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: July 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
July 31, 2007 (unaudited)
| Number of Shares | Value | |||||
| Common Stocks — 63.6% | ||||||
| Aerospace & Defense — 1.0% | ||||||
| 50,000 | Raytheon Co. (a) |
$ | 2,768,000 | |||
| Agriculture — 1.5% | ||||||
| 120,000 | Archer-Daniels-Midland Co. (a) |
4,032,000 | ||||
| Aluminum, Steel and Other Metals — 1.7% | ||||||
| 17,200 | Vallourec SA (France) |
4,545,920 | ||||
| Automotive — 3.0% | ||||||
| 270,000 | Suzuki Motor Corp. (Japan) |
7,891,488 | ||||
| Banks — 1.7% | ||||||
| 50,000 | Bank of America Corp. (a)(b) |
2,371,000 | ||||
| 12,600 | Societe Generale (France) (a) |
2,198,023 | ||||
| 4,569,023 | ||||||
| Biotechnology — 2.6% | ||||||
| 40,000 | Amgen Inc. (a)(c) |
2,149,600 | ||||
| 55,000 | Genzyme Corp. (a)(c) |
3,468,850 | ||||
| 125,000 | Isis Pharmaceuticals, Inc. (a)(b)(c) |
1,301,250 | ||||
| 6,919,700 | ||||||
| Chemicals — 1.3% | ||||||
| 30,000 | Lyondell Chemical Co. |
1,347,000 | ||||
| 40,000 | Nitto Denko Corp. (Japan) |
2,109,772 | ||||
| 3,456,772 | ||||||
| Commercial Services — 2.4% | ||||||
| 71,400 | Heidelberger Druckmaschinen AG (Germany) |
3,513,606 | ||||
| 70,000 | USG People NV (Netherlands) |
2,779,725 | ||||
| 6,293,331 | ||||||
| Diversified Manfacturing Operations — 0.8% | ||||||
| 25,000 | 3M Co. (a) |
2,223,000 | ||||
| Electronic Equipment and Components — 3.4% | ||||||
| 117,500 | Coherent, Inc. (a)(c) |
3,401,625 | ||||
| 70,000 | Hamamatsu Photonics K.K. (Japan) |
2,210,557 | ||||
| 500,000 | RF Micro Devices, Inc. (a)(b)(c) |
3,470,000 | ||||
| 9,082,182 | ||||||
| Financial Services — 4.7% | ||||||
| 150,000 | CapitalSource, Inc.-REIT (a) |
2,850,000 | ||||
| 150,000 | E*Trade Financial Corp. (a)(b)(c) |
2,778,000 | ||||
| 48,000 | Fortis (Belgium) (a) |
1,919,895 | ||||
| 442,900 | Man Group PLC (United Kingdom) (a) |
5,111,970 | ||||
| 12,659,865 | ||||||
| Health Care Products and Services — 5.0% | ||||||
| 37,200 | Alcon, Inc. (Switzerland) (a) |
5,077,800 | ||||
| 165,000 | American Medical Systems Holdings, Inc. (a)(c) |
3,016,200 | ||||
| 65,000 | Bristol-Myers Squibb Co. (a) |
1,846,650 | ||||
| 774,000 | Hengan International Group Co., Ltd. (Cayman Islands) |
2,630,685 | ||||
| 12,500 | Manor Care, Inc. (a) |
791,875 | ||||
| 13,363,210 | ||||||
| Investment Banking & Brokerage — 2.0% | ||||||
| 40,000 | Merrill Lynch & Co., Inc. (a) |
2,968,000 | ||||
| 100,000 | MF Global, Ltd. (Bermuda) (c) |
2,493,000 | ||||
| 5,461,000 | ||||||
| Leisure and Entertainment — 4.9% | ||||||
| 75,000 | GameStop Corp., Class A (a)(c) |
3,026,250 | ||||
| 50,000 | Hilton Hotels Corp. |
2,210,500 | ||||
| 100,000 | International Game Technology (a) |
3,532,000 | ||||
| 200,000 | Shuffle Master, Inc. (a)(b)(c) |
2,906,000 | ||||
| 15,000 | Station Casinos, Inc. |
1,297,950 | ||||
| 12,972,700 | ||||||
| Machinery and Equipment — 2.3% | ||||||
| 20,000 | Caterpillar, Inc. (a) |
1,576,000 | ||||
| 140,000 | Nabtesco Corp. (Japan) |
2,110,612 | ||||
| 19,400 | SMC Corp. (Japan) |
2,584,168 | ||||
| 6,270,780 | ||||||
| Oil and Gas — 5.5% | ||||||
| 80,000 | Crescent Point Energy Trust (Canada) |
1,513,463 | ||||
| 38,800 | Fugro NV (Nertherlands) (a) |
2,608,832 | ||||
| 50,000 | Halliburton Co. (a) |
1,801,000 | ||||
| 40,000 | Harvest Energy Trust (Canada) (a) |
1,170,686 | ||||
| 200,000 | Ocean Rig ASA (Norway) (c) |
1,418,610 | ||||
| 75,000 | Pride International, Inc. (a)(c) |
2,628,750 | ||||
| 18,800 | Transocean, Inc. (Cayman Islands) (a)(c) |
2,020,060 | ||||
| 25,000 | Valero Energy Corp. (a) |
1,675,250 | ||||
| 14,836,651 | ||||||
| Pharmaceuticals — 2.6% | ||||||
| 90,000 | Medicis Pharmaceutical Corp., Class A (a) |
2,567,700 | ||||
| 24,000 | Roche Holding AG (Switzerland) (a) |
4,279,874 | ||||
| 6,847,574 | ||||||
| Real Estate and Development — 1.5% | ||||||
| 219,000 | Shoei Co., Ltd. (Japan) |
4,138,496 | ||||
| Retail - Specialty Stores — 3.0% | ||||||
| 100,000 | Don Quijote Co., Ltd. (Japan) |
1,994,709 | ||||
| 120,000 | Izumi Co., Ltd. (Japan) |
1,912,905 | ||||
| 75,000 | Arcandor AG (Germany) (c) |
2,313,015 | ||||
| 50,000 | The Pantry, Inc. (a)(c) |
1,742,000 | ||||
| 7,962,629 | ||||||
| Telecommunications — 10.2% | ||||||
| 16,000 | Alltel Corp. |
1,055,200 | ||||
| 50,000 | Amdocs, Ltd. (Guernsey) (a)(c) |
1,809,500 | ||||
| 150,000 | Comcast Corp., Class A (a)(c) |
3,940,500 | ||||
| 190,000 | Comverse Technology, Inc. (c) |
3,661,300 | ||||
| 70,000 | EchoStar Communications Corp. (a)(c) |
2,960,300 | ||||
| 600,000 | Level 3 Communications, Inc. (a)(c) |
3,138,000 | ||||
| 35,000 | Millicom International Cellular SA (Luxembourg) (a)(c) |
2,810,500 | ||||
| 125,000 | Motorola, Inc. (a)(b) |
2,123,750 | ||||
| 30,000 | NII Holdings, Inc. (a) (c) |
2,520,600 | ||||
| 50,000 | Orascom Telecom Holding SAE GDR (Egypt) |
3,365,745 | ||||
| 27,385,395 | ||||||
| Telecommunications Equipment — 0.8% | ||||||
| 100,000 | Alcatel-Lucent ADR (France) (a) |
1,160,000 | ||||
| 65,000 | Avaya, Inc. (c) |
1,075,100 | ||||
| 2,235,100 | ||||||
| Transportation — 1.0% | ||||||
| 1,750,250 | Pacific Basin Shipping, Ltd. (Bermuda) |
2,594,205 | ||||
| Utilities — 0.7% | ||||||
| 186,000 | British Energy Group PLC (United Kingdom) |
1,891,695 | ||||
| Total Common Stocks — 63.6% (Cost $176,354,714) |
170,400,716 | |||||
| Convertible Preferred Stocks — 10.0% | ||||||
| Banks — 1.9% | ||||||
| 222,860 | Wachovia Bank NA, Ser. INTC, 8.00%, 2008 (a)(d)(f) |
5,136,923 | ||||
| Communications Equipment — 1.9% | ||||||
| 5,000 | Lucent Technologies Capital Trust I., 7.75%, 2017 |
5,025,000 | ||||
| Financial Services — 2.5% | ||||||
| 60,896 | BankUnited Financial Corp., 6.75%, 2010 (a) |
2,502,826 | ||||
| 149,250 | Lehman Brothers Holdings, Inc., Ser. SIX, 9.00%, 2008 (f) |
629,835 | ||||
| 70,000 | Vale Capital, Ltd., Ser. RIO 5.50%, 2010 (Cayman Islands) (a)(f) |
3,631,600 | ||||
| 6,764,261 | ||||||
| Leisure & Entertainment — 0.2% | ||||||
| 18,825 | Six Flags, Inc., 7.25%, 2009 (a) |
382,148 | ||||
| Mining — 1.9% | ||||||
| 36,000 | Freeport-McMoRan Copper & Gold, Inc., 6.75%, 2010 (a) |
5,095,800 | ||||
| Oil and Gas — 1.6% | ||||||
| 15,500 | Chesapeake Energy Corp., 6.25%, 2009 (a) |
4,320,624 | ||||
| Total Convertible Preferred Stocks - 10.0% (Cost $25,430,065) |
26,724,756 | |||||
| Principal Amount | ||||||
| Convertible Bonds — 12.4% | ||||||
| Chemicals — 1.5% | ||||||
| $2,000,000 | Bayer Capital Corp. BV, BBB- 6.625%, 6/01/09, Subordinated Convertible Debentures (Netherlands) |
3,951,871 | ||||
| Diversified Manufactured Operations — 1.5% | ||||||
| 1,500,000 | Siemens Finance, AA- 1.375%, 6/04/10, Senior Unsubordinated Convertible Debentures (Netherlands) |
4,065,190 | ||||
| Financial Services — 0.9% | ||||||
| 3,000,000 | CompuCredit Corp., NR 5.875%, 11/30/35, Senior Unsecured Convertible Notes (a) |
2,531,250 | ||||
| Investment Banking & Brokerage — 4.0% | ||||||
| 2,000,000 | Calyon Financial Products Ltd., NR 8.00%, 6/12/08, Convertible Notes (Guernsey) |
4,260,801 | ||||
| Deutsche Bank AG, NR | ||||||
| 2,500,000 | 8.00%, 6/20/08, Convertible Bond (Germany) (d) |
3,358,817 | ||||
| 2,200,000 | 8.00%, 6/20/08, Convertible Notes (Germany) |
2,988,283 | ||||
| 10,607,901 | ||||||
| Special Purpose Entity — 1.6% | ||||||
| 1,500,000 | Conti-Gummi Finance BV, BBB+ 1.625%, 5/19/11, Senior Convertible Notes (Netherlands) |
4,381,596 | ||||
| Telecommunications — 1.1% | ||||||
| 3,000,000 | Level 3 Communications, Inc., CCC 6.00%, 9/15/09, Subordinated Convertible Notes (a) |
2,820,000 | ||||
| Utilities - Gas and Electric — 1.8% | ||||||
| 5,000,000 | Peabody Energy Corp., B 4.75%, 12/15/66, Subordinated Convertible Debentures (a) |
4,912,500 | ||||
| Total Convertible Bonds - 12.4% (Cost $30,791,807) |
33,270,308 | |||||
| Corporate Bonds — 10.3% | ||||||
| Computers, Software and Peripherals — 1.3% | ||||||
| 3,500,000 | SunGard Data Systems, Inc., B- 10.25%, 8/15/15, Senior Subordinated Notes |
3,500,000 | ||||
| Electronic Equipment and Components — 1.4% | ||||||
| 4,000,000 | Freescale Semiconductor, Inc., B 8.875%, 12/15/14, Senior Notes (d) |
3,650,000 | ||||
| Oil and Gas — 1.1% | ||||||
| 3,000,000 | Ocean Rig ASA, NR 9.36%, 4/04/11, Senior Notes (Norway) (c)(d)(e) |
3,000,000 | ||||
| Special Purpose Entity — 4.6% | ||||||
| 12,150,000 | Dow Jones CDX North America High Yield, Ser. 3-4, NR 10.50%, 12/29/09 (d) |
12,377,813 | ||||
| Telecommunications — 0.6% | ||||||
| 1,500,000 | Charter Communications, Class A, NR 11%, 10/01/15, Senior Notes |
1,496,250 | ||||
| Travel Services — 1.3% | ||||||
| 3,500,000 | Travelport LLC, CCC+ 9.875%, 9/01/14, Senior Unsecured Notes |
3,552,500 | ||||
| Total Corporate Bonds —10.3% (Cost $27,858,411) |
27,576,563 | |||||
| Term Loans (Funded) - 3.4% | ||||||
| 2,493,718 | Advanced Micro Devices Inc., NR 7.36%, 12/31/13 (e) |
2,347,041 | ||||
| 2,500,000 | Allied Waste North America, BBB- 0.00%, 03/28/14 (e) |
2,407,590 | ||||
| 997,494 | Ford Motor Co., B+ 8.36%, 12/15/13 (e) |
942,700 | ||||
| 2,493,671 | Georgia-Pacific Corp., BB+ 7.11%, 12/20/12 (e) |
2,362,307 | ||||
| 997,494 | HCA, Inc., NR 7.61%, 11/17/13 (e) |
964,743 | ||||
| Total Term Loans (Funded) (Cost $9,558,296) |
9,024,381 | |||||
| Total Investments — 99.7% (Cost $269,993,293) |
266,996,724 | |||||
| Other assets in excess of liabilities - 0.4% |
1,039,494 | |||||
| Total Options Written (premium received $634,210) - (0.1%) |
(349,227 | ) | ||||
| Net Assets - 100.0% | $ | 267,686,991 | ||||
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt
LLC - Limited Liability Corp.
PLC - Public Limited Company.
REIT - Real Estate Investment Trust .
| (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 $11,924,750 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 July 31, 2007, these securities amounted to 10.3% of net assets. |
| (e) | Variable rate or floating security. The rate shown is as of July 31, 2007. |
| (f) | A synthetic convertible security is either a bond or preferred security structured by an investment bank that provides exposure to a specific company’s common stock. |
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 |
57.4 | % | |
| Japan |
9.3 | % | |
| Netherlands |
6.7 | % | |
| Germany |
4.5 | % | |
| Switzerland |
3.5 | % | |
| Cayman Islands |
3.1 | % | |
| France |
2.9 | % | |
| United Kingdom |
2.6 | % | |
| Guernsey |
2.3 | % | |
| Bermuda |
1.9 | % | |
| Norway |
1.7 | % | |
| Egypt |
1.3 | % | |
| Luxembourg |
1.1 | % | |
| Canada |
1.0 | % | |
| Belgium |
0.7 | % |
| * | Subject to change daily. |
Portfolio of Investments
July 31, 2007 (unaudited)
| Contracts (100 shares per contract) |
Call Options Written(a) |
Expiration Date | Exercise Price |
Market Value | ||||||
| 50 | 3M Co. |
September 2007 | $ | 95.00 | $ | 5,500 | ||||
| 200 | Alcatel-Lucent |
September 2007 | 15.00 | 1,000 | ||||||
| 50 | Alcon Inc. |
August 2007 | 155.00 | 250 | ||||||
| 100 | Amdocs, Ltd. |
September 2007 | 40.00 | 4,500 | ||||||
| 150 | American Medical Systems Holdings, Inc. |
August 2007 | 20.00 | 3,000 | ||||||
| 100 | Amgen Inc. |
October 2007 | 65.00 | 2,500 | ||||||
| 200 | Archer-Daniels-Midland Co. |
September 2007 | 40.00 | 4,000 | ||||||
| 50 | Bank of America Corp. |
September 2007 | 50.00 | 3,250 | ||||||
| 10 | BankUnited Financial Corp. |
September 2007 | 25.00 | 100 | ||||||
| 50 | Bristol-Myers Squibb Co. |
September 2007 | 35.00 | 1,000 | ||||||
| 250 | CapitalSource, Inc. |
August 2007 | 25.00 | 1,250 | ||||||
| 100 | Caterpillar, Inc. |
September 2007 | 90.00 | 7,400 | ||||||
| 100 | Chesapeake Energy Corp. |
October 2007 | 40.00 | 5,000 | ||||||
| 150 | Cia Vale do Rio Doce |
September 2007 | 52.50 | 35,250 | ||||||
| 75 | Coherent, Inc. |
August 2007 | 30.00 | 2,250 | ||||||
| 250 | Comcast Corp., Class A |
October 2007 | 32.50 | 3,750 | ||||||
| 200 | CompuCredit Corp. |
September 2007 | 35.00 | 5,000 | ||||||
| 250 | E*Trade Financial Corp. |
October 2007 | 25.00 | 6,250 | ||||||
| 300 | EchoStar Communications Corp. |
August 2007 | 45.00 | 21,000 | ||||||
| 100 | EchoStar Communications Corp. |
August 2007 | 47.50 | 2,500 | ||||||
| 10 | Fortis |
September 2007 | 33.00 | 274 | ||||||
| 100 | Freeport-McMoRan Copper & Gold, Inc. |
August 2007 | 115.00 | 4,000 | ||||||
| 58 | Fugro NV |
September 2007 | 52.00 | 6,748 | ||||||
| 250 | GameStop Corp. |
August 2007 | 45.00 | 12,000 | ||||||
| 150 | Genzyme Corp. |
September 2007 | 65.00 | 29,250 | ||||||
| 100 | Halliburton Co. |
September 2007 | 40.00 | 4,000 | ||||||
| 50 | Harvest Energy Trust |
September 2007 | 30.00 | 4,500 | ||||||
| 100 | Intel Corp. |
August 2007 | 25.00 | 1,500 | ||||||
| 100 | International Game Technology |
September 2007 | 40.00 | 4,000 | ||||||
| 1,000 | Isis Pharmaceuticals, Inc. |
August 2007 | 10.00 | 70,000 | ||||||
| 100 | Level 3 Communications, Inc. |
September 2007 | 5.00 | 6,000 | ||||||
| 163 | Man Group PLC |
September 2007 | 640.00 | 21,529 | ||||||
| 50 | Manor Care, Inc. |
August 2007 | 70.00 | 250 | ||||||
| 100 | Medicis Pharmceutical Corp. |
August 2007 | 35.00 | 1,500 | ||||||
| 50 | Merrill Lynch & Co., Inc. |
August 2007 | 95.00 | 250 | ||||||
| 200 | Merrill Lynch & Co., Inc. |
August 2007 | 85.00 | 7,000 | ||||||
| 100 | Millicom International Cellular SA |
August 2007 | 90.00 | 10,000 | ||||||
| 75 | Millicom International Cellular SA |
August 2007 | 105.00 | 375 | ||||||
| 400 | Motorola, Inc. |
August 2007 | 18.00 | 2,000 | ||||||
| 100 | NII Holdings Inc. |
August 2007 | 90.00 | 8,900 | ||||||
| 50 | NII Holdings Inc. |
September 2007 | 100.00 | 2,625 | ||||||
| 200 | Peabody Energy Corp. |
September 2007 | 50.00 | 11,000 | ||||||
| 200 | Peabody Energy Corp. |
September 2007 | 60.00 | 2,000 | ||||||
| 100 | Pride International Inc. |
August 2007 | 40.00 | 5,000 | ||||||
| 100 | Raytheon Co. |
August 2007 | 57.50 | 4,000 | ||||||
| 250 | RF Micro Devices, Inc. |
August 2007 | 7.50 | 1,875 | ||||||
| 40 | Roche Holding AG |
September 2007 | 240.00 | 1,496 | ||||||
| 400 | Shuffle Master, Inc. |
August 2007 | 17.50 | 3,000 | ||||||
| 100 | Shuffle Master, Inc. |
August 2007 | 22.50 | 500 | ||||||
| 100 | Six Flags Inc. |
September 2007 | 7.50 | 500 | ||||||
| 40 | Societe Generale |
August 2007 | 160.00 | 55 | ||||||
| 200 | The Pantry, Inc. |
September 2007 | 45.00 | 4,000 | ||||||
| 38 | Transocean, Inc. |
August 2007 | 120.00 | 2,850 | ||||||
| 75 | Valero Energy Corp. |
August 2007 | 80.00 | 1,500 | ||||||
| Total Call Options Written | ||||||||||
| (Premiums received $634,210) |
$ | 349,227 | ||||||||
| (a) | Non-income producing security. |
See previously submitted notes to financial statements for the period ending April 30, 2007.
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: | September 28, 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: | September 28, 2007 | |
| By: | /s/ Robert White | |
| Robert White | ||
| Treasurer and Chief Financial Officer | ||
| Date: | September 28, 2007 | |