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Since the Fund’s inception on April 29, 2003 through February 29, 2008 the Fund generated an average annual total return, including reinvestment of dividends, of 10.24% based on net asset value (“NAV”) and 7.65% based on market price. The Fund’s one year total return, including reinvestment of dividends, as of February 29, 2008, was -1.73% based on NAV and -8.79% based on market price. Past performance does not guarantee future results.

The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income. The Fund pursues its objective, under normal market conditions, by investing at least 80% of its managed assets in convertible securities and non-convertible income securities.

Dividends will be paid on March 31, 2008 to shareholders of record as of March 14, 2008. The ex-dividend date will be March 12, 2008. If it is determined that a notification is required, pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of business three business days prior to the payable date. If a distribution rate is largely comprised of sources other than income, it may not be reflective of the Fund’s performance.

Advent Capital Management, LLC serves as the Fund’s Investment Adviser. Based in New York, New York, Advent 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 mutual funds. The firm manages assets for several FORTUNE 500 companies, foundations, endowments, public pension plans, insurance companies and two other closed-end funds, the Advent/Claymore Enhanced Growth & Income Fund (NYSE: LCM - News) and Advent/Claymore Global Convertible Securities & Income Fund (NYSE: AGC - News).

Claymore Securities, Inc. serves as the Fund’s Servicing Agent. Based in Lisle, Illinois, Claymore Securities, Inc. is a privately-held financial services company offering unique investment solutions for financial advisors and their valued clients. Claymore entities have provided supervision, management, servicing and/or distribution on approximately $18.5 billion in assets, as of December 31, 2007. Claymore currently offers closed-end funds, unit investment trusts and exchange-traded funds. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing. Additional information on Claymore’s closed-end funds is available at www.claymore.com/CEFs.

There can be no assurance that the Fund will achieve its investment objectives. The net asset value of the Fund 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 Fund is subject to certain risks and other considerations. Such risks and considerations include, but are not limited to: Investment and Market Risk; Convertible and Synthetic Convertible Securities Risk; Lower Grade Securities Risk; Foreign Securities Risks; Derivatives Risk; Interest Rate Risk; Leverage Risk; Management Risk; Anti-Takeover Provisions; Strategic Transactions Risk; Market Disruption Risk; Anti-Takeover Provision Risk; Market Disruption Risk and Illiquidity Risk.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before they invest. For this and more information, please contact a securities representative or Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999.

Member FINRA/SIPC (3/08) 449

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