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) |
Robert White, Treasurer
1065 Avenue of the Americas
New York, NY 10018
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 479-0675
Date of fiscal year end: October 31
Date of reporting period: January 31, 2007
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, 2007 (unaudited)
| Number of Shares |
Value |
|||||
| Common Stocks - 64.4% | ||||||
| Aluminum, Steel and Other Metals - 4.0% | ||||||
| 135,000 | Freeport-McMoRan Copper & Gold, Inc., Class B (a)(b) | $ | 7,763,850 | |||
| 12,000 | Vallourec SA (France) | 3,092,173 | ||||
| 10,856,023 | ||||||
| Automotive - 1.6% | ||||||
| 150,000 | Suzuki Motor Corp. (Japan) | 4,303,075 | ||||
| Beverages, Food and Tobacco - 1.9% | ||||||
| 50,000 | Altria Group, Inc. (a) | 4,369,500 | ||||
| 60,000 | Wild Oats Markets, Inc. (a)(c) | 871,800 | ||||
| 5,241,300 | ||||||
| Biotechnology - 1.6% | ||||||
| 60,000 | Amgen, Inc. (a)(c) | 4,222,200 | ||||
| Chemicals - 0.9% | ||||||
| 50,000 | Celanese Corp., Ser. A (a) | 1,312,500 | ||||
| 150,000 | Tokai Carbon Co., Ltd. (Japan) | 1,132,192 | ||||
| 2,444,692 | ||||||
| Commercial Services - 1.6% | ||||||
| 50,000 | Heidelberger Druckmaschinen AG (Germany) | 2,102,511 | ||||
| 50,000 | USG People NV (Netherlands) | 2,103,161 | ||||
| 4,205,672 | ||||||
| Construction - 1.2% | ||||||
| 40,000 | Fluor Corp. (a) | 3,304,000 | ||||
| Diversified Manfacturing Operations - 1.1% | ||||||
| 40,000 | 3M Co. (a) | 2,972,000 | ||||
| Electronic Equipment and Components - 5.4% | ||||||
| 63,100 | Coherent, Inc. (a)(c) | 1,940,325 | ||||
| 105,000 | Diodes, Inc. (a)(c) | 3,850,350 | ||||
| 100,000 | Jabil Circuit, Inc. (a) | 2,399,000 | ||||
| 70,000 | Hamamatsu Photonics K.K. (Japan) | 2,065,972 | ||||
| 175,000 | NEC Tokin Corp. (Japan) | 1,011,285 | ||||
| 105,000 | Texas Instruments, Inc. (a) | 3,274,950 | ||||
| 14,541,882 | ||||||
| Financial Services - 3.5% | ||||||
| 150,000 | E*Trade Financial Corp. (a)(b)(c) | 3,657,000 | ||||
| 25,000 | Fortis (Belgium) | 1,046,707 | ||||
| 100,000 | UCBH Holdings, Inc. (a) | 1,875,000 | ||||
| 50,000 | Wachovia Corp. (a) | 2,825,000 | ||||
| 9,403,707 | ||||||
| Health Care Products and Services - 4.2% | ||||||
| 1,280,000 | Hengan International Group Co., Ltd. (Hong Kong) | 3,491,334 | ||||
| 90,000 | Omnicare, Inc. (a)(b) | 3,617,100 | ||||
| 80,000 | Quest Diagnostics, Inc. (a) | 4,198,400 | ||||
| 11,306,834 | ||||||
| Internet - 0.9% | ||||||
| 145,000 | Symantec Corp. (a)(c) | 2,567,950 | ||||
| Machinery and Equipment - 2.5% | ||||||
| 80,000 | Caterpillar, Inc. (a) | 5,125,600 | ||||
| 12,000 | SMC Corp. (Japan) | 1,706,349 | ||||
| 6,831,949 | ||||||
| Mining - 2.3% | ||||||
| 180,000 | Gold Fields Ltd. ADR (South Africa)(a) | 3,040,200 | ||||
| 70,000 | Xstrata PLC (Switzerland) | 3,250,066 | ||||
| 6,290,266 | ||||||
| Oil and Gas - 9.7% | ||||||
| 55,000 | BP Prudhoe Bay Royalty Trust (a) | 4,020,500 | ||||
| 75,000 | Fugro NV (Netherlands) | 3,551,398 | ||||
| 40,000 | National-Oilwell Varco, Inc. (a)(c) | 2,425,600 | ||||
| 200,000 | Ocean Rig ASA (Norway)(c) | 1,443,352 | ||||
| 100,000 | Petro-Canada (Canada)(a) | 3,886,000 | ||||
| 60,000 | Sunoco, Inc. (a) | 3,787,800 | ||||
| 25,000 | Transocean, Inc. (Cayman Islands)(a)(c) | 1,934,250 | ||||
| 95,000 | Valero Energy Corp. (a) | 5,156,600 | ||||
| 26,205,500 | ||||||
| Pharmaceuticals - 3.5% | ||||||
| 140,000 | Cubist Pharmaceuticals, Inc. (a)(c) | 2,576,000 | ||||
| 40,000 | Invitrogen Corp. (a)(c) | 2,449,200 | ||||
| 24,000 | Roche Holding AG (Switzerland) | 4,494,951 | ||||
| 9,520,151 | ||||||
| Real Estate and Development - 1.9% | ||||||
| 3,210,000 | Shanghai Forte Land Co., Ltd., Class H (China) | 1,192,078 | ||||
| 150,000 | Shoei Co., Ltd. (Japan) | 4,117,064 | ||||
| 5,309,142 | ||||||
| Retail - Specialty Stores - 9.4% | ||||||
| 100,000 | Best Buy Co., Inc. (a) | 5,040,000 | ||||
| 160,000 | Charming Shoppes, Inc. (a)(c) | 2,099,200 | ||||
| 60,000 | Dick’s Sporting Goods, Inc. (a)(c) | 3,089,400 | ||||
| 100,000 | Don Quijote Co., Ltd. (Japan) | 2,141,204 | ||||
| 2,600,000 | Golden Eagle Retail Group Ltd. (China) | 2,044,295 | ||||
| 60,000 | Izumi Co., Ltd. (Japan) | 2,286,706 | ||||
| 30,000 | KarstadtQuelle AG (Germany)(c) | 964,062 | ||||
| 259,400 | Marui Co., Ltd. (Japan) | 3,186,743 | ||||
| 100,000 | Walgreen Co. (a) | 4,530,000 | ||||
| 25,381,610 | ||||||
| Telecommunications - 7.2% | ||||||
| 90,000 | Amdocs Ltd. (Guernsey)(a)(c) | 3,121,200 | ||||
| 70,000 | America Movil SA de C.V., Ser. L ADR (Mexico)(a) | 3,105,200 | ||||
| 200,000 | Comverse Technology, Inc. (a)(c) | 3,870,000 | ||||
| 250,000 | Motorola, Inc. (a)(b) | 4,962,500 | ||||
| 200,000 | Nokia Oyj ADR (Finland)(a) | 4,420,000 | ||||
| 19,478,900 | ||||||
| Total Common Stocks - 64.4% (Cost $171,908,866) |
174,386,853 | |||||
| Convertible Preferred Stocks - 6.6% | ||||||
| Automotive - 2.7% | ||||||
| 200,000 | Ford Motor Co. Capital Trust II, 6.50%, 2032 (a) | 7,374,000 | ||||
| Communications Equipment - 2.3% | ||||||
| 6,000 | Lucent Technologies Capital Trust I, 7.75%, 2017 | 6,274,500 | ||||
| Financial Services - 0.4% | ||||||
| 22,573 | Lehman Brothers Holdings, Inc., 3.00%, 2008 | 1,165,896 | ||||
| Oil and Gas - 1.2% | ||||||
| 30,000 | Chesapeake Energy Corp., 5.00%, 2049 (a) | 3,077,700 | ||||
| Total Convertible Preferred Stocks - 6.6% (Cost $16,627,380) |
17,892,096 | |||||
| Corporate Bonds - 14.7% | ||||||
| Building Products and Services - 0.7% | ||||||
| $2,000,000 | U.S. Concrete, Inc., B- | |||||
| 8.375%, 4/01/14, Senior Subordinated Notes | 1,995,000 | |||||
| Computers - Software and Peripherals - 1.2% | ||||||
| 3,000,000 | SunGard Data Systems, Inc., B- | |||||
| 10.25%, 8/15/15, Senior Subordinated Notes | 3,225,000 | |||||
| Electronic Equipment and Components - 3.0% | ||||||
| 4,000,000 | Freescale Semiconductor, Inc., B | |||||
| 8.875%, 12/15/14, Senior Notes (d) | 3,980,000 | |||||
| 4,000,000 | Spansion LLC, B | |||||
| 11.25%, 1/15/16, Senior Notes (d) | 4,210,000 | |||||
| 8,190,000 | ||||||
| Health Care Products and Services - 1.0% | ||||||
| 2,500,000 | Hanger Orthopedic Group, Inc., CCC+ | |||||
| 10.25%, 6/01/14, Senior Notes | 2,631,250 | |||||
| Leisure and Entertainment - 1.0% | ||||||
| 2,500,000 | TDS Investor Corp., B- | |||||
| 9.875%, 9/01/14, Senior Notes (d) | 2,612,500 | |||||
| Oil and Gas - 2.0% | ||||||
| 3,000,000 | Ocean Rig ASA, NR | |||||
| 9.36%, 4/04/11, Senior Notes (Norway)(d)(e) | 3,000,000 | |||||
| 2,025,000 | Seitel, Inc., NR | |||||
| 11.75%, 7/15/11, Senior Notes | 2,531,250 | |||||
| 5,531,250 | ||||||
| Special Purpose Entity - 5.0% | ||||||
| 12,599,996 | Dow Jones CDX HY, Ser. 3-4, NR | |||||
| 10.50%, 12/29/09 (d) | 13,607,995 | |||||
| Utilities - 0.8% | ||||||
| 2,000,000 | AES Dominicana Energia Finance SA, B- | |||||
| 11.00%, 12/13/15, Senior Notes (Dominican Republic) | 2,090,000 | |||||
| Total Corporate Bonds - 14.7% (Cost $37,867,243) |
39,882,995 | |||||
| Convertible Bonds - 10.1% | ||||||
| Automotive - 1.0% | ||||||
| 125,000 | General Motors Corp., B- | |||||
| 5.25%, 3/06/32, Senior Debentures (a) | 2,725,000 | |||||
| Communications Equipment - 1.2% | ||||||
| 3,000,000 | Lucent Technologies, Inc., Ser. A, B+ | |||||
| 2.75%, 6/15/23, Senior Convertible Notes | 3,127,500 | |||||
| Chemicals - 1.2% | ||||||
| 2,000,000 | Bayer Capital Corp. BV, BBB- | |||||
| 6.625%, 6/01/09, Subordinated Convertible Debentures (Netherlands) | 3,300,605 | |||||
| Health Care Products and Services - 0.6% | ||||||
| 2,000,000 | Omnicare, Inc., BB+ | |||||
| 3.25%, 12/15/35, Senior Convertible Notes | 1,745,000 | |||||
| Special Purpose Entity - 0.9% | ||||||
| 1,000,000 | Conti-Gummi Finance BV, BBB+ | 2,501,047 | ||||
| 1.625%, 5/19/11, Senior Convertible Notes (Netherlands) | ||||||
| Telecommunications - 3.0% | ||||||
| 3,500,000 | ADC Telecommunications, Inc., NR | |||||
| 5.729%, 6/15/13, Subordinated Convertible Notes (a)(e) | 3,364,375 | |||||
| 5,000,000 | Level 3 Communications, Inc., CCC | |||||
| 6.00%, 9/15/09, Subordinated Convertible Notes (a) | 4,762,500 | |||||
| 8,126,875 | ||||||
| Utilities - Gas and Electric - 2.2% | ||||||
| 6,000,000 | Peabody Energy Corp., B | |||||
| 4.75%, 12/15/41, Subordinated Convertible Debentures (a) | 5,872,500 | |||||
| Total Convertible Bonds - 10.1% (Cost $26,336,123) |
27,398,527 | |||||
| Total Investments - 95.8% (Cost $252,739,612) |
259,560,471 | |||||
| Other assets in excess of liabilities - 4.6% | 12,381,922 | |||||
| Total Options Written - (0.4%) | (1,110,650 | ) | ||||
| Net Assets - 100.0% |
$ | 270,831,743 | ||||
ADR - American Depositary Receipt.
LLC - Limited Liability Company
PLC - Public Limited Company.
| (a) | All or a portion of this security position represents cover (directly or through conversion rights) for outstanding options written. |
| (b) | All or a portion of these securities with an aggregate market value of $12,448,750 have been physically segregated to collateralize written call options. |
| (c) | Non-income producing security. |
| (d) | 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, 2007, these securities amounted to 10.1% of net assets. |
| (e) | Variable rate or floating security. The rate shown is as of January 31, 2007. |
Ratings shown are per Standard & Poor’s. Securities classified as NR are not rated by Standard & Poor’s.
| Country Breakdown as of Total Investments* |
|||
| United States |
72.9 | % | |
| Japan |
8.5 | % | |
| Switzerland |
3.0 | % | |
| Netherlands |
2.2 | % | |
| Finland |
1.7 | % | |
| Canada |
1.5 | % | |
| Hong Kong |
1.3 | % | |
| South Africa |
1.2 | % | |
| Mexico |
1.2 | % | |
| Guernsey |
1.2 | % | |
| Germany |
1.2 | % | |
| France |
1.2 | % | |
| China |
1.2 | % | |
| Cayman Islands |
0.7 | % | |
| Norway |
0.6 | % | |
| Belgium |
0.4 | % |
| * | Subject to change daily. |
Advent/Claymore Enhanced Growth and Income Fund
Portfolio of Investments January 31, 2007 (unaudited)
| Contracts |
Call Options Written(a) |
Expiration |
Exercise Price |
Market Value | ||||||
| 100 | 3M Co. | July 2007 | $ | 85.00 | $ | 5,000 | ||||
| 300 | ADC Telecommunications, Inc. | May 2007 | 15.00 | 61,500 | ||||||
| 100 | Alcatel-Lucent | June 2007 | 15.00 | 3,000 | ||||||
| 500 | Altria Group, Inc. | March 2007 | 85.00 | 195,000 | ||||||
| 100 | Amdocs, Ltd. | July 2007 | 40.00 | 8,500 | ||||||
| 100 | America Movil SA de C.V. ADR | February 2007 | 45.00 | 10,500 | ||||||
| 200 | Amgen, Inc. | April 2007 | 72.50 | 43,000 | ||||||
| 100 | Best Buy Co., Inc. | June 2007 | 60.00 | 8,500 | ||||||
| 90 | BP Prudhoe Bay Royalty Trust | March 2007 | 75.00 | 8,550 | ||||||
| 100 | Caterpillar, Inc. | February 2007 | 67.50 | 1,000 | ||||||
| 100 | Celanese Corp. | March 2007 | 20.00 | 63,500 | ||||||
| 400 | Celanese Corp. | March 2007 | 25.00 | 73,000 | ||||||
| 100 | Charming Shoppes, Inc. | July 2007 | 15.00 | 7,750 | ||||||
| 100 | Chesapeake Energy Corp. | April 2007 | 35.00 | 2,500 | ||||||
| 200 | Coherent, Inc. | February 2007 | 35.00 | 3,000 | ||||||
| 100 | Comverse Technology, Inc. | July 2007 | 20.00 | 15,500 | ||||||
| 370 | Cubist Pharmaceuticals, Inc. | February 2007 | 20.00 | 3,700 | ||||||
| 200 | Dick’s Sporting Goods, Inc. | June 2007 | 55.00 | 51,000 | ||||||
| 200 | Diodes, Inc. | March 2007 | 45.00 | 3,500 | ||||||
| 500 | E*Trade Financial Corp. | April 2007 | 25.00 | 55,000 | ||||||
| 100 | Fluor Corp. | March 2007 | 85.00 | 20,000 | ||||||
| 100 | Ford Motor Co. | June 2007 | 10.00 | 1,500 | ||||||
| 600 | Freeport-McMoRan Copper & Gold, Inc. | May 2007 | 65.00 | 129,000 | ||||||
| 100 | General Motors Corp. | June 2007 | 40.00 | 5,000 | ||||||
| 500 | Gold Fields Ltd. ADR | July 2007 | 20.00 | 37,500 | ||||||
| 400 | Invitrogen Corp. | March 2007 | 65.00 | 39,000 | ||||||
| 100 | Jabil Circuit, Inc. | March 2007 | 27.50 | 750 | ||||||
| 100 | Level 3 Communications, Inc. | June 2007 | 7.50 | 3,500 | ||||||
| 100 | Motorola, Inc. | July 2007 | 22.50 | 6,500 | ||||||
| 400 | National-Oilwell Varco, Inc. | March 2007 | 65.00 | 56,400 | ||||||
| 500 | Nokia Oyj ADR | April 2007 | 22.50 | 45,000 | ||||||
| 100 | Omnicare, Inc. | June 2007 | 45.00 | 12,250 | ||||||
| 100 | Peabody Energy Corp. | June 2007 | 55.00 | 4,000 | ||||||
| 100 | Petro-Canada | June 2007 | 45.00 | 7,250 | ||||||
| 100 | Quest Diagnostics, Inc. | May 2007 | 55.00 | 16,000 | ||||||
| 100 | Sunoco, Inc. | May 2007 | 75.00 | 7,500 | ||||||
| 100 | Symantec Corp. | April 2007 | 20.00 | 2,000 | ||||||
| 100 | Texas Instruments, Inc. | July 2007 | 35.00 | 9,500 | ||||||
| 100 | Transocean, Inc. | March 2007 | 80.00 | 27,000 | ||||||
| 100 | UCBH Holdings, Inc. | February 2007 | 17.50 | 13,250 | ||||||
| 100 | UnitedHealth Group, Inc. | March 2007 | 55.00 | 7,000 | ||||||
| 100 | Valero Energy Corp. | March 2007 | 57.50 | 9,500 | ||||||
| 250 | Wachovia Corp. | February 2007 | 57.50 | 3,750 | ||||||
| 100 | Walgreen Co. | April 2007 | 45.00 | 19,000 | ||||||
| 100 | Wild Oats Markets, Inc. | July 2007 | 17.50 | 5,500 | ||||||
| Total Call Options Written (Premiums received $999,834) |
$ | 1,110,650 | ||||||||
| (a) | Non-income producing security. |
See previously submitted notes to financial statements for the period ending October 31, 2006.
| 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 based on such evaluation, 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 within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that may have materially affected or are reasonably likely to materially affect the registrant’s internal control over financial reporting.
| 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.
Advent/Claymore Enhanced Growth & Income Fund
| By: | /s/ Tracy V. Maitland | |
| Tracy V. Maitland President and Chief Executive Officer | ||
| Date: |
March 30, 2007 | |
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 30, 2007 | |
| By: |
/s/ Robert White | |
| Robert White Treasurer and Chief Financial Officer | ||
| Date: |
March 30, 2007 | |