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AGC, AVK & LCM Announce Investment Policy Modifications

NEW YORK, Nov. 12, 2014 (GLOBE NEWSWIRE) -- Advent Claymore Convertible Securities and Income Fund II (NYSE:AGC), Advent Claymore Convertible Securities and Income Fund (NYSE:AVK) and Advent/Claymore Enhanced Growth & Income Fund (NYSE:LCM) (together the "Funds") announce that the Board of Trustees of the Funds has approved modifications to certain non-fundamental investment policies for each of the Funds. These modifications are designed to expand the portfolio management flexibility of the Funds and may provide an opportunity to enhance shareholder value through the investment manager's expanded investment capabilities and ability to manage risk.

AGC -- AGC will continue to pursue its investment objective to provide total return, through a combination of capital appreciation and current income. In addition, AGC will continue to seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income-producing securities, each of U.S. and non-U.S. issuers. Currently, AGC must invest a minimum of 50% of its managed assets in convertible securities and may invest up to 40% of its managed assets in non-convertible income-producing securities. Under the investment policy modification, AGC will invest at least 30% of its managed assets in convertible securities and may invest up to 70% of its managed assets in non-convertible income-producing securities.

AVK -- AVK will continue to pursue its investment objective to provide total return, through a combination of capital appreciation and current income. In addition, AVK will continue to seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities. Currently, AVK must invest a minimum of 60% of its managed assets in convertible securities and may invest up to 40% of its managed assets in non-convertible income-producing securities. Under the investment policy modification, AVK will invest at least 30% of its managed assets in convertible securities and may invest up to 70% of its managed assets in non-convertible income securities.

LCM -- LCM will continue to pursue its primary investment objective to provide current income and current gains from trading in securities, and its secondary objective of long-term capital appreciation. Currently, LCM must invest at least 70% of its managed assets in a diversified portfolio of equity securities and convertible securities of U.S. and non-U.S. issuers and may invest up to 30% of its managed assets in non-convertible high yield securities. Under the investment policy modification, LCM will invest at least 40% of its managed assets in equity securities and convertible securities of U.S. and non-U.S. issuers and may invest up to 60% of its managed assets in non-convertible high yield securities.

Effectiveness of Investment Policy Modifications – The foregoing investment policy modifications for each Fund will become effective on January 12, 2015.

Additional Information

About Advent Capital Management

Advent Capital Management, LLC ("Advent") is a registered investment advisor dedicated to providing its clients with superior investment performance. Advent invests primarily in convertible, high yield and equity securities offered through long only, hedge-fund and NYSE-listed closed-end fund products. Advent's investment team consists of seasoned professionals performing bottom-up fundamental research. Since inception in 1995, Advent has grown into an $8.5 billion diversified investment management firm with the ability to capture opportunities globally. Advent's growing client base includes some of the world's largest public and corporate pension plans, foundations, endowments, insurance companies and high net worth individuals.

About Guggenheim Investments

Guggenheim Investments represents the investment management division of Guggenheim Partners, LLC ("Guggenheim"), which consists of investment managers with approximately $186.6 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 and Guggenheim Funds Investment Advisors, LLC (together, "Guggenheim Funds"). Guggenheim Funds Investment Advisors, LLC serves as Investment Adviser for AGC and LCM. Guggenheim Funds Distributors, LLC serves as Servicing Agent for AVK.

* Guggenheim Investments total asset figure is as of 6.30.2014 and includes $12.141B of leverage for Assets Under Management and $0.390B of leverage for Serviced Assets. Total assets include assets from Security Investors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds 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: Investment and Market Risk; Convertible Securities Risk; Structured and Synthetic Convertible Securities Risk; Lower Grade Securities Risk; Equity Securities Risk; Preferred Securities Risk; Derivatives Risk; Interest Rate Risk; Leverage Risk; Anti-Takeover Provisions; Foreign Securities Risk; Foreign Currency Risk; Market Disruption Risk; Risk Associated with the Fund's Covered Call Option Writing Strategy; Senior and Second Lien Secured Loan Risk and Illiquidity Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of fund-specific risks.

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 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

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

Member FINRA/SIPC (11/14)

CONTACT: Analyst Inquiries William T. Korver cefs@guggenheimfunds.comSource: Guggenheim Investments Illinois