Advent/Claymore Closed-End Funds Announce At-Par Redemption Notices for $2.2 Million of Auction Market Preferred Shares

NEW YORK, May 10, 2013 (GLOBE NEWSWIRE) -- Advent Claymore Convertible Securities and Income Fund (NYSE:AVK) and Advent Claymore Convertible Securities and Income Fund II (NYSE:AGC) (together, the "Funds"), each a diversified closed-end management investment company, each announced an at-par redemption of all of its remaining outstanding auction market preferred shares ("AMPS"), liquidation preference $25,000 per share. AVK will redeem its remaining $1.6 million of outstanding AMPS and AGC will redeem its remaining $600,000 of outstanding AMPS. The redemption price will be equal to the liquidation preference per share, plus accumulated but unpaid dividends as of the applicable redemption date (as noted in the table below).

Redemption Schedules

All of the outstanding shares of each series are being redeemed.

Additional Information

Advent Capital Management, LLC serves as each Fund's investment manager. Based in New York, New York, Advent Capital Management is a credit-oriented firm specializing in the management of convertible, high-yield and equity securities across three lines of business – long-only strategies, hedge funds and closed-end funds. The firm managed approximately $6.1 billion as of December 31, 2012, including assets for several FORTUNE 500 companies, foundations, endowments, public pension plans, insurance companies and closed-end funds.

Guggenheim Investments represents the investment management division of Guggenheim Partners, LLC ("Guggenheim"), which consists of investment managers with approximately $150 billion in combined total assets*. Collectively, Guggenheim Investments has a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence. Guggenheim Investments has offices in Chicago, New York City and Santa Monica, along with a global network of offices throughout the United States, Europe, and Asia.

Guggenheim Investments is comprised of several investment management entities within Guggenheim, which includes Guggenheim Funds Distributors, LLC, which serves as shareholder servicing agent for AVK, and Guggenheim Funds Investment Advisors, LLC, which serves as investment adviser for AGC.

* The total asset figure is as of 3.31.2013 and includes $10.71B of leverage for Assets Under Management and $0.85B of leverage for Serviced Assets. Total assets include assets from Security Investors, LLC, Guggenheim Partners Investment Management, LLC ("GPIM", formerly known as Guggenheim Partners Asset Management, LLC; GPIM assets also include all assets from Guggenheim Investment Management, LLC which were transferred as of 06.30.2012), Guggenheim Funds Investment Advisors, LLC and its affiliated entities, and some business units including Guggenheim Real Estate, LLC, Guggenheim Aviation, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited, Transparent Value Advisors, LLC, and Guggenheim Partners India Management. Values from some funds are based upon prior periods.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in the Funds is subject to certain risks and other considerations. Such risks and considerations may include, but are not limited to: Convertible Securities Risk, Structured and Synthetic Convertible Securities Risk, Interest Rate Risk, Credit Risk, Lower Grade Securities Risk, Preferred Securities Risk, Foreign Securities and Emerging Markets Risk, Smaller Company Risk, Risks Associated with the Fund's Covered Call Option Writing Strategy, Leverage Risk, Illiquid Investments Risk, the Risks of strategic transactions, AMPS Risk, Risks of the Fund's inability to refinance its Borrowings, the Risk that the cost of leverage could increase, and the Risk of a lack of a market for AMPS.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 2455 Corporate West Drive, Lisle, IL 60532, 800-345-7999.

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

Member FINRA/SIPC (5/13)

CONTACT: Analyst Inquiries
         William T. Korver
         630.505.3700
         william.korver@guggenheiminvestments.com
         
         Media Inquiries
         Jeaneen Pisarra
         917.386.0387
         jeaneen.pisarra@guggenheiminvestments.com