UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21504
Advent/Claymore Enhanced Growth & Income Fund
(Exact name of registrant as specified in charter)
| 1065 Avenue of the Americas, New York, NY | 10018 | |
| (Address of principal executive offices) | (Zip code) |
Bruce Berger, Treasurer
Advent/Claymore Enhanced Growth and Income Fund
1065 Avenue of the Americas
New York, NY 10018
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-212-479-0675
Date of fiscal year end: October 31
Date of reporting period: January 31, 2005
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Schedule of Investments. |
Attached hereto.
Advent/Claymore Enhanced Growth & Income Fund
Portfolio of Investments
January 31, 2005 (unaudited)
| Number of Shares |
Value | ||||
| Long-Term Investments—28.7% | |||||
| Common Stocks—8.2% | |||||
| Aluminum, Steel and Other Metals—0.2% | |||||
| 15,000 | Cameco Corp. (a) |
$ | 515,250 | ||
| Automotive—0.7% | |||||
| 20,000 | Toyota Motor Corp. ADR |
1,563,580 | |||
| Banking and Finance—0.3% |
|||||
| 77,600 | Mitsubishi Tokyo Financial Group, Inc. ADR |
737,153 | |||
| Computers - Software and Peripherals—1.0% | |||||
| 66,600 | Red Hat, Inc. (a) |
725,474 | |||
| 45,400 | SAP AG ADR |
1,757,888 | |||
| 2,483,362 | |||||
| Electronic Equipment and Components—1.1% | |||||
| 10,000 | Analog Devices, Inc. |
358,900 | |||
| 65,300 | Agilent Technologies, Inc. (a) |
1,443,783 | |||
| 23,800 | SONY Corp. ADR |
881,076 | |||
| 2,683,759 | |||||
| Insurance—0.3% | |||||
| 10,900 | American International Group, Inc. (a) |
722,561 | |||
| Internet—1.7% | |||||
| 52,000 | Ask Jeeves, Inc. (a) |
1,474,720 | |||
| 64,000 | Priceline.com, Inc. (a) |
1,445,760 | |||
| 50,000 | Symantec Corp. (a) |
1,167,500 | |||
| 4,087,980 | |||||
| Pharmaceuticals—1.1% | |||||
| 5,600 | Biogen Idec, Inc. (a) |
363,776 | |||
| 14,600 | Cephalon, Inc. (a) |
718,320 | |||
| 30,000 | Elan Corp. Plc ADR (a) |
807,900 | |||
| 7,600 | Genentech, Inc. (a) |
362,596 | |||
| 10,000 | Sanofi-Aventis ADR |
372,200 | |||
| 2,624,792 | |||||
| Retail - Specialty Stores—0.2% | |||||
| 9,000 | Bed Bath & Beyond, Inc. (a) |
362,610 | |||
| Telecommunications—1.0% | |||||
| 68,800 | Motorola, Inc. |
1,082,912 | |||
| 50,000 | Sprint Corp. |
1,191,500 | |||
| 2,274,412 | |||||
Advent/Claymore Enhanced Growth & Income Fund
Portfolio of Investments
January 31, 2005 (unaudited)
| Number of Shares |
Value | |||||
| Utilities—0.6% | ||||||
| 34,600 | Allegheny Energy, Inc. (a) |
$ | 669,164 | |||
| 8,300 | Consolidated Edison, Inc. |
364,121 | ||||
| 9,100 | FirstEnergy Corp. |
361,816 | ||||
| 1,395,101 | ||||||
| Total Common Stocks (Cost $19,458,867) |
19,450,560 | |||||
| Convertible Preferred Stocks—1.6% | ||||||
| Automotive—0.1% | ||||||
| 2,910 | Cummins Capital Trust I, 7.00%, 2031 |
246,247 | ||||
| Insurance—1.5% | ||||||
| 56,600 | Chubb Corp., Ser. B, 7.00%, 2006 |
1,619,892 | ||||
| 75,000 | The PMI Group, Inc., Ser. A, 5.875%, 2006 |
1,931,250 | ||||
| 3,551,142 | ||||||
| Total Convertible Preferred Stocks (Cost $3,753,871) |
3,797,389 | |||||
| Preferred Stocks—0.3% | ||||||
| 15,000 | Washington Mutual, Inc. |
|||||
| (Cost $821,250) |
813,750 | |||||
| Principal Amount |
||||||
| Corporate Bonds—9.0% | ||||||
| Health and Medical Facilities—2.1% | ||||||
| $5,000,000 | Tenet Healthcare Corp., B |
|||||
| 9.25%, 2/01/15, Senior Notes (b) |
5,000,000 | |||||
| Pharmaceuticals—1.1% | ||||||
| 2,500,000 | Biovail Corp., BB- |
|||||
| 7.875%, 4/01/10, Senior Subordinated Notes |
2,593,750 | |||||
| Special Purpose Entity—3.8% | ||||||
| 5,000,000 | Dow Jones CDX HY, Ser. 3-4, NR |
4,987,500 | ||||
| 10.50%, 12/29/09 (b) |
||||||
| 4,000,000 | Dow Jones CDX HY3, Ser. 3-3, NR |
|||||
| 8.00%, 12/29/09 (b) |
4,055,000 | |||||
| 9,042,500 | ||||||
| Telecommunications—2.0% | ||||||
| MCI, Inc., B+ |
||||||
| 4,500,000 | 7.735%, 5/01/14, Senior Notes |
4,921,875 | ||||
| Total Corporate Bonds (Cost $21,585,312) |
21,558,125 | |||||
Advent/Claymore Enhanced Growth & Income Fund
Portfolio of Investments
January 31, 2005 (unaudited)
| Principal Amount |
Value | |||||
| Convertible Bonds—9.6% |
||||||
| Airlines—0.3% |
||||||
| $1,000,000 | Continental Airlines, Inc., Class B, CCC+ |
|||||
| 4.50%, 2/01/07, Convertible Notes |
$ | 765,000 | ||||
| Communications Equipment—1.4% |
||||||
| 2,500,000 | Lucent Technologies, Inc., B |
|||||
| 2.75%, 6/15/25, Senior Unsecured Convertible Notes |
3,278,200 | |||||
| Computer Software and Services—0.8% |
||||||
| 850,000 | Computer Associates International, Inc., BBB- |
|||||
| 1.625%, 12/15/09, Senior Unsecured Convertible Notes |
1,249,500 | |||||
| 800,000 | Electronic Data Systems Corp., BBB- |
|||||
| 3.875%, 7/15/23, Senior Unsecured Convertible Notes |
820,000 | |||||
| 2,069,500 | ||||||
| Electronic Equipment and Components—0.7% |
||||||
| 1,450,000 | Flextronics International Ltd., BB- |
|||||
| 1.00%, 8/01/10, Subordinated Convertible Notes |
1,689,250 | |||||
| Medical Equipment and Supplies—0.7% |
||||||
| 1,500,000 | Fisher Scientific International, Inc., BB+ |
|||||
| 3.25%, 3/01/24, Senior Subordinated Convertible Notes |
1,653,750 | |||||
| Mining—1.8% |
||||||
| 1,500,000 | Massey Energy Co., BB |
|||||
| 2.25%, 4/01/24, Senior Convertible Notes |
2,025,323 | |||||
| 2,000,000 | Placer Dome, Inc., BBB+ |
|||||
| 2.75%, 10/15/23, Senior Convertible Notes |
2,302,500 | |||||
| 4,327,823 | ||||||
| Pharmaceuticals—1.3% |
||||||
| 2,650,000 | QLT, Inc., NR |
|||||
| 3.00%, 9/15/23, Convertible Notes |
3,082,281 | |||||
| Telecommunications—2.4% |
||||||
| 1,866,000 | Andrew Corp., B+ |
|||||
| 3.25%, 8/15/13, Subordinated Convertible Notes |
2,283,667 | |||||
| 1,000,000 | Millicom International Cellular SA, B- |
|||||
| 4.00%, 1/07/10, Convertible Debentures |
970,000 | |||||
| 2,100,000 | Tekelec, Inc., NR |
|||||
| 2.25%, 6/15/08, Senior Subordinated Notes |
2,488,500 | |||||
| 5,742,167 | ||||||
| Transportation—0.2% |
||||||
| 500,000 | CP Ships Ltd., BB+ |
|||||
| 4.00%, 6/30/24, Senior Subordinated Notes |
481,875 | |||||
| Total Convertible Bonds (Cost $23,082,221) |
23,089,846 | |||||
Advent/Claymore Enhanced Growth & Income Fund
Portfolio of Investments
January 31, 2005 (unaudited)
| Number of Shares |
||||||
| Total Investments—28.7% |
$ | 68,709,670 | ||||
| Assets in excess of other liabilities— 71.4% |
170,838,703 | |||||
| Market Value of Options Written—(0.1%) |
(292,080 | ) | ||||
| Net Assets - 100.0% |
$ | 239,256,293 | ||||
Advent Claymore Enhanced Growth and Income Fund
Portfolio of Investments
January 31, 2005 (unaudited)
| Contracts (100 shares per contract) |
Call Options Written (a) |
Expiration |
Exercise Price |
Market Value | ||||||
| 420 | Andrew Corp. | April 2005 | $ | 15.00 | $ | 10,500 | ||||
| 280 | Andrew Corp. | July 2005 | 15.00 | 22,400 | ||||||
| 520 | Ask Jeeves, Inc. | March 2005 | 35.00 | 44,200 | ||||||
| 90 | Bed Bath & Beyond, Inc. | May 2005 | 45.00 | 3,150 | ||||||
| 56 | Biogen Idec, Inc. | April 2005 | 75.00 | 3,640 | ||||||
| 146 | Cephalon, Inc. | May 2005 | 55.00 | 14,600 | ||||||
| 76 | Genentech, Inc. | March 2005 | 50.00 | 7,980 | ||||||
| 100 | Millicom International Cellular SA | April 2005 | 25.00 | 6,500 | ||||||
| 640 | Priceline.com, Inc. | April 2005 | 25.00 | 80,000 | ||||||
| 666 | Red Hat, Inc. | June 2005 | 15.00 | 23,310 | ||||||
| 250 | Top Tankers, Inc. | March 2005 | 17.50 | 22,500 | ||||||
| 260 | Top Tankers, Inc. | June 2005 | 17.50 | 53,300 | ||||||
| Total Call Options Written |
$ | 292,080 | ||||||||
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (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 January 31, 2005, these securities amounted to $14,042,500 or 5.9% of net assets. |
Ratings shown are per Standard & Poor’s. Securities classified as NR are not rated by Standard & Poor’s.
| Country Allocation* | |||
| United States |
77.5 | % | |
| Canada |
13.1 | % | |
| Germany |
2.6 | % | |
| Singapore |
2.4 | % | |
| Luxembourg |
1.4 | % | |
| Japan |
1.3 | % | |
| Ireland |
1.2 | % | |
| France |
0.5 | % | |
| Item 2. | Controls and Procedures. |
| (a) | The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded 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-Q was recorded, processed, summarized and reported timely. |
| (b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during its last quarter that have materially affected or are reasonably likely to materially affect these controls. |
| Item 3. | Exhibits. |
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)), exactly as set forth below: Attached hereto.
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 Enhanced Growth and Income Fund | ||
| By: |
/S/ TRACY V. MAITLAND | |
| Tracy V. Maitland | ||
| President and Chief Executive Officer | ||
| Date: |
March 29, 2005 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: |
/S/ TRACY V. MAITLAND | |
| Tracy V. Maitland | ||
| President and Chief Executive Officer | ||
| Date: |
March 29, 2005 | |
| By: |
/S/ BRUCE S. BERGER | |
| Bruce S. Berger | ||
| Treasurer and Chief Financial Officer | ||
| Date: |
March 29, 2005 | |