund’s total return. The Fund will pay interest expense on the leverage, thus reducing the Fund’s total return. This expense may be greater than the Fund’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’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 “closed-end fund company” as defined in the 1940 Act.

Note 9 – Indemnifications:

In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

Note 10 – Subsequent Events:

Subsequent to October 31, 2013, the Fund declared on November 1, 2013, a monthly dividend to common shareholders of $0.0939 per common share. The dividend is payable on November 29, 2013, to shareholders of record on November 15, 2013.

On December 2, 2013, the Fund declared a monthly dividend to common shareholders of $0.0939 per common share. The dividend is payable on December 31, 2013 to shareholders of record on December 13, 2013.

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.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 37

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

October 31, 2013

To the Board of Trustees and Shareholders of

Advent Claymore Convertible Securities and Income Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets, of cash flows and the financial highlights present fairly, in all material respects, the financial position of Advent Claymore Convertible Securities and Income Fund (the “Fund”) at October 31, 2013, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

38 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

SUPPLEMENTAL INFORMATION (Unaudited)

October 31, 2013

Federal Income Tax Information

Qualified dividend income of as much as $1,217,704 was received by the Fund through October 31, 2013. 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 $1,452,884 of investment income (dividend income plus short-term gains, if any) qualified for the dividends-received deduction.

In January 2014, 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 2013.

Results of Shareholder Votes

The Annual Meeting of Shareholders of the Fund was held on October 16, 2013. At this meeting, shareholders voted on the election of Trustees.

With regard to the election of the following trustees by common shareholders of the Fund:

			# of shares
Common Shareholders	For		Against		Withheld
Randall C. Barnes		20,812,079		346,511		452,178
Derek Medina		20,733,210		398,434		479,124
Gerald L. Seizert		20,827,959		339,398		443,411

The other Trustees of the Fund whose terms did not expire in 2013 are Daniel L. Black, Tracy V. Maitland, Ronald A. Nyberg and Michael A. Smart.

Trustees

The Trustees of the Advent Claymore Convertible Securities and Income Fund and their principal occupations during the past five years:

Name, Address, Year of Birth and Position(s) Held with Registrant	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years and Other Affiliations	Number of Funds in Fund Complex** Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees:
Daniel L. Black+ Year of birth: 1960 Trustee	Since 2005	Managing Partner, the Wicks Group of Cos., LLC (2003-present). Formerly, Managing Director and Co-head of the Merchant Banking Group at BNY Capital Markets, a division of BNY Mellon (1998-2003).	3	Director, Bendon Publishing International (2012-present). Director of Antenna International, Inc. (2010-present). Director of Bonded Services, Ltd. (2011- present). Director of Penn Foster Education Group, Inc. (2007-2009).
Randall C. Barnes++ Year of birth: 1951 Trustee	Since 2005	Private Investor (2001-present). Formerly, Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997), President, Pizza Hut International (1991-1993) and Senior Vice President, Strategic Planning and New Business Development of PepsiCo, Inc. (1987-1990).	52	None.
Derek Medina+ Year of birth: 1966 Trustee	Since 2003	Senior Vice President, Business Affairs at ABC News (2008-present). Vice President, Business Affairs and News Planning at ABC News (2003-2008). Formerly, Executive Director, Office of the President at ABC News (2000-2003). Former Associate at Cleary Gottlieb Steen & Hamilton (law firm) (1995-1998). Former associate in Corporate Finance at J.P. Morgan/ Morgan Guaranty (1988-1990).	3	Director, Young Scholar’s Institute (2005-present); Director, Oliver Scholars (2011-present).
Ronald A. Nyberg++ Year of birth: 1953 Trustee	Since 2003	Partner of Nyberg & Cassioppi, LLC, a law firm specializing in corporate law, estate planning and business transactions (2000-present). Formerly, Executive Vice President, General Counsel and Corporate Secretary of Van Kampen Investments (1982-1999).	54	None.
Gerald L. Seizert, CFA, CIC+ Year of birth: 1952	Since 2003	Chief Executive Officer of Seizert Capital Partners, LLC, where he directs the equity disciplines of the firm and serves as a manager of the firm’s hedge fund, Prosper Long Short (2000-present). Formerly, Co-Chief Executive (1998-1999) and a Managing Partner Trustee and Chief Investment Officer-Equities of Munder Capital Management, LLC (1995-1999). Former Vice President and Portfolio Manager of Loomis, Sayles & Co., L.P. (asset manager) (1984-1995). Former Vice President and Portfolio Manager at First of America Bank (1978-1984).	3	Director, Beaumont Hospital (2012-present).

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 39

SUPPLEMENTAL INFORMATION (Unaudited) continued

October 31, 2013

Name, Address, Year of Birth and Position(s) Held with Registrant	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years and Other Affiliations	Number of Funds in Fund Complex** Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees:
Michael A. Smart+ Year of birth: 1960 Trustee	Since 2003	Managing Partner, Cordova, Smart & Williams, LLC (2003-present). Former, Principal Advisor, First Atlantic Capital Ltd., (2001-2004). Formerly, a Managing Director in Investment Banking-The Private Equity Group (1995-2001) and a Vice President in Investment Banking-Corporate Finance (1992-1995) at Merrill Lynch & Co. Founding Partner of The Carpediem Group, a private placement firm (1991-1992). Former Associate at Dillon, Read and Co. (investment bank) (1988-1990).	3	Chairman, Board of Directors, Berkshire Blanket, Inc. (2006- present); President and Chairman, Board of Directors, Sqwincher Holdings (2006-present); Board of Directors, Sprint Industrial Holdings (2007-present); Vice Chairman, Board of Directors, National Association of Investment Companies (“NAIC”) (2010- present).
Interested Trustee:
Tracy V. Maitland+ø Year of birth: 1960 Trustee, Chairman, President and Chief Executive Officer	Since 2003	President of Advent Capital Management, LLC, which he founded in June 2001. Prior to June 2001, President of Advent Capital Management, a division of Utendahl Capital.	3	None.

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

++	Address for all Trustees noted: 2455 Corporate West Drive, Lisle, IL 60532.

*	After a Trustee’s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves:


	-	Messrs. Smart and Black, as Class II Trustees, are expected to stand for re-election at the Fund’s 2014 annual meeting of shareholders.

	-	Messrs. Maitland and Nyberg, as Class III Trustees, are expected to stand for re-election at the Fund’s 2015 annual meeting of shareholders.

	-	Messrs. Seizert, Medina and Barnes, as Class I Trustees, are expected to stand for re-election at the Fund’s 2016 annual meeting of shareholders.


**	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.

Officers

The Officers of the Advent Claymore Convertible Securities and Income Fund, who are not trustees, and their principal occupations during the past five years:

Name, Address*, Year of Birth and Position(s) Held with Registrant	Term of Office** and Length of Time Served	Principal Occupations During the Past Five Years and Other Affiliations
Officers:
Robert White Year of birth: 1965 Treasurer and Chief Financial Officer	Since 2005	Chief Financial Officer, Advent Capital Management, LLC (2005-present). Previously, Vice President, Client Service Manager, Goldman Sachs Prime Brokerage (1997-2005).
Edward C. Delk Year of birth: 1968 Chief Compliance Officer and Secretary	Since 2012	General Counsel and Chief Compliance Officer, Advent Capital Management, LLC (2012-present). Formerly, 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).
Douglas Teresko Year of birth: 1971 Vice President and Assistant Secretary	Since 2013	Managing Director and Co-Portfolio Manager, Advent Capital Management, LLC (2011-present). Formerly, Portfolio Manager of Credit Suisse (2005-2011); Portfolio Manager of DKR Capital (2003-2005); Portfolio Manager, GDO Capital (2001-2003); Portfolio Manager of Citadel Investment Group (1999-2001).

*	Address for all Officers: 1271 Avenue of the Americas, 45th Floor, New York, NY 10020.

**	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.

40 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT DIVIDEND

REINVESTMENT PLAN (Unaudited)

October 31, 2013

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 Shareowner Services LLC (the “Plan Administrator”), Administrator for shareholders in the Fund’s Dividend Reinvestment Plan (the “Plan”), 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.

The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder’s common shares are registered. Whenever the Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non-participants 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’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding common shares on the open market (“Open-Market Purchases”) 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’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.

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.

The Plan Administrator maintains all shareholders’ 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.

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.

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.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Shareowner Services, P.O. Box 30170 College Station, TX 77842-3170, Attention: Shareholder Services Department; Phone Number: (866) 488-3559.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 41

CONSIDERATIONS REGARDING ANNUAL REVIEW
OF THE INVESTMENT MANAGEMENT AGREEMENT (Unaudited)	October 31, 2013

ADVENT/CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) contemplates that the Board of Trustees (the “Board”) of Advent/Claymore Convertible Securities and Income Fund (the “Fund”), including a majority of the Trustees who have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the “Independent Trustees”), is required to annually review and re-approve the terms of the Fund’s existing investment management agreement and approve any newly proposed terms therein. In this regard, the Board reviewed and re-approved, during the most recent six month period covered by this report, the investment management agreement (the “Investment Management Agreement”) with Advent Capital Management, LLC (“Advent”) for the Fund.

More specifically, at a meeting held on June 20, 2013, the Board, including the Independent Trustees advised by their independent legal counsel, considered the factors and reached the conclusions described below relating to the re-approval of the Investment Management Agreement.

Nature, Extent and Quality of Services

The Independent Trustees received and considered various data and information regarding the nature, extent and quality of services provided to the Fund by Advent under the Investment Management Agreement. The Independent Trustees reviewed and analyzed the responses of Advent to a detailed series of requests submitted by the Independent Trustees’ independent legal counsel on behalf of such Trustees which included, among other things, information about the background and experience of the senior management and the expertise of, and amount of attention, devoted to the Fund by personnel of Advent. In this regard, the Independent Trustees specifically reviewed the qualifications, background and responsibilities of the persons primarily responsible for day-to-day portfolio management services for the Fund.

The Independent Trustees evaluated the ability of Advent including its resources, reputation, and other attributes, to attract and retain highly qualified investment professionals, including research, advisory and supervisory personnel. Accordingly, the Independent Trustees considered information regarding the compensation structures for the personnel of Advent involved in providing services to the Fund.

The Independent Trustees also considered the commitment of Advent to the Fund and the hiring of senior level persons whose activities would relate, in part, to the Fund. The Independent Trustees discussed the changes in personnel at Advent responsible for services to the Fund. The Independent Trustees noted the favorable regulatory history of Advent.

Based on the above factors, together with those referenced below, the Independent Trustees concluded that they were satisfied with the nature, extent and quality of the investment management services provided to the Fund by Advent.

Fund Performance and Expenses

The Independent Trustees considered the performance results for the Fund on a market price and net asset value basis over various time periods. They also considered these results in comparison to the performance results of one group of other closed-end funds that were determined to be similar to the Fund in terms of investment strategy (the “Peer Group”). They recognized that the number of other funds in the Peer Group was small and that for a variety of reasons, Peer Group comparisons may have limited usefulness. The Board also was aware that the performance benchmarks may not be useful comparisons due to the fact that the convertible securities in the benchmarks include convertibles with characteristics unlike those purchased for the Fund.

The Fund had outperformed its peer average since inception (based on net asset value) but had underperformed it for the one-, three-, and five-years ended February 28, 2013. The Fund similarly had outperformed its index (75% Merrill Lynch All Convertibles Index / 25% Merrill Lynch U.S. High Yield Master II) since inception (based on net asset value), but had underperformed it over one-, three-, and five-years ended February 28, 2013. In addition, the Fund outperformed its peer average and index for the two months ended April 30, 2013.

The Board was advised of the views of Advent that the comparability of the Fund to its revised peer group remains limited due to the substantially different asset blends of the Fund, the higher leverage employed by the Fund, and the Fund’s lower levels of assets under management (and therefore higher expense ratios). The Board noted that the Fund had invested consistent with its convertible securities investment focus following the 2008 financial crisis when other peers seem to have opportunistically overweighted equities and high-yield bonds.

The Board concluded that the Fund was being managed consistent with its mandate. The Independent Trustees considered the steps management has continued to take to address the Fund’s underperformance, which include enhancements to risk management, implementation of investment guideline changes and changes to the portfolio management team, and will continue to monitor performance on an on-going basis. The Board

42 | AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT

CONSIDERATIONS REGARDING ANNUAL REVIEW
OF THE INVESTMENT MANAGEMENT AGREEMENT (Unaudited) continued	October 31, 2013

also reviewed information about the discount at which the Fund’s shares have traded as compared with its peers.

The Independent Trustees received and considered statistical information regarding the Fund’s total expense ratio (based on net assets applicable to common shares) and its various components. They also considered comparisons of these expenses to the expense information for the Fund’s Peer Group. The Independent Trustees recognized that the expense ratio of the Fund (expressed as a percentage of net assets attributable to common shares) was higher than expense ratios of certain Peer Group funds because of the Fund’s leverage, and because certain funds in the Peer Group had no leverage or lower leverage, and therefore reported lower expense ratios and because of the small size of the Fund and the overall complex in relation to peers. The Independent Trustees also noted that expense ratio comparison with the Peer Group was difficult, because the items included in other funds’ definitions of expenses may differ from those used for the Fund. The Independent Trustees considered that the Fund benefited from the use of leverage despite the costs. The Board recognized that the Fund had incurred significant non-recurring expenses in 2012 related to the refinancing of its leverage and redemption of preferred stock.

Based on the above-referenced considerations and other factors, the Independent Trustees concluded that the overall performance results and expense comparison supported the re-approval of the Investment Management Agreement of the Fund.

Investment Management Fee Rate

The Independent Trustees reviewed and considered the contractual investment management fee rate for the Fund (the “Management Agreement Rate”) payable by the Fund to Advent for investment management services. Additionally, the Independent Trustees received and considered information comparing the Management Agreement Rate (on a stand-alone basis exclusive of service fee/administrative fee rates) with those of the other funds in the Peer Group. The Independent Trustees concluded that the fees were fair and equitable based on relevant factors, including the Fund’s performance results and total expenses relative to its Peer Group.

Profitability

The Independent Trustees received and considered an estimated profitability analysis of Advent based on the Management Agreement Rate. The Independent Trustees concluded that, in light of the costs of providing investment management services to the Fund, the profits and other ancillary benefits that Advent received with regard to providing these services to the Fund were not unreasonable.

Economies of Scale

The Independent Trustees received and considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Independent Trustees concluded that the opportunity to benefit from economies of scale was diminished in the context of closed-end funds.

Information about Services to Other Clients

The Independent Trustees also received and considered information about the nature, extent and quality of services and fee rates offered by Advent to its other clients. In particular, Advent explained that its hedge fund clients pay higher fees than the Fund. Advent also confirmed that the Fund differs from certain other accounts advised by Advent in that the Fund is more complex to manage, requires greater resources from Advent, and differs in terms of investment strategy and use of leverage. The Independent Trustees also noted the differing services provided to the Fund in relation to those typically provided to hedge funds and separate accounts. Advent also noted that certain pension funds enjoyed discounts on fees, as disclosed in Advent’s Form ADV.

Conclusion

After considering the above-described factors and based on their deliberations and evaluation of the information provided to them, the Board, including the Independent Trustees advised by their independent legal counsel, at a meeting held on June 20, 2013, determined that the re-approval of the Investment Management Agreement for an additional one-year period was in the best interest of the Fund and its shareholders.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 43

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FUND INFORMATION

October 31, 2013

Board of Trustees	Officers	Investment Adviser	Transfer Agent
Randall C. Barnes	Tracy V. Maitland	Advent Capital	Computershare Shareowner
	President and Chief	Management, LLC	Services, LLC
Daniel L. Black	Executive Officer	New York, New York	Jersey City, New Jersey

Tracy V. Maitland*	Robert White	Servicing Agent	Legal Counsel
Chairman	Treasurer and Chief	Guggenheim Funds	Skadden, Arps, Slate,
	Financial Officer	Distributors, LLC	Meagher & Flom LLP
Derek Medina		Lisle, Illinois	New York, New York
	Edward C. Delk
Ronald A. Nyberg	Chief Compliance	Accounting Agent	Independent Registered
	Officer and Secretary	and Custodian	Public Accounting Firm
Gerald L. Seizert		The Bank of New York	PricewaterhouseCoopers LLP
	Douglas Teresko	Mellon	New York, New York
Michael A. Smart	Vice President and	New York, New York
	Assistant Secretary
* Trustee is an “interested person” of the		Administrator
Fund as defined in the Investment		Rydex Fund Services, LLC
Company Act of 1940, as amended,		Rockville, Maryland
because of his position as an officer of
the Adviser.

Portfolio Managers of the Fund

The portfolio managers of the Fund are Tracy Maitland (Chief Investment Officer of Advent), Paul Latronica (Managing Director of Advent) and Hart Woodson (Managing Director of Advent).

Privacy Principles of the Fund

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.

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).

The Fund restricts access to non-public personal information about its shareholders to employees of the Fund’s investment adviser, its affiliates and the Fund’s Administrator 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.

Questions concerning your shares of Advent Claymore Convertible Securities and Income Fund?

•	If your shares are held in a Brokerage Account, contact your Broker.

•	If you have physical possession of your shares in certificate form, contact the Fund’s Transfer Agent: Computershare Shareowner Services LLC, P.O. Box 30170 College Station, TX 77842-3170; (866) 488-3559.

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.

A description of the Fund’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’s website at guggenheiminvestments.com/avk or by accessing the Fund’s Form N-PX on the U.S. Securities & Exchange Commission’s (“SEC”) website at www.sec.gov.

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’s Form N-Q is available on the SEC website at www.sec.gov or by visiting the Fund’s website at guggenheiminvestments.com/avk. The Fund’s Form N-Q may also be viewed and copied at the SEC’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.

Notice to Shareholders

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, that the Fund from time to time may purchase shares of its common and preferred stock in the open market or in private transactions.

AVK | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND ANNUAL REPORT | 47

ABOUT THE FUND MANAGER

Advent Capital Management, LLC

Advent Capital Management, LLC (“Advent”) 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’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.

Investment Philosophy

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. The Fund Manager 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 the Fund Manager believes have stable-to-improving fundamentals and attractive valuations.

Investment Process

Advent manages securities by using a strict four-step process:

1	Screen the convertible and high-yield markets for securities with attractive risk/reward characteristics and favorable cash flows;

2	Analyze the quality of issues to help manage downside risk;

3	Analyze fundamentals to identify catalysts for favorable performance; and

4	Continually monitor the portfolio for improving or deteriorating trends in the financials of each investment.

Advent Capital Management, LLC	Guggenheim Funds Distributors, LLC
1271 Avenue of the Americas, 45th Floor	2455 Corporate West Drive
New York, NY 10020	Lisle, IL 60532
	Member FINRA/SIPC
	(12/13)

NOT FDIC-INSURED \| NOT BANK-GUARANTEED \| MAY LOSE VALUE

CEF-AVK-AR-1013

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 $82,000 and $84,000 for the fiscal years ended October 31, 2013, and October 31, 2012, 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 $10,000 for the fiscal years ended October 31, 2013, and October 31, 2012, 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 $14,950 and $14,950 for the fiscal years ended October 31, 2013, and October 31, 2012, 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) and 4(c) of this Item were $0 and $0 for the fiscal years ended October 31, 2013, and October 31, 2012, 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.

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)(i) of Rule 2-01 of Regulation S-X during the registrant’s last two fiscal years.

(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 $185,299 and $193,208 for the fiscal years ended October 31, 2013, and October 31, 2012, 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, 2013:

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.

(a) (2) (i-iii) Other accounts managed. The following summarizes information regarding each of the other accounts managed by them as of October 31, 2013:

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	2	$639,863,877.10	0	$0
Other pooled investment vehicles	1	$12,988,676.21	0	$0
Other accounts	60	$4,416,453,535.06	1	$418,509,451.09

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	2	$639,863,877.10	0	0
Other pooled investment vehicles	5	$716,311,623.37	0	0
Other accounts	20	$ 2,216,677,588.32	0	0

(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, 2013:

Name of Portfolio Manager	Dollar Range of Equity Securities in Fund
Tracy Maitland	$100,001-$500,000
Paul Latronica	$5,001- $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.

(c)	Proxy Voting Policies and Procedures.

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.

(Registrant) 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, 2014

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, 2014

By: /s/ Robert White

Name: Robert White

Title: Treasurer and Chief Financial Officer

Date: January 8, 2014