gug53561-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: November 1, 2011 – January 31, 2012                                                                                                           


Item 1.   Schedule of Investments.
Attached hereto.

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.


 
 
 
 
LCM Advent/Claymore Enhanced Growth & Income Fund
Portfolio of Investments
  
January 31, 2012 (unaudited)
 
 
 
          Principal
          
Optional Call
    
 
          Amount~
  
Description
Rating*
Coupon
Maturity
Provisions**
  
Value
     
Long-Term Investments - 132.5%
            
     
Convertible Bonds - 79.2%
            
     
Aerospace & Defense - 1.4%
            
 
$2,100,000
  
L-3 Communications Holdings, Inc.(j)
BB+
3.00%
08/01/2035
02/22/12 @ 100
  
$2,047,500
                   
     
Agriculture - 1.6%
            
 
HKD 18,900,000
  
Glory River Holdings Ltd. (Hong Kong)
NR
1.00%
07/29/2015
N/A
  
2,385,502
                   
     
Apparel - 1.6%
            
 
$2,340,000
  
Iconix Brand Group, Inc.(a) (j)
NR
2.50%
06/01/2016
N/A
  
2,316,600
                   
     
Auto Manufacturers - 1.7%
            
 
2,100,000
  
Navistar International Corp. (j)
B
3.00%
10/15/2014
N/A
  
2,443,875
                   
     
Auto Parts & Equipment - 1.5%
            
 
500,000
  
Meritor, Inc.(b)
CCC+
4.63%
03/01/2026
03/01/16 @ 100
  
425,625
 
1,000,000
  
Meritor, Inc.(b)
CCC+
4.00%
02/15/2027
02/15/19 @ 100
  
721,250
 
700,000
  
TRW Automotive, Inc.
BB-
3.50%
12/01/2015
N/A
  
1,041,250
                 
2,188,125
                   
     
Biotechnology - 3.3%
            
 
1,450,000
  
Charles River Laboratories International, Inc. (j)
BB+
2.25%
06/15/2013
N/A
  
1,444,562
 
500,000
  
Gilead Sciences, Inc., Series B (j)
A-
0.63%
05/01/2013
N/A
  
661,250
 
1,000,000
  
Illumina, Inc.(a) (j)
NR
0.25%
03/15/2016
N/A
  
961,250
 
700,000
  
United Therapeutics Corp.(a)
NR
1.00%
09/15/2016
N/A
  
834,750
 
900,000
  
Vertex Pharmaceuticals, Inc. (j)
NR
3.35%
10/01/2015
10/01/13 @ 101
  
990,000
                 
4,891,812
                   
     
Coal - 1.7%
            
 
1,292,000
  
Alpha Natural Resources, Inc. (j)
B+
2.38%
04/15/2015
N/A
  
1,208,020
 
1,200,000
  
Peabody Energy Corp. (j)
B+
4.75%
12/15/2041
12/20/36 @ 100
  
1,234,500
                 
2,442,520
                   
     
Commercial Services - 1.4%
            
 
700,000
  
Avis Budget Group, Inc.
NR
3.50%
10/01/2014
N/A
  
811,125
 
1,000,000
  
Sotheby's (j)
BB
3.13%
06/15/2013
N/A
  
1,190,000
                 
2,001,125
                   
     
Computers - 3.0%
            
 
EUR 2,650,000
  
Ingenico, Series ING (France)
NR
2.75%
01/01/2017
N/A
  
1,516,417
 
$1,200,000
  
Netapp, Inc. (j)
NR
1.75%
06/01/2013
N/A
  
1,557,000
 
1,175,000
  
SanDisk Corp.
BB
1.50%
08/15/2017
N/A
  
1,363,000
                 
4,436,417
                   
     
Diversified Financial Services - 6.6%
            
 
GBP 1,200,000
  
Aberdeen Asset Management PLC, Series ADN (United Kingdom)
NR
3.50%
12/17/2014
N/A
  
2,520,823
 
$1,000,000
  
Affiliated Managers Group, Inc. (j)
BBB-
3.95%
08/15/2038
08/15/13 @ 100
  
1,098,750
 
1,000,000
  
Air Lease Corp.(a) (j)
NR
3.88%
12/01/2018
N/A
  
1,097,500
 
1,900,000
  
Janus Capital Group, Inc. (j)
BBB-
3.25%
07/15/2014
N/A
  
1,971,250
 
932,000
  
Jefferies Group, Inc.
BBB
3.88%
11/01/2029
11/01/17 @ 100
  
795,695
 
HKD 8,000,000
  
Power Regal Group Ltd. (Hong Kong)
NR
2.25%
06/02/2014
N/A
  
1,222,516
 
$1,500,000
  
QBE Funding Trust (Australia)(c)
A
0.00%
05/12/2030
05/12/13 @ 100
  
927,000
                 
9,633,534
                   
     
Electrical Components & Equipment - 2.0%
            
 
1,650,000
  
General Cable Corp. (j)
B+
0.88%
11/15/2013
N/A
  
1,596,375
 
1,260,000
  
General Cable Corp.(b) (j)
B
4.50%
11/15/2029
N/A
  
1,376,550
                 
2,972,925
                   
     
Engineering & Construction - 1.7%
            
 
870,000
  
Jaiprakash Associates Ltd. (India)(c)
NR
0.00%
09/12/2012
N/A
  
1,117,950
 
1,400,000
  
Larsen & Toubro Ltd. (India)
NR
3.50%
10/22/2014
N/A
  
1,411,900
                 
2,529,850
                   
     
Health Care Products - 2.1%
            
 
500,000
  
Hologic, Inc., Series 2010(b) (d) (j)
BB+
2.00%
12/15/2037
12/15/16 @ 100
  
595,625
 
1,950,000
  
Hologic, Inc. (b) (e) (j)
BB+
2.00%
12/15/2037
12/15/13 @ 100
  
1,913,437
 
600,000
  
Insulet Corp.
NR
3.75%
06/15/2016
06/20/15 @ 100
  
621,750
                 
3,130,812
                   
     
Holding Companies-Diversified - 1.3%
            
 
EUR 1,300,000
  
Industrivarden AB, Series INDU (Sweden)
A-
2.50%
02/27/2015
N/A
  
1,974,898
                   
     
Home Builders - 0.4%
            
 
$500,000
  
Lennar Corp.(a) (j)
B+
2.75%
12/15/2020
12/20/15 @ 100
  
608,750
                   
     
Insurance - 2.1%
            
 
1,000,000
  
American Equity Investment Life Holding Co.(a) (j)
BB
3.50%
09/15/2015
N/A
  
1,105,000
 
2,000,000
  
Old Republic International Corp. (j)
BBB+
8.00%
05/15/2012
N/A
  
2,035,000
                 
3,140,000
                   
     
Internet - 2.6%
            
 
1,500,000
  
Digital River, Inc. (j)
NR
2.00%
11/01/2030
11/01/15 @ 100
  
1,340,625
 
2,769,000
  
WebMD Health Corp.(a) (j)
NR
2.50%
01/31/2018
N/A
  
2,409,030
                 
3,749,655
                   
     
Iron & Steel - 5.3%
            
 
2,350,000
  
Allegheny Technologies, Inc. (j)
BBB-
4.25%
06/01/2014
N/A
  
3,193,063
 
EUR 28,000
  
Arcelormittal, Series MT (Luxembourg)
BBB-
7.25%
04/01/2014
N/A
  
877,119
 
$1,200,000
  
ArcelorMittal (Luxembourg)
BBB-
5.00%
05/15/2014
N/A
  
1,306,500
 
1,000,000
  
Steel Dynamics, Inc. (j)
BB+
5.13%
06/15/2014
N/A
  
1,170,000
 
1,000,000
  
United States Steel Corp. (j)
BB
4.00%
05/15/2014
N/A
  
1,198,750
                 
7,745,432
                   
     
Lodging - 1.7%
            
 
2,346,000
  
MGM Resorts International (j)
B-
4.25%
04/15/2015
N/A
  
2,486,760
                   
     
Media - 1.0%
            
 
500,000
  
Central European Media Enterprises Ltd. (Bermuda)
NR
5.00%
11/15/2015
N/A
  
337,500
 
839,000
  
XM Satellite Radio, Inc.(a) (j)
BB
7.00%
12/01/2014
N/A
  
1,176,698
                 
1,514,198
                   
     
Metal Fabricate & Hardware - 0.6%
            
 
EUR 600,000
  
Kloeckner & Co. Financial Services SA, Series KCO (Germany)
B+
6.00%
06/09/2014
N/A
  
813,902
                   
     
Mining - 2.9%
            
 
$1,000,000
  
AngloGold Ashanti Holdings Finance PLC (South Africa)(a) (j)
NR
3.50%
05/22/2014
N/A
  
1,166,250
 
1,600,000
  
Kinross Gold Corp. (Canada) (j)
BBB-
1.75%
03/15/2028
03/20/13 @ 100
  
1,588,000
 
1,600,000
  
Vedanta Resources Jersey II Ltd. (United Kingdom)
BB
4.00%
03/30/2017
N/A
  
1,479,200
                 
4,233,450
                   
     
Miscellaneous Manufacturing - 1.1%
            
 
1,525,000
  
Trinity Industries, Inc. (j)
BB-
3.88%
06/01/2036
06/01/18 @ 100
  
1,538,344
                   
     
Oil & Gas - 3.8%
            
 
1,000,000
  
Chesapeake Energy Corp. (j)
BB+
2.75%
11/15/2035
11/15/15 @ 100
  
952,500
 
2,000,000
  
Chesapeake Energy Corp. (j)
BB+
2.50%
05/15/2037
05/15/17 @ 100
  
1,757,500
 
2,700,000
  
Lukoil International Finance BV (Russia)
BBB-
2.63%
06/16/2015
N/A
  
2,855,925
                 
5,565,925
                   
     
Oil & Gas Services - 1.2%
            
 
1,500,000
  
Subsea 7 SA, Series ACY (Luxembourg)
NR
2.25%
10/11/2013
N/A
  
1,691,250
                   
     
Packaging & Containers - 0.5%
            
 
750,000
  
Owens-Brockway Glass Container, Inc.(a) (j)
BB
3.00%
06/01/2015
N/A
  
738,750
                   
     
Pharmaceuticals - 2.9%
            
 
801,000
  
ENDO Pharmaceuticals Holdings, Inc. (j)
NR
1.75%
04/15/2015
N/A
  
1,106,381
 
746,000
  
Salix Pharmaceuticals Ltd. (j)
NR
2.75%
05/15/2015
N/A
  
975,395
 
JPY 75,000,000
  
Sawai Pharmaceutical Co. Ltd. (Japan)(c)
NR
0.00%
09/17/2015
N/A
  
1,041,919
 
$1,000,000
  
Shire PLC, Series SHP (Channel Islands)
NR
2.75%
05/09/2014
N/A
  
1,157,000
                 
4,280,695
                   
     
Real Estate - 2.4%
            
 
1,040,000
  
Forest City Enterprises(a) (j)
B-
4.25%
08/15/2018
N/A
  
964,600
 
1,100,000
  
Forest City Enterprises, Inc.
NR
3.63%
10/15/2014
10/15/13 @ 100
  
1,187,312
 
EUR 300,000
  
IMMOFINANZ AG (Austria)
NR
4.25%
03/08/2018
N/A
  
1,425,673
                 
3,577,585
                   
     
Real Estate Investment Trusts - 3.3%
            
 
$1,350,000
  
Annaly Capital Management, Inc. (j)
NR
4.00%
02/15/2015
N/A
  
1,603,125
 
1,190,000
  
Boston Properties, LP (j)
A-
3.75%
05/15/2036
05/18/13 @ 100
  
1,374,450
 
1,000,000
  
Kilroy Realty, LP(a) (j)
NR
4.25%
11/15/2014
N/A
  
1,251,250
 
500,000
  
SL Green Operating Partnership LP(a)
BB+
3.00%
10/15/2017
N/A
  
551,250
                 
4,780,075
                   
     
Retail - 2.0%
            
 
HKD 11,000,000
  
Hengdeli Holdings Ltd. (Cayman Islands)
NR
2.50%
10/20/2015
N/A
  
1,397,253
 
$1,550,000
  
RadioShack Corp.(a) (j)
Ba3
2.50%
08/01/2013
N/A
  
1,460,875
                 
2,858,128
                   
     
Semiconductors - 6.2%
            
 
2,812,000
  
Advanced Micro Devices, Inc. (j)
B+
6.00%
05/01/2015
N/A
  
2,871,755
 
1,000,000
  
Linear Technology Corp., Series A
NR
3.00%
05/01/2027
05/01/14 @ 100
  
1,070,000
 
750,000
  
ON Semiconductor Corp., Series B
BB
2.63%
12/15/2026
12/20/16 @ 100
  
862,500
 
1,000,000
  
ON Semiconductor Corp. (j)
BB
2.63%
12/15/2026
12/20/13 @ 100
  
1,138,750
 
1,000,000
  
Photronics, Inc.(a)
NR
3.25%
04/01/2016
N/A
  
1,006,250
 
2,000,000
  
Rovi Corp. (j)
NR
2.63%
02/15/2040
02/20/15 @ 100
  
2,150,000
                 
9,099,255
                   
     
Software - 2.3%
            
 
GBP 900,000
  
Misys PLC (United Kingdom)
NR
2.50%
11/22/2015
N/A
  
1,602,748
 
$1,700,000
  
Take-Two Interactive Software, Inc.(a) (j)
NR
1.75%
12/01/2016
N/A
  
1,823,250
                 
3,425,998
                   
     
Telecommunications - 6.0%
            
 
2,850,000
  
Alcatel-Lucent USA, Inc., Series B (France) (j)
B
2.88%
06/15/2025
06/20/13 @ 100
  
2,618,437
 
GBP 1,600,000
  
Cable & Wireless Worldwide PLC (United Kingdom)
NR
5.75%
11/24/2014
N/A
  
2,310,267
 
$1,652,000
  
Ciena Corp.(a) (j)
NR
4.00%
03/15/2015
N/A
  
1,763,510
 
1,000,000
  
SBA Communications Corp. (j)
NR
1.88%
05/01/2013
N/A
  
1,188,750
 
500,000
  
tw telecom, Inc. (j)
B
2.38%
04/01/2026
04/06/13 @ 100
  
594,375
 
250,000
  
Virgin Media, Inc.
B+
6.50%
11/15/2016
N/A
  
379,375
                 
8,854,714
                   
     
Total Convertible Bonds - 79.2%
            
     
(Cost $115,504,212)
          
116,098,361
                   
     
Corporate Bonds - 30.3%
            
     
Advertising - 0.2%
            
 
250,000
  
Lamar Media Corp. (j)
BB-
7.88%
04/15/2018
04/15/14 @ 104
  
274,375
                   
     
Auto Parts & Equipment - 0.7%
            
 
1,000,000
  
Dana Holding Corp. (j)
BB-
6.50%
02/15/2019
02/15/15 @ 103
  
1,068,750
                   
     
Banks - 1.3%
            
 
500,000
  
Banco do Estado do Rio Grande do SUL (Brazil)(a)
Ba1
7.38%
02/02/2022
N/A
  
515,190
 
1,350,000
  
Capital One Capital V (j)
BB+
10.25%
08/15/2039
N/A
  
1,420,875
                 
1,936,065
                   
     
Beverages - 1.3%
            
 
1,725,000
  
Constellation Brands, Inc. (j)
BB+
7.25%
09/01/2016
N/A
  
1,944,938
                   
     
Chemicals - 0.8%
            
 
1,019,161
  
Lyondell Chemical Co. (j)
BB+
11.00%
05/01/2018
05/01/13 @ 100
  
1,121,077
                   
     
Diversified Financial Services - 2.4%
            
 
2,000,000
  
Ford Motor Credit Co., LLC (j)
BB+
12.00%
05/15/2015
N/A
  
2,510,000
 
250,000
  
International Lease Finance Corp. (j)
BBB-
8.25%
12/15/2020
N/A
  
267,500
 
1,000,000
  
Textron Financial Corp.(a) (g) (j)
B
6.00%
02/15/2067
02/15/17 @ 100
  
765,000
                 
3,542,500
                   
     
Electric - 1.1%
            
 
1,500,000
  
AES Corp. (j)
BB-
7.75%
10/15/2015
N/A
  
1,657,500
                   
     
Food - 0.9%
            
 
EUR 975,000
  
Campofrio Food Group SA, Series REGS (Spain)
BB-
8.25%
10/31/2016
10/31/13 @ 104
  
1,327,376
                   
     
Health Care Products - 1.1%
            
 
$1,500,000
  
Biomet, Inc. (j)
B-
10.00%
10/15/2017
10/15/12 @ 105
  
1,627,500
                   
     
Health Care Services - 3.0%
            
 
2,500,000
  
Apria Healthcare Group, Inc. (j)
BB+
11.25%
11/01/2014
11/01/12 @ 103
  
2,621,875
 
1,025,000
  
HCA, Inc. (j)
B-
5.75%
03/15/2014
N/A
  
1,064,719
 
599,000
  
Tenet Healthcare Corp. (j)
BB-
8.88%
07/01/2019
07/01/14 @ 104
  
680,613
                 
4,367,207
                   
     
Household Products & Housewares - 0.6%
            
 
250,000
  
Reynolds Group Issuer, Inc.(a) (j)
B-
9.88%
08/15/2019
08/15/15 @ 105
  
255,625
 
500,000
  
Spectrum Brands Holdings, Inc. (j)
B
9.50%
06/15/2018
06/15/14 @ 105
  
569,375
                 
825,000
                   
     
Insurance - 2.2%
            
 
1,000,000
  
AXA SA (France)(a) (g) (j)
BBB
6.38%
12/29/2049
12/14/36 @ 100
  
757,500
 
1,000,000
  
Liberty Mutual Group, Inc.(a) (g) (j)
BB
10.75%
06/15/2058
06/15/38 @ 100
  
1,285,000
 
800,000
  
MetLife, Inc. (j)
BBB
10.75%
08/01/2039
08/01/34 @ 100
  
1,115,266
                 
3,157,766
                   
     
Lodging - 1.1%
            
 
250,000
  
Marina District Finance Co., Inc. (j)
BB-
9.88%
08/15/2018
08/15/14 @ 105
  
235,000
 
1,142,000
  
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. (j)
BBB-
7.75%
08/15/2020
08/15/15 @ 104
  
1,296,170
                 
1,531,170
                   
     
Machinery-Diversified - 2.1%
            
 
2,500,000
  
Case New Holland, Inc. (j)
BB+
7.75%
09/01/2013
N/A
  
2,718,750
 
250,000
  
Case New Holland, Inc. (j)
BB+
7.88%
12/01/2017
N/A
  
289,375
                 
3,008,125
                   
     
Media - 2.3%
            
 
3,000,000
  
Clear Channel Worldwide Holdings, Inc., Series B (j)
B
9.25%
12/15/2017
12/15/12 @ 107
  
3,322,500
                   
     
Mining - 0.7%
            
 
1,000,000
  
FMG Resources August 2006 Pty Ltd. (Australia)(a) (j)
B+
6.88%
02/01/2018
02/01/14 @ 105
  
1,022,500
                   
     
Oil & Gas - 1.7%
            
 
1,200,000
  
Alta Mesa Holdings, LP/Alta Mesa Finance Services Corp. (j)
B
9.63%
10/15/2018
10/15/14 @ 105
  
1,134,000
 
1,225,000
  
Chesapeake Energy Corp. (j)
BB+
9.50%
02/15/2015
N/A
  
1,384,250
                 
2,518,250
                   
     
Pharmaceuticals - 1.2%
            
 
1,665,000
  
Aptalis Pharma, Inc. (j)
B
12.75%
03/01/2016
03/01/13 @ 103
  
1,781,550
                   
     
Retail - 2.7%
            
 
1,000,000
  
Limited Brands, Inc. (j)
BB+
6.63%
04/01/2021
N/A
  
1,105,000
 
2,700,000
  
Toys "R" US Property Co. II, LLC (j)
B+
8.50%
12/01/2017
12/01/13 @ 104
  
2,905,875
                 
4,010,875
                   
     
Telecommunications - 2.9%
            
 
EUR 1,300,000
  
Alcatel-Lucent (France)
B
8.50%
01/15/2016
N/A
  
1,557,114
 
$500,000
  
NII Capital Corp. (j)
B+
10.00%
08/15/2016
08/15/13 @ 105
  
571,250
 
725,000
  
SBA Telecommunications, Inc. (j)
B+
8.00%
08/15/2016
08/15/12 @ 106
  
788,438
 
1,000,000
  
UPC Holding BV (Netherlands)(a) (j)
B-
9.88%
04/15/2018
04/15/14 @ 105
  
1,092,500
 
EUR 250,000
  
Wind Acquisition Finance SA (Luxembourg)(a)
BB-
11.75%
07/15/2017
07/15/13 @ 106
  
300,296
                 
4,309,598
                   
     
Total Corporate Bonds - 30.3%
            
     
(Cost $41,876,590)
          
44,354,622
                   
 
Number
                
 
of Shares
  
Description
          
Value
     
Convertible Preferred Stocks - 5.2%
            
     
Auto Manufacturers - 1.1%
            
 
40,000
  
General Motors Co., Series B (j)
B+
4.75%
12/01/2013
    
1,602,400
                   
     
Banks - 2.6%
            
 
2,000
  
Bank of America Corp., Series L (h)
BB+
7.25%
-
    
1,842,940
 
10,000
  
Citigroup, Inc.
NR
7.50%
12/15/2012
    
926,600
 
10,000
  
KeyCorp, Series A(h)
BBB-
7.75%
-
    
1,083,900
                 
3,853,440
                   
     
Electric - 1.0%
            
 
10,379
  
PPL Corp. (j)
NR
9.50%
07/01/2013
    
562,542
 
16,000
  
PPL Corp. (j)
NR
8.75%
05/01/2014
    
840,960
                 
1,403,502
                   
     
Oil & Gas - 0.3%
            
 
7,589
  
Apache Corp., Series D (j)
BBB+
6.00%
08/01/2013
    
435,836
                   
     
Real Estate Investment Trusts - 0.2%
            
 
13,950
  
Alexandria Real Estate Equities, Inc., Series D (h) (j)
NR
7.00%
-
    
350,424
                   
     
Total Convertible Preferred Stocks - 5.2%
            
     
(Cost $7,395,913)
          
7,645,602
                   
     
Common Stocks - 16.5%
            
     
Auto Manufacturers - 1.1%
            
 
15,000
  
Daimler AG (Germany) (i)
          
829,512
 
18,000
  
PACCAR, Inc.
          
795,600
                 
1,625,112
                   
     
Beverages - 1.0%
            
 
23,000
  
PepsiCo, Inc. (i)
          
1,510,410
                   
     
Biotechnology - 0.1%
            
 
2,000
  
Illumina, Inc.(f)
          
103,520
                   
     
Chemicals - 1.4%
            
 
12,000
  
BASF SE (Germany)
          
923,351
 
35,000
  
Dow Chemical Co. (i)
          
1,172,850
                 
2,096,201
                   
     
Coal - 0.4%
            
 
8,000
  
Walter Energy, Inc.
          
553,040
                   
     
Household Products & Housewares - 0.8%
            
 
16,000
  
Kimberly-Clark Corp. (i)
          
1,144,960
                   
     
Leisure Time - 0.5%
            
 
25,000
  
Carnival Corp. (Panama)
          
755,000
                   
     
Lodging - 0.3%
            
 
4,000
  
Wynn Resorts Ltd.
          
460,920
                   
     
Mining - 0.4%
            
 
10,000
  
Newmont Mining Corp.
          
614,800
                   
     
Miscellaneous Manufacturing - 0.6%
            
 
15,000
  
Illinois Tool Works, Inc.
          
795,450
                   
     
Oil & Gas - 2.4%
            
 
18,000
  
ConocoPhillips (i)
          
1,227,780
 
20,000
  
Diamond Offshore Drilling, Inc. (i)
          
1,246,000
 
10,000
  
Occidental Petroleum Corp. (i)
          
997,700
                 
3,471,480
                   
     
Pharmaceuticals - 2.7%
            
 
15,000
  
Johnson & Johnson (i)
          
988,650
 
50,000
  
Sanofi, ADR (France) (i)
          
1,856,500
 
25,000
  
Teva Pharmaceutical Industries Ltd., ADR (Israel) (i)
          
1,128,250
                 
3,973,400
                   
     
Real Estate Investment Trusts - 1.1%
            
 
47,500
  
Annaly Capital Management, Inc.
          
799,900
 
15,000
  
Health Care REIT, Inc.
          
858,150
                 
1,658,050
                   
     
Retail - 1.5%
            
 
15,000
  
Darden Restaurants, Inc. (i)
          
688,050
 
21,000
  
Limited Brands, Inc. (i)
          
879,060
 
10,000
  
Tiffany & Co. (i)
          
638,000
                 
2,205,110
                   
     
Semiconductors - 0.7%
            
 
25,000
  
Intel Corp.
          
660,500
 
10,000
  
Microchip Technology, Inc. (i)
          
369,100
                 
1,029,600
                   
     
Telecommunications - 1.5%
            
 
38,000
  
AT&T, Inc.
          
1,117,580
 
26,900
  
Verizon Communications, Inc.
          
1,013,054
                 
2,130,634
                   
     
Total Common Stocks - 16.5%
            
     
(Cost $23,080,576)
          
24,127,687
                   
     
Preferred Stock - 1.3%
            
     
Diversified Financial Services - 1.3%
            
 
75,000
  
Citigroup Capital XII(g) (j)
BB
8.50%
03/30/2040
    
$1,932,750
     
(Cost $1,897,500)
            
                   
     
Total Investments - 132.5%
            
     
(Cost $189,754,791)
          
194,159,022
     
Other Assets in excess of Liabilities - 1.7%
          
2,567,518
     
Total value of Options Written - (0.1%) (Premiums received $220,472)
          
                     (162,673)
     
Borrowings - (34.1% of Net Assets or 25.7% of Total Investments)
          
                (50,000,000)
     
Net Assets  - 100.0%
          
                146,563,867
                   
 
 
 
 
 
 
AB - Stock Company
  
ADR - American Depositary Receipt
AG - Stock Corporation
  
BV - Limited Liability Company
  
LLC - Limited Liability Company
  
LP - Limited Partnership
  
N/A- Not Applicable
  
PLC - Public Limited Company
  
Pty - Proprietary
  
REIT- Real Estate Investment Trust
  
SA - Corporation
  
SE - Stock Corporation
  
 
 
 
 

~
The principal amount is denominated in U.S. Dollars unless otherwise noted.
*
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 January 31, 2012, these securities amounted to $27,229,174, which represents 18.6% of net assets.
(b)
Security is a "Step-down" bond where the coupon decreases at a predetermined date.  The rate shown reflects the rate in effect at January 31, 2012.
(c)
Zero coupon bond.
(d)
Security becomes an accreting bond after December 15, 2016 with a 2.00% principal accretion rate.
(e)
Security becomes an accreting bond after December 15, 2013 with a 2.00% principal accretion rate.
(f)
Non-income producing security.
(g)
Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
(h)
Security is perpetual and, thus does not have a predetermined maturity date.  The coupon rate shown is in effect as of January 31, 2012.
(i)
All or a portion of this security is segregated as collateral (or potential collateral for future transactions) for written options.
(j)
All or a portion of this security has been physically segregated in connection with the line of credit and forward exchange currency contracts. As of January 31, 2012, the total amount segregated was $120,290,162.
 
 
 
 
 
Country Breakdown as a % of Long-Term Investments
United States
  
74.9%
France
  
4.3%
United Kingdom
  
4.1%
Luxembourg
  
2.1%
Hong Kong
  
1.9%
Russia
  
1.5%
Germany
  
1.3%
India
  
1.3%
Sweden
  
1.0%
Australia
  
1.0%
Canada
  
0.8%
Austria
  
0.7%
Cayman Islands
  
0.7%
Spain
  
0.7%
South Africa
  
0.6%
Channel Islands
  
0.6%
Israel
  
0.6%
Netherlands
  
0.6%
Japan
  
0.5%
Panama
  
0.4%
Brazil
  
0.3%
Bermuda
  
0.1%
Subject to change daily.
  
 
See previously submitted notes to financial statements for the period ended October 31, 2011.
 
 
 
 
 
Contracts
(100 shares
per contract)
  
Call Options Written (a)
Expiration
Month
  
Exercise
Price
    
Market Value
  
  (180 )
ConocoPhillips
February 2012
   $ 72.50     $ (2,160 )
  (100 )
Daimler AG
March 2012
  
EUR 45.00
       (14,923 )
  (150 )
Darden Restaurants, Inc.
April 2012
     49.00       (11,700 )
  (100 )
Diamond Offshore Drilling, Inc.
March 2012
     65.00       (9,700 )
  (200 )
Dow Chemical Co.
February 2012
     34.00       (14,600 )
  (150 )
Johnson & Johnson
April 2012
     67.50       (9,750 )
  (160 )
Kimberly-Clark Corp.
April 2012
     75.00       (6,720 )
  (100 )
Limited Brands, Inc.
February 2012
     43.00       (5,000 )
  (100 )
Microchip Technology, Inc.
February 2012
     38.00       (4,000 )
  (50 )
Occidental Petroleum Corp.
March 2012
     105.00       (8,350 )
  (50 )
Occidental Petroleum Corp.
February 2012
     105.00       (3,050 )
  (230 )
PepsiCo, Inc.
April 2012
     67.50       (19,320 )
  (400 )
Sanofi
March 2012
     38.00       (26,000 )
  (100 )
Teva Pharmaceutical Industries Ltd.
March 2012
     47.50       (4,700 )
  (150 )
Teva Pharmaceutical Industries Ltd.
February 2012
     45.00       (15,000 )
  (100 )
Tiffany & Co.
March 2012
     70.00       (7,700 )
     
Total Value of Call Options Written
                  
     
(Premiums received $(220,472))
             $ (162,673 )
 
The exercise price is denominated in U.S. Dollars unless otherwise noted.
(a) Non-income producing security.
 
 
 
 
 
At January 31, 2012, the following forward exchange currency contracts outstanding were:
 
Forward Exchange Currency Contracts
                  
   
Contracts to Sell
  
Counterparty
Settlement Date
  
Settlement Value
  
Value at 1/31/2012
  
Net Unrealized
Appreciation
(Depreciation)
  
EUR
     5,000,000    
 
  
 
  
 
      
for USD
     6,502,800  
The Bank of New York Mellon
3/16/2012
   $ 6,502,800   $ 6,545,955   $ (43,155 )
 GBP
     3,600,000                          
 for USD
     5,560,740  
The Bank of New York Mellon
3/16/2012
     5,560,740     5,678,950     (118,210 )
 HKD
     94,500                          
 for USD
     12,180  
The Bank of New York Mellon
2/1/2012
     12,180     12,186     (6 )
                                 
                                 
         
Total unrealized depreciation on forward exchange currency contracts
         $ (161,371 )
                                 
 
 
 
 
 
At January 31, 2012, 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
  
  $190,256,366     $9,067,698     $(5,165,042 )   $3,902,656       $(105,820 )
 
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 following are certain inputs and techniques that are generally utilized to evaluate how to classify each major type of investment in accordance with GAAP.
 
Equity Securities (Common and Preferred Stock) – Equity securities traded in active markets where market quotations are readily available are categorized as Level 1. Equity securities traded in inactive markets and certain foreign equities are valued using inputs which include broker quotes, prices of securities closely related where the security held is not trading but the related security is trading, and evaluated price quotes received from independent pricing providers. To the extent that these inputs are observable, such securities are categorized as Level 2. To the extent that these inputs are unobservable, such securities are categorized as Level 3.
 
Convertible Bonds & Notes – Convertible bonds and notes are valued by independent pricing providers who employ matrix inputs pricing models utilizing various inputs such as market prices, broker quotes, prices of securities with comparable maturities and qualities, and closing prices of corresponding underlying securities. To the extent that these inputs are observable, such securities are categorized as Level 2. To the extent that these inputs are unobservable, such securities are categorized as Level 3.
 
Corporate Bonds & Notes – Corporate bonds and notes are valued by independent pricing providers who employ matrix pricing models utilizing various inputs such as market prices, broker quotes, and prices of securities with comparable maturities and qualities. To the extent that these inputs are observable, such securities are categorized as Level 2. To the extent that these inputs are unobservable, such securities are categorized as Level 3.
 
The Fund did not hold any Level 3 securities at January 31, 2012.
 
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 January 31, 2012:
 
   
Quoted Prices in
Active Markets
for Identical
Assets
    
Significant
Other
Observable
Inputs
    
Significant
Unobservable
Inputs
    
 
  
Description
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
 
                        
(Value in $000s)
                        
Assets:
                        
Convertible Bonds
   $ -     $ 116,098     $ -     $ 116,098  
Convertible Preferred Stocks:
                                
     Auto Manufacturers
     1,602       -       -       1,602  
     Banks
     3,853       -       -       3,853  
     Electric
     1,404       -       -       1,404  
     Oil & Gas
     436       -       -       436  
     Real Estate Investment Trusts
     -       350       -       350  
Common Stocks
     24,128       -       -       24,128  
Corporate Bonds
     -       44,355       -       44,355  
Preferred Stock
     1,933       -       -       1,933  
Total
   $ 33,356     $ 160,803     $ -     $ 194,159  
                                 
Liabilities:
                                
Options Written
   $ 163     $ -     $ -     $ 163  
Foreign Exchange Currency Contracts
     -       161       -       161  
Total
   $ 163     $ 161     $ -     $ 324  
                                 
There were no transfers between Levels.
                                
 
 
 
 
 
 
 
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 29, 2012

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, 2012

By:
 /s/ Robert White 
Robert White
Treasurer and Chief Financial Officer

Date:
March 29, 2012