gug52416-nq.htm
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)

1271 Avenue of the Americas, 45th Floor, New York, NY 10020
(Address of principal executive offices)          (Zip code)
 
Robert White
1271 Avenue of the Americas, 45th Floor
New York, NY 10020
(Name and address of agent for service)

Registrant’s telephone number, including area code:  (212) 482-1600

Date of fiscal year end: October 31                                                                

Date of reporting period: May 1, 2011 – July 31, 2011                                                                                                

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, 100 F Street, NE, Washington, DC 20549-1090.  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.
 
 
LCM Advent/Claymore Enhanced Growth & Income Fund
Portfolio of Investments
  
July 31, 2011 (unaudited)
  
 
Principal
     Rating        
Optional Call
    
Amount
  
Description
(S&P)*
Coupon
  
Maturity
  
Provisions**
  
Value
   
Long-Term Investments - 125.3%
                
   
Convertible Bonds - 56.2%
                
   
Agriculture - 1.0%
                
HKD 11,900,000
  
Glory River Holdings Ltd. (Hong Kong)
NR
1.00%
  
07/29/2015
  
N/A
  
 $                1,614,504
                   
 
   
Airlines - 0.5%
              
 
 $                   607,000
  
Continental Airlines, Inc. (h)
CCC+
4.50%
  
01/15/2015
  
N/A
  
                      744,334
 
                  
 
 
  
Apparel - 1.5%
              
 
                   2,340,000
  
Iconix Brand Group, Inc.(a) (h)
NR
2.50%
  
06/01/2016
  
N/A
  
                   2,439,450
 
                  
 
 
  
Auto Manufacturers - 0.9%
              
 
                   1,200,000
  
Navistar International Corp. (h) (i)
B
3.00%
  
10/15/2014
  
N/A
  
                   1,476,000
 
                  
 
 
  
Auto Parts & Equipment - 0.6%
              
 
                   1,000,000
  
Meritor, Inc.
CCC+
4.00%
  
02/15/2027
  
02/15/19 @ 100
  
                      893,750
 
                  
 
 
  
Biotechnology - 4.1%
              
 
                      932,000
  
Cubist Pharmaceuticals, Inc.
NR
2.50%
  
11/01/2017
  
N/A
  
                   1,248,880
                   1,900,000
  
Gilead Sciences, Inc., Series B (h)
A-
0.63%
  
05/01/2013
  
N/A
  
                   2,306,125
                   2,000,000
  
Illumina, Inc.(a)
NR
0.25%
  
03/15/2016
  
N/A
  
                   1,992,500
                      900,000
  
Vertex Pharmaceuticals, Inc.
NR
3.35%
  
10/01/2015
  
10/01/13 @ 101
  
                   1,132,875
 
                  
                   6,680,380
 
                  
 
 
  
Coal - 3.3%
              
 
                   1,200,000
  
Alpha Appalachia Holdings, Inc. (h)
BB-
3.25%
  
08/01/2015
  
N/A
  
                   1,258,500
                   2,686,000
  
Patriot Coal Corp. (i)
NR
3.25%
  
05/31/2013
  
N/A
  
                   2,632,280
                   1,200,000
  
Peabody Energy Corp. (h)
B+
4.75%
  
12/15/2041
  
12/20/36 @ 100
  
                   1,471,500
 
                  
                   5,362,280
 
                  
 
 
  
Commercial Services - 1.0%
              
 
                   1,100,000
  
Sotheby's (h)
BB
3.13%
  
06/15/2013
  
N/A
  
                   1,537,250
 
                  
 
 
  
Computers - 3.2%
              
 
                      615,000
  
EMC Corp., Series A (h) (i)
A-
1.75%
  
12/01/2011
  
N/A
  
                   1,000,144
                      756,000
  
EMC Corp., Series B (h) (i)
A-
1.75%
  
12/01/2013
  
N/A
  
                   1,263,465
EUR 1,700,000
  
Ingenico, Series ING (France)
NR
2.75%
  
01/01/2017
  
N/A
  
                   1,023,986
$1,200,000
  
Netapp, Inc.
NR
1.75%
  
06/01/2013
  
N/A
  
                   1,863,000
                   
                   5,150,595
                   
 
   
Diversified Financial Services - 2.3%
              
 
GBP 700,000
  
Aberdeen Asset Management PLC, Series ADN (United Kingdom)
NR
3.50%
  
12/17/2014
  
N/A
  
                   1,442,057
$1,000,000
  
Janus Capital Group, Inc. (h)
BBB-
3.25%
  
07/15/2014
  
N/A
  
                   1,045,000
HKD 8,000,000
  
Power Regal Group Ltd. (Hong Kong)
NR
2.25%
  
06/02/2014
  
N/A
  
                   1,187,504
                   
                   3,674,561
                   
 
   
Electrical Components & Equipment - 1.8%
              
 
$600,000
  
General Cable Corp. (h)
B+
0.88%
  
11/15/2013
  
N/A
  
                      632,250
860,000
  
General Cable Corp.(b) (h)
B
4.50%
  
11/15/2029
  
N/A
  
                   1,130,900
JPY 80,000,000
  
Nidec Corp. (Japan)(c)
NR
0.00%
  
09/18/2015
  
N/A
  
                   1,083,042
                   
                   2,846,192
                   
 
   
Engineering & Construction - 1.7%
              
 
$870,000
  
Jaiprakash Associates Ltd. (India)(c) (i)
NR
0.00%
  
09/12/2012
  
N/A
  
                   1,161,450
1,400,000
  
Larsen & Toubro Ltd. (India)
NR
3.50%
  
10/22/2014
  
N/A
  
                   1,642,900
                   
                   2,804,350
                   
 
   
Health Care Products - 0.6%
              
 
1,000,000
  
NuVasive, Inc. (h)
NR
2.75%
  
07/01/2017
  
N/A
  
                      975,000
                   
 
   
Holding Companies-Diversified - 1.3%
              
 
EUR 1,300,000
  
Industrivarden AB, Series INDU (Sweden)
A
2.50%
  
02/27/2015
  
N/A
  
                   2,174,376
                   
 
   
Home Builders - 0.7%
              
 
$1,000,000
  
Lennar Corp.(a) (h)
B+
2.75%
  
12/15/2020
  
12/20/15 @ 100
  
                   1,066,250
                   
 
   
Insurance - 0.4%
              
 
500,000
  
American Equity Investment Life Holding Co.(a)
NR
3.50%
  
09/15/2015
  
N/A
  
                      568,125
                   
 
   
Internet - 3.0%
              
 
1,000,000
  
Digital River, Inc.(a)
NR
2.00%
  
11/01/2030
  
11/01/15 @ 100
  
                      922,500
1,500,000
  
Equinix, Inc. (h) (i)
B-
3.00%
  
10/15/2014
  
N/A
  
                   1,695,000
2,419,000
  
WebMD Health Corp.(a)
NR
2.50%
  
01/31/2018
  
N/A
  
                   2,152,910
                   
                   4,770,410
                   
 
   
Iron & Steel - 2.3%
              
 
850,000
  
Allegheny Technologies, Inc. (h)
BBB-
4.25%
  
06/01/2014
  
N/A
  
                   1,317,500
EUR 1,300,000
  
Kloeckner & Co. Financial Services SA, Series KCO (Germany)
B+
6.00%
  
06/09/2014
  
N/A
  
                   2,416,855
                   
                   3,734,355
                   
 
   
Lodging - 0.7%
              
 
$1,000,000
  
MGM Resorts International
CCC+
4.25%
  
04/15/2015
  
N/A
  
                   1,138,750
                   
 
   
Media - 1.3%
              
 
1,439,000
  
XM Satellite Radio, Inc.(a) (h)
BB-
7.00%
  
12/01/2014
  
N/A
  
                   2,061,367
                   
 
   
Mining - 3.8%
              
 
800,000
  
Molycorp, Inc.(a) (h)
NR
3.25%
  
06/15/2016
  
N/A
  
                      967,000
2,000,000
  
Newmont Mining Corp., Series A (h) (i)
BBB+
1.25%
  
07/15/2014
  
N/A
  
                   2,675,000
1,000,000
  
Paladin Energy Ltd., Series PALA (Australia)
NR
5.00%
  
03/11/2013
  
N/A
  
                      934,000
1,600,000
  
Vedanta Resources Jersey II Ltd. (United Kingdom)
BB
4.00%
  
03/30/2017
  
N/A
  
                   1,572,000
                   
                   6,148,000
                   
 
   
Miscellaneous Manufacturing - 1.7%
              
 
700,000
  
Textron, Inc., Series TXT (h) (i)
BBB-
4.50%
  
05/01/2013
  
N/A
  
                   1,282,750
1,525,000
  
Trinity Industries, Inc. (h) (i)
BB-
3.88%
  
06/01/2036
  
06/01/18 @ 100
  
                   1,517,375
                   
                   2,800,125
                   
 
   
Oil & Gas - 4.3%
              
 
1,000,000
  
Chesapeake Energy Corp. (h)
BB+
2.75%
  
11/15/2035
  
11/15/15 @ 100
  
                   1,168,750
2,000,000
  
Lukoil International Finance BV (Russia)
BBB-
2.63%
  
06/16/2015
  
N/A
  
                   2,350,000
800,000
  
Petrominerales Ltd., Series PMG (Canada)
NR
2.63%
  
08/25/2016
  
N/A
  
                      951,599
1,200,000
  
Petroplus Finance Ltd. (Bermuda)
B
4.00%
  
10/16/2015
  
N/A
  
                   1,067,400
977,000
  
SM Energy Co.
NR
3.50%
  
04/01/2027
  
04/06/12 @ 100
  
                   1,403,216
                   
                   6,940,965
                   
 
   
Oil & Gas Services - 0.8%
              
 
1,100,000
  
Subsea 7 SA, Series ACY (Luxembourg)
NR
2.25%
  
10/11/2013
  
N/A
  
                   1,372,801
                   
 
   
Pharmaceuticals - 2.1%
              
 
500,000
  
Omnicare, Inc. (h)
BB
3.75%
  
12/15/2025
  
N/A
  
                      644,375
1,496,000
  
Salix Pharmaceuticals LT
NR
2.75%
  
05/15/2015
  
N/A
  
                   1,699,830
JPY 75,000,000
  
Sawai Pharmaceutical Co. Ltd. (Japan)(c)
NR
0.00%
  
09/17/2015
  
N/A
  
                   1,047,173
                   
                   3,391,378
                   
 
   
Real Estate - 2.0%
              
 
$740,000
  
Forest City Enterprises(a) (h)
B-
4.25%
  
08/15/2018
  
N/A
  
                      771,450
EUR 445,000
  
Immofinanz AG (Austria)
NR
4.25%
  
03/08/2018
  
N/A
  
                   2,476,649
                   
                   3,248,099
                   
 
   
Real Estate Investment Trusts - 0.5%
              
 
$750,000
  
Annaly Capital Management, Inc. (h)
NR
4.00%
  
02/15/2015
  
N/A
  
                      860,625
                   
 
   
Retail - 2.4%
              
 
HKD 15,000,000
  
Hengdeli Holdings Ltd. (Cayman Islands)
NR
2.50%
  
10/20/2015
  
N/A
  
                   2,154,404
$1,250,000
  
Sonic Automotive, Inc. (h) (i)
B+
5.00%
  
10/01/2029
  
10/01/14 @ 100
  
                   1,718,750
                   
                   3,873,154
                   
 
   
Semiconductors - 2.0%
              
 
750,000
  
Intel Corp. (h) (i)
A-
3.25%
  
08/01/2039
  
N/A
  
                      892,500
1,450,000
  
Micron Technology, Inc. (h)
BB-
1.88%
  
06/01/2014
  
N/A
  
                   1,404,687
1,000,000
  
Micron Technology, Inc., Series A(a) (h)
NR
1.50%
  
08/01/2031
  
08/05/15 @ 100
  
                      973,750
                   
                   3,270,937
                   
 
   
Telecommunications - 4.4%
              
 
1,500,000
  
Arris Group, Inc. (h)
NR
2.00%
  
11/15/2026
  
11/15/13 @ 100
  
                   1,580,625
GBP 1,100,000
  
Cable & Wireless Worldwide PLC (United Kingdom)
NR
5.75%
  
11/24/2014
  
N/A
  
                   1,782,176
$1,652,000
  
Ciena Corp.(a) (h)
NR
4.00%
  
03/15/2015
  
N/A
  
                   1,821,330
1,900,000
  
JDS Uniphase Corp. (h)
NR
1.00%
  
05/15/2026
  
05/20/13 @ 100
  
                   1,859,625
                   
                   7,043,756
                   
 
   
Total Convertible Bonds - 56.2%
              
 
   
(Cost $88,422,596)
              
                 90,662,119
                   
 
   
Corporate Bonds - 21.3%
              
 
   
Banks - 0.9%
              
 
1,350,000
  
Capital One Capital V (i)
BB
10.25%
  
08/15/2039
  
N/A
  
                   1,436,738
                     
   
Beverages - 0.7%
              
 
1,000,000
  
Constellation Brands, Inc. (i)
BB+
7.25%
  
09/01/2016
  
N/A
  
                   1,107,500
                   
 
   
Chemicals - 1.4%
              
 
2,042,000
  
Lyondell Chemical Co.
BB-
11.00%
  
05/01/2018
  
05/01/13 @ 100
  
                   2,322,775
                   
 
   
Diversified Financial Services - 2.1%
              
 
2,000,000
  
Ford Motor Credit Co., LLC (i)
BB-
12.00%
  
05/15/2015
  
N/A
  
                   2,513,090
1,000,000
  
Textron Financial Corp.(a) (g)
B
6.00%
  
02/15/2067
  
02/15/17 @ 100
  
                      870,000
                   
                   3,383,090
                   
 
   
Health Care Products - 1.0%
              
 
1,500,000
  
Biomet, Inc. (i)
B-
10.00%
  
10/15/2017
  
10/15/12 @ 105
  
                   1,642,500
                   
 
   
Health Care Services - 1.9%
              
 
2,500,000
  
Apria Healthcare Group, Inc. (i)
BB+
11.25%
  
11/01/2014
  
11/01/11 @ 106
  
                   2,575,000
500,000
  
HCA, Inc.
BB-
9.25%
  
11/15/2016
  
11/15/11 @ 105
  
                      535,937
                   
                   3,110,937
                   
 
   
Insurance - 2.1%
              
 
1,000,000
  
AXA SA (France)(a) (d) (g)
BBB
6.38%
  
-
  
12/14/36 @ 100
  
                      850,000
1,000,000
  
Liberty Mutual Group, Inc.(a) (g)
BB
10.75%
  
6/15/2058
  
06/15/38 @ 100
  
                   1,332,500
800,000
  
MetLife, Inc. (i)
BBB
10.75%
  
8/1/2039
  
08/01/34 @ 100
  
                   1,138,985
                   
                   3,321,485
                   
 
   
Machinery-Diversified - 1.7%
              
 
2,500,000
  
Case New Holland, Inc. (i)
BB+
7.75%
  
09/01/2013
  
N/A
  
                   2,746,875
                   
 
   
Media - 2.1%
              
 
3,000,000
  
Clear Channel Worldwide Holdings, Inc., Series B (i)
B
9.25%
  
12/15/2017
  
12/15/12 @ 107
  
                   3,292,500
                   
 
   
Oil & Gas - 0.8%
              
 
1,200,000
  
Alta Mesa Holdings/Alta Mesa Finance Services Corp.(a) (i)
B
9.63%
  
10/15/2018
  
10/15/14 @ 105
  
                   1,212,000
                   
 
   
Pharmaceuticals - 1.1%
              
 
1,665,000
  
Aptalis Pharma, Inc. (i)
B
12.75%
  
03/01/2016
  
03/01/12 @ 106
  
                   1,808,606
                   
 
   
Retail - 1.6%
              
 
2,450,000
  
Toys "R" US Property Co. II, LLC (i)
B+
8.50%
  
12/01/2017
  
12/01/13 @ 104
  
                   2,633,750
                   
 
   
Semiconductors - 0.3%
              
 
500,000
  
MEMC Electronics Materials, Inc.(a)
BB
7.75%
  
04/01/2019
  
04/01/14 @ 106
  
                      480,000
                   
 
   
Telecommunications - 3.6%
              
 
EUR 2,700,000
  
Alcatel-Lucent (France)
B
8.50%
  
01/15/2016
  
N/A
  
                   4,112,695
$500,000
  
NII Capital Corp.
B+
10.00%
  
08/15/2016
  
08/15/13 @ 105
  
                      578,750
1,000,000
  
UPC Holding BV (Netherlands)(a) (i)
B-
9.88%
  
04/15/2018
  
04/15/14 @ 105
  
                   1,112,500
                   
                   5,803,945
                   
 
   
Total Corporate Bonds - 21.3%
              
 
   
(Cost $31,234,678)
              
                 34,302,701
                   
 
Number
                  
 
of Shares
  
Description
              
 Value
   
Convertible Preferred Stocks - 21.5%
              
 
   
Auto Manufacturers - 1.0%
              
 
                        34,381
  
General Motors Co., Series B (h) (i)
B-
4.75%
  
12/01/2013
  
N/A
  
                   1,588,746
 
                  
 
 
  
Auto Parts & Equipment - 0.7%
              
 
                        19,998
  
Goodyear Tire & Rubber Co. (h) (i)
NR
5.88%
  
04/01/2014
  
N/A
  
                   1,079,492
 
                  
 
 
  
Banks - 8.6%
              
 
                         2,650
  
Bank of America Corp., Series L (d) (h) (i)
BB+
7.25%
  
-
  
N/A
  
                   2,583,035
                        20,712
  
Citigroup, Inc. (h) (i)
NR
7.50%
  
12/15/2012
  
N/A
  
                   2,322,851
                        15,626
  
KeyCorp, Series A(d) (i)
BB
7.75%
  
-
  
N/A
  
                   1,740,268
                      117,950
  
Synovus Financial Corp., Series tMED (i)
NR
8.25%
  
05/15/2013
  
N/A
  
                   2,204,485
                        58,824
  
UBS AG (Stillwater Mining Co.) (Switzerland)(f) (i)
NR
9.38%
  
06/15/2012
  
N/A
  
                   1,212,804
                         3,565
  
Wells Fargo & Co., Series L(d) (h) (i)
A-
7.50%
  
-
  
N/A
  
                   3,784,960
 
                  
                 13,848,403
 
                  
 
 
  
Electric - 2.0%
              
 
                        41,179
  
PPL Corp. (h) (i)
NR
9.50%
  
07/01/2013
  
N/A
  
                   2,309,730
                        19,000
  
PPL Corp. (h) (i)
NR
8.75%
  
05/01/2014
  
N/A
  
                   1,019,160
 
                  
                   3,328,890
 
                  
 
 
  
Hand & Machine Tools - 1.3%
              
 
                        19,253
  
Stanley Black & Decker, Inc. (i)
BBB+
4.75%
  
11/17/2015
  
N/A
  
                   2,171,546
 
                  
 
 
  
Insurance - 3.1%
              
 
                        99,524
  
Hartford Financial Services Group, Inc., Series F (h) (i)
BB+
7.25%
  
04/01/2013
  
N/A
  
                   2,368,671
                        33,050
  
MetLife, Inc. (h) (i)
BBB-
5.00%
  
09/11/2013
  
N/A
  
                   2,575,917
 
                  
                   4,944,588
 
                  
 
 
  
Mining - 0.6%
              
 
                        19,999
  
AngloGold Ashanti Holdings Finance PLC (South Africa) (i)
NR
6.00%
  
09/15/2013
  
N/A
  
                      988,351
 
                  
 
 
  
Oil & Gas - 1.2%
              
 
                        30,589
  
Apache Corp., Series D (h) (i)
BBB+
6.00%
  
08/01/2013
  
N/A
  
                   1,992,567
 
                  
 
 
  
Pharmaceuticals - 0.8%
              
 
                        26,800
  
Omnicare Capital Trust II, Series B (i)
B
4.00%
  
06/15/2033
  
09/02/11 @ 50.00
  
                   1,246,736
 
                  
 
 
  
Real Estate - 0.6%
              
 
                        14,996
  
Forest City Enterprises, Inc., Series A(d) (h) (i)
CCC+
7.00%
  
-
  
03/09/13 @ 50.00
  
                      985,987
 
                  
 
 
  
Real Estate Investment Trusts - 0.8%
              
 
                        50,000
  
Alexandria Real Estate Equities, Inc., Series D (d) (i)
NR
7.00%
  
-
  
N/A
  
                   1,350,000
 
                  
 
 
  
Telecommunications - 0.8%
              
 
                         1,285
  
Lucent Technologies Capital Trust I (i)
CCC
7.75%
  
03/15/2017
  
09/02/11 @ 1007.80
  
                   1,258,658
 
                  
 
 
  
Total Convertible Preferred Stocks - 21.5%
              
 
 
  
(Cost $32,126,653)
              
                 34,783,964
 
                  
 
 
  
Common Stocks - 14.7%
              
 
 
  
Banks - 1.7%
              
 
                        20,000
  
Citigroup, Inc.(h) (i)
              
                      766,800
                        88,000
  
First Horizon National Corp. (i)
              
                      791,120
                        20,000
  
Sumitomo Mitsui Financial Group, Inc. (Japan)
              
                      630,652
                        30,000
  
Webster Financial Corp. (i)
              
                      612,600
 
                  
                   2,801,172
 
                  
 
 
  
Biotechnology - 0.6%
              
 
                        23,000
  
Life Technologies Corp.(e) (h) (i)
              
                   1,035,690
 
                  
 
 
  
Coal - 0.5%
              
 
                        17,200
  
Alpha Natural Resources, Inc.(e) (h) (i)
              
                      734,612
 
                  
 
 
  
Computers - 2.1%
              
 
                         4,200
  
Apple, Inc. (e) (h) (i)
              
                   1,640,016
                        66,100
  
EMC Corp.(e) (h) (i)
              
                   1,723,888
 
                  
                   3,363,904
 
                  
 
 
  
Health Care Services - 0.4%
              
 
                      105,000
  
Tenet Healthcare Corp.(e) (h) (i)
              
                      583,800
 
                  
 
 
  
Internet - 0.8%
              
 
                         1,000
  
Equinix, Inc.(e) (h)
              
                      104,470
                         2,000
  
Google, Inc., Class A(e) (h) (i)
              
                   1,207,380
 
                  
                   1,311,850
 
                  
 
 
  
Iron & Steel - 0.6%
              
 
                        25,000
  
United States Steel Corp. (h) (i)
              
                      999,750
 
                  
 
 
  
Mining - 0.1%
              
 
                         1,000
  
Molycorp, Inc.(e) (h)
              
                        63,630
                         2,500
  
Newmont Mining Corp. (h)
              
                      139,025
 
                  
                      202,655
 
                  
 
 
  
Miscellaneous Manufacturing - 2.6%
              
 
                      104,500
  
General Electric Co. (h) (i)
              
                   1,871,595
                        44,000
  
Textron, Inc. (h) (i)
              
                   1,017,720
                        30,000
  
Tyco International Ltd. (Switzerland) (h) (i)
              
                   1,328,700
 
                  
                   4,218,015
 
                  
 
 
  
Oil & Gas - 0.9%
              
 
                        36,000
  
Suncor Energy, Inc. (Canada) (h) (i)
              
                   1,375,920
 
                  
 
 
  
Pharmaceuticals - 0.7%
              
 
                        47,000
  
Mylan, Inc.(e) (h) (i)
              
                   1,070,660
 
                  
 
 
  
Real Estate - 0.0%
              
 
                         2,000
  
Forest City Enterprises, Inc., Class A(e) (h)
              
                        36,020
 
                  
 
 
  
Real Estate Investment Trusts - 0.1%
              
 
                        12,500
  
Annaly Capital Management, Inc. (h) (i)
              
                      209,750
 
                  
 
 
  
Savings & Loans - 0.2%
              
 
                        25,000
  
People's United Financial, Inc.
              
                      317,000
 
                  
 
 
  
Semiconductors - 0.1%
              
 
                         5,000
  
Intel Corp. (h) (i)
              
                      111,650
 
                  
 
 
  
Software - 1.1%
              
 
                        62,000
  
Microsoft Corp. (h) (i)
              
                   1,698,800
 
                  
 
 
  
Telecommunications - 2.2%
              
 
                   1,782,727
  
Cable & Wireless Worldwide PLC (United Kingdom)
              
                   1,225,261
                        29,500
  
Qualcomm, Inc. (h) (i)
              
                   1,616,010
                        21,900
  
Verizon Communications, Inc. (h) (i)
              
                      772,851
 
                  
                   3,614,122
 
                  
 
 
  
Total Common Stocks - 14.7%
              
 
 
  
(Cost $22,830,477)
              
                 23,685,370
 
                  
 
 
  
Preferred Stocks - 4.5%
              
 
 
  
Diversified Financial Services - 3.8%
              
 
                        75,000
  
Citigroup Capital XII (g) (h) (i)
BB+
8.50%
  
03/30/2040
      
                   1,929,750
                        80,976
  
Citigroup Capital XIII (g) (h) (i)
BB+
7.88%
  
10/30/2040
      
                   2,192,021
                        80,000
  
JPMorgan Chase Capital XXIX (h) (i)
BBB+
6.70%
  
04/02/2040
      
                   2,032,000
 
                  
                   6,153,771
 
                  
 
 
  
Lodging - 0.7%
              
 
                        10,300
  
Las Vegas Sands Corp., Series A (i)
NR
10.00%
  
-
      
                   1,166,691
 
                  
 
 
  
Total Preferred Stocks - 4.5%
              
 
 
  
(Cost $7,154,202)
              
                   7,320,462
 
                  
 
 
  
Exchange Traded Funds - 6.3%
              
 
                        30,000
  
Health Care Select Sector SPDR Fund (h) (i)
              
                   1,024,500
                        33,000
  
iShares Russell 1000 Value Index Fund (h) (i)
              
                   2,164,800
                        26,000
  
iShares Russell 2000 Index Fund (i)
              
                   2,070,900
                        14,000
  
Market Vectors Agribusiness ETF(h) (i)
              
                      757,820
                        22,000
  
SPDR S&P 500 ETF Trust (h) (i)
              
                   2,839,100
                        77,000
  
SPDR S&P Homebuilders ETF (h) (i)
              
                   1,292,060
 
  
(Cost $10,356,114)
              
                 10,149,180
 
                  
 
 
  
Warrants - 0.8%
              
 
                        92,059
  
JPMorgan Chase & Co.(e) (h) (i)
              
                   1,229,908
 
  
(Cost $1,060,047)
              
 
 
                  
 
 
  
Total Long-Term Investments - 125.3%
              
 
 
  
(Cost $193,184,767)
              
                202,133,704
 
                  
 
 Contracts
  
Options Purchased
  
Expiration
Date
  
Exercise
Price
      
 Value
 
  
Put Options Purchased - 0.0%
              
 
                            250
  
Qualcomm, Inc.
  
August 2011
  
$55.00
      
                        40,750
 
  
(Cost $37,126)
              
 
 
                  
 
 
                  
 
   
Total Investments - 125.3%
              
 
   
(Cost $193,221,893)
              
                202,174,454
   
Other Assets in excess of Liabilities - 5.7%
              
                   9,244,717
   
Total value of Options Written - (0.0%) (Premiums received $90,824)
            
                       (92,220)
   
Borrowings - (31.0% of Net Assets or 24.7% of Total Investments)
              
                (50,000,000)
   
Net Assets  - 100.0%
              
$              161,326,951
                     
 
AB - Stock Company
  
AG - Stock Corporation
  
BV - Limited Liability Company
  
LLC - Limited Liability Company
  
N/A- Not Available
  
PLC - Public Limited Company
  
SA - Corporation
  
S&P - Standard & Poor's
  
 
*
Ratings shown are per Standard & Poor's, Moody's or Fitch.  Securities classified as NR are not rated. (For securities not rated by Standard & Poor's Rating Group, the rating by Moody's Investor Services, Inc. is provided.  Likewise, for securities not rated by Standard & Poor's Rating Group and Moody's Investor Services, Inc., the rating by Fitch Ratings is provided.)  All ratings are unaudited.  The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares.
**
Date and price of the earliest optional call or put provision. There may be other call provisions at varying prices at later dates.
(a)
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, 2011 these securities amounted to $21,593,632, which represents 13.4% of net assets applicable to common shares.
(b)
Security is a "Step-down" bond where the coupon decreases or steps down at a predetermined date.  The rate shown reflects the rate in effect at the end of the reporting period.
(c)
Zero coupon bond.
(d)
Perpetual maturity.
(e)
Non-income producing security.
(f)
Security is exchangable into security of another entity that is different than the issuer.  The entity is listed in a parenthetical.
(g)
Floating or variable rate coupon.  The rate shown is as of July 31, 2011.
(h)
All or a portion of this security position represents cover for outstanding options written.
(i)
All or a portion of this security has been physically segregated in connection with the line of credit, forward exchange currency contracts, and futures. As of July 31, 2011, the total amount segregated was $102,824,627.
 
Country Breakdown*
  
United States
79.1%
United Kingdom
3.0%
France
2.9%
India
1.4%
Hong Kong
1.4%
Japan
1.4%
Switzerland
1.2%
Austria
1.2%
Germany
1.2%
Russian Federation
1.2%
Canada
1.1%
Sweden
1.1%
Cayman Islands
1.1%
Luxembourg
0.7%
Netherlands
0.5%
Bermuda
0.5%
South Africa
0.5%
Australia
0.5%
* As a percentage of long-term investments. Subject to change daily.
  
 
See previously submitted notes to financial statements for the period ended April 30, 2011.
 
 
 
 
 
 
Contracts (100 shares per contract)
  
Call Options Written (a)
Expiration
Month
Exercise
Price
Market Value
(15)
  
Allegheny Technologies, Inc.
September 2011
$75.00
$(337)
(75)
  
Alpha Natural Resources, Inc./Alpha Appalachia Holdings, Inc.
August 2011
50.00
(1,500)
(25)
  
Annaly Capital Management, Inc.
August 2011
19.00
(25)
(10)
  
Apache Corp.
August 2011
130.00
(1,490)
(10)
  
Apple, Inc.
August 2011
360.00
(33,800)
(10)
  
Arris Group, Inc.
September 2011
12.50
(375)
(50)
  
Bank of America Corp.
August 2011
12.00
(150)
(10)
  
Chesapeake Energy Corp.
August 2011
33.00
(2,030)
(50)
  
Ciena Corp.
August 2011
21.00
(200)
(50)
  
Citigroup, Inc.
August 2011
44.00
(500)
(50)
  
Continental Airlines, Inc.
August 2011
29.00
(200)
(100)
  
EMC Corp.
August 2011
29.00
(400)
(10)
  
Equinix, Inc.
August 2011
105.00
(3,000)
(10)
  
Forest City Enterprises, Inc.
December 2011
20.00
(500)
(15)
  
General Cable Corp.
August 2011
45.00
(675)
(50)
  
General Electric Co.
September 2011
21.00
(250)
(15)
  
General Motors Co.
September 2011
34.00
(120)
(10)
  
Gilead Sciences, Inc.
August 2011
44.00
(430)
(20)
  
Goodyear Tire & Rubber Co.
August 2011
18.00
(300)
(5)
  
Google, Inc.
September 2011
650.00
(3,750)
(10)
  
Hartford Financial Services Group, Inc.
August 2011
28.00
(50)
(25)
  
Health Care Select Sector SPDR Fund
September 2011
38.00
(100)
(15)
  
Iconix Brand Group, Inc.
August 2011
25.00
(375)
(50)
  
Intel Corp.
August 2011
23.00
(1,300)
(25)
  
iShares Russell 1000 Value Index Fund
September 2011
72.00
(625)
(10)
  
Janus Capital Group, Inc.
August 2011
10.00
(100)
(10)
  
JDS Uniphase Corp.
August 2011
20.00
(30)
(10)
  
JPMorgan Chase & Co.
September 2011
46.00
(210)
(25)
  
Lennar Corp.
September 2011
20.00
(525)
(25)
  
Life Technologies Corp.
August 2011
60.00
(250)
(20)
  
Market Vectors Agribusiness ETF
August 2011
57.00
(600)
(25)
  
MetLife, Inc.
September 2011
48.00
(575)
(25)
  
Micron Technology, Inc.
September 2011
10.00
(100)
(100)
  
Microsoft Corp.
September 2011
30.00
(1,600)
(10)
  
Molycorp, Inc.
September 2011
60.00
(8,300)
(40)
  
Mylan, Inc.
August 2011
25.00
(520)
(10)
  
Navistar International Corp.
September 2011
65.00
(225)
(25)
  
Newmont Mining Corp.
August 2011
60.00
(875)
(15)
  
Nuvasive, Inc.
September 2011
40.00
(180)
(25)
  
Omnicare, Inc.
August 2011
34.00
(625)
(25)
  
Peabody Energy Corp.
August 2011
65.00
(450)
(10)
  
PPL Corp.
August 2011
29.00
(200)
(10)
  
PPL Corp.
September 2011
29.00
(300)
(250)
  
Qualcomm, Inc.
October 2011
62.50
(14,750)
(25)
  
Sonic Automotive, Inc.
August 2011
15.00
(2,688)
(15)
  
Sotheby's
August 2011
45.00
(1,500)
(30)
  
SPDR S&P 500 ETF Trust
August 2011
139.00
(330)
(10)
  
SPDR S&P Homebuilders ETF
September 2011
20.00
(60)
(50)
  
Suncor Energy, Inc.
September 2011
45.00
(950)
(100)
  
Tenet Healthcare Corp.
August 2011
7.00
(1,000)
(50)
  
Textron, Inc.
August 2011
25.00
(1,350)
(15)
  
Trinity Industries, Inc.
August 2011
37.00
(75)
(25)
  
Tyco International Ltd.
August 2011
52.50
(250)
(50)
  
United States Steel Corp.
August 2011
48.00
(400)
(50)
  
Verizon Communications, Inc.
August 2011
38.00
(250)
(10)
  
Wells Fargo & Co.
September 2011
33.00
(70)
(100)
  
XM Satellite Radio, Inc.
August 2011
2.50
(400)
   
Total Value of Call Options Written
    
 $                     (92,220)
   
(Premiums received $(90,824))
      
           
(a)
 
Non-income producing security.
      
 
 
 
 
 
At July 31, 2011, the following forward exchange currency contracts and futures contracts outstanding were:
      
             
Forward Exchange Currency Contracts
          
 
Contracts
to Sell
Counterparty
Settlement
Date
Settlement
Value
Value at
7/31/11
Net Unrealized Appreciation (Depreciation)
EUR
6,700,000
  
 
 
 
  
for USD
9,635,270
The Bank of New York Mellon
9/16/2011
 $ 9,635,270
 $ 9,617,148
 $         18,122
 GBP
3,300,000
          
 for USD
5,402,298
The Bank of New York Mellon
9/16/2011
   5,402,298
    5,414,124
             (11,826)
             
   
Total unrealized appreciation on forward exchange currency contracts
  
 $           6,296
             
             
Futures Contracts
            
 
Number of
Contracts
Notional
Value
Expiration Date
Basis
Value
Market
Value
Unrealized
Loss
Contracts to Sell:
            
U.S. Treasury 5-Year Note
40
$121,445
30-Sep
$4,780,539
$4,857,813
($77,274)
 
 
 
 
 
At July 31, 2011, the cost and related gross unrealized appreciation and depreciation on investments for tax purposes are as follows:
 
Cost of Investments
for Tax Purposes
  
Gross Tax
Unrealized
Appreciation
    
Gross Tax
Unrealized
Depreciation
    
Net Tax
Unrealized
Appreciation on
Investments
    
Net Tax
Unrealized
Depreciation on
Derivatives and
Foreign Currency
  
$ 193,289,982   $ 14,191,635     $ (5,347,913 )   $ 8,843,722     $ (68,825 )
 
GAAP requires disclosure of fair valuation measurements as of each measurement date.  In compliance with GAAP, the Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's investments and summarized in the following fair value hierarchy:
 
Level 1 - quoted prices in active markets for identical securities.
 
Level 2 - quoted prices in inactive markets or other significant observable inputs (e.g. quoted prices for similar securities; interest rates; prepayment speed; credit risk; yield curves)
 
Level 3 - significant unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used to determine fair value)
 
Observable inputs are those based upon market data obtained from independent sources, and unobservable inputs reflect the Fund's own assumptions based on the best information available.  A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The Fund adopted the Accounting Standard Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) are required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer, and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number.
 
The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using various observable market inputs in accordance with procedures established in good faith by management and approved by the Board of Trustees. The Fund did not hold any Level 3 securities at July 31, 2011.
 
The following table represents the Fund’s investments carried on the Statement of Assets and Liabilities by caption and by level within the fair value hierarchy as of July 31, 2011:
 
   
Quoted Prices
    
Significant
              
    in Active Markets     Other     Significant        
    for Identical     Observable     Unobservable        
    Assets     Inputs     Inputs        
Description
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
 
                        
(Value in $000s)
                        
                         
Assets:
                        
Convertible Bonds
   $ -     $ 90,662     $ -     $ 90,662  
Convertible Preferred Stocks:
                                
     Auto Manufacturers
     1,589       -       -       1,589  
     Auto Parts & Equipment
     1,079       -       -       1,079  
     Banks
     12,635       1,213       -       13,848  
     Electric
     3,329       -       -       3,329  
     Hand & Machine Tools
     2,171       -       -       2,171  
     Insurance
     4,945       -       -       4,945  
     Mining
     988       -       -       988  
     Oil & Gas
     1,993       -       -       1,993  
     Pharmaceuticals
     1,247       -       -       1,247  
     Real Estate
     -       986       -       986  
     Real Estate Investment Trusts
     -       1,350               1,350  
     Telecommunications
     -       1,259       -       1,259  
Common Stocks
     23,685       -       -       23,685  
Corporate Bonds
     -       34,303       -       34,303  
Exchange Traded Funds
     10,149       -       -       10,149  
Preferred Stock:
                                
      Diversified Financial Services
     6,154       -       -       6,154  
      Lodging
     -       1,167       -       1,167  
Warrants
     1,230       -       -       1,230  
Options Purchased
     41       -       -       41  
Foreign Exchange Currency Contracts
     -       6       -       6  
Total
   $ 71,235     $ 130,946     $ -     $ 202,181  
                                 
Liabilities:
                                
Options Written
   $ 92     $ -     $ -     $ 92  
Futures Contracts
     77       -       -       77  
Total
   $ 169     $ -     $ -     $ 169  
                                 
There were no transfers between Levels.
                                
 
 
 
 
 
 
 
 
 
 
 
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 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of this report 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 on 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)
There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that has materially affected or is 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 of 1940, as amended (17 CFR 270.30a-2(a)), is 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 26, 2011
 
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 26, 2011
 
By:        /s/ Robert White                                 
              Robert White
Treasurer and Chief Financial Officer
 
Date:     September 26, 2011