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
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Advent/Claymore Enhanced Growth & Income Fund
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(Exact name of registrant as specified in charter)
1065 Avenue of the Americas, New York, NY 10018
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(Address of principal executive offices) (Zip code)
Robert White, Treasurer
1065 Avenue of the Americas
New York, NY 10018
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(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 479-0675
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Date of fiscal year end: October 31
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Date of reporting period: July 31, 2008
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 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. ss. 3507.
Item 1. Schedule of Investments.
Attached hereto.
ADVENT/CLAYMORE ENHANCED GROWTH & INCOME FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 2008 (UNAUDITED)
NUMBER OF SHARES VALUE
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Long-Term Investments -- 93.2%
COMMON STOCKS -- 51.5%
ADVERTISING - 1.2%
300,000 Interpublic Group of Cos., Inc. (b) $ 2,637,000
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AGRICULTURE-- 3.0%
1,750,000 Chaoda Modern Agriculture Ltd. (Cayman Islands) 2,029,863
65,000 Lorillard, Inc. (b) 4,362,150
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6,392,013
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AUTO MANUFACTURERS-- 1.8%
171,500 Suzuki Motor Corp. (Japan) 3,760,513
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BANKS - 0.7%
40,000 Bank of New York Mellon Corp. (The) 1,420,000
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BEVERAGES -- 0.9%
92,000 SABMiller PLC (United Kingdom) (a) 1,911,727
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BIOTECHNOLOGY -- 2.2%
40,000 Amgen, Inc. (a)(b) 2,505,200
30,000 Genzyme Corp. (a)(b) 2,299,500
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4,804,700
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CHEMICALS -- 2.2%
60,300 Nitto Denko Corp. (Japan) 1,735,051
2,895,000 Sinofert Holdings, Ltd. (Bermuda) 2,092,704
2,750 Syngenta AG (Switzerland) 806,238
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4,633,993
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COMMERCIAL SERVICES -- 1.1%
33,500 Visa, Inc., Class A (a) 2,447,510
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DIVERSIFIED FINANCIAL SERVICES - 4.2%
7,000 CME Group, Inc. (a) 2,520,910
35,000 IntercontinentalExchange, Inc. (a)(b) 3,493,000
110,000 Nasdaq OMX Group (The) (a)(b) 3,054,700
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9,068,610
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ELECTRICAL COMPONENTS AND EQUIPMENT -- 2.6%
125,000 Casio Computer Co., Ltd. (Japan) 1,548,550
36,500 General Cable Corp. (a)(b) 2,103,495
55,000 Suntech Power Holdings Co., Ltd., ADR (Cayman Islands) (a)(b) 1,840,300
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5,492,345
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ENTERTAINMENT -- 0.2%
100,000 Shuffle Master, Inc. (a)(b)(c) 483,000
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FOREST PRODUCTS AND PAPER - 0.7%
90,000 Temple-Inland, Inc. (a) 1,462,500
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HAND/MACHINE TOOLS -- 0.9%
19,400 SMC Corp. (Japan) 1,938,474
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HEALTHCARE - PRODUCTS -- 2.4%
774,000 Hengan International Group Co., Ltd. (Cayman Islands) 2,356,051
150,000 Hologic, Inc. (a)(b) 2,770,500
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5,126,551
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HOLDING COMPANIES -DIVERSIFIED -- 0.8%
629,000 Shanghai Industrial Holdings Ltd. (China) 1,797,776
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MINING - 3.3%
20,000 Barrick Gold Corp. (Canada) (a) 847,000
75,000 Cia Vale do Rio Doce, ADR (Brazil) (a) 2,252,250
40,000 Freeport-McMoran Copper & Gold, Inc. (a) 3,870,000
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6,969,250
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OIL AND GAS -- 5.4%
75,000 Advantage Energy Income Fund (Income Trust) (Canada) 810,000
30,000 Baytex Energy Trust (Income Trust) (Canada) 921,164
70,500 Bonavista Energy Trust (Income Trust) (Canada) 2,241,041
45,000 Chesapeake Energy Corp. (a) 2,256,750
80,000 Enerplus Resources Fund (Income Trust) (Canada) 3,275,511
50,000 Vermilion Energy Trust (Income Trust) (Canada) 1,929,696
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11,434,162
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PHARMACEUTICALS -- 3.7%
100,000 Isis Pharmaceuticals, Inc. (a)(b) 1,713,000
50,000 Merck & Co., Inc. (a) 1,645,000
24,000 Roche Holding AG (Switzerland) 4,449,618
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7,807,618
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REAL ESTATE -- 1.2%
219,000 Shoei Co., Ltd. (Japan) 2,475,996
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RETAIL -- 2.4%
75,000 GameStop Corp., Class A (a)(b) 3,038,250
95,510 Whitbread PLC (United Kingdom) (a) 2,103,857
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5,142,107
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SEMICONDUCTORS - 1.2%
200,000 Infineon Technologies AG, ADR (Germany) (a) 1,504,000
250,000 Micron Technology, Inc. (a)(b) 1,207,500
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2,711,500
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TELECOMMUNICATIONS -- 8.8%
200,000 ADC Telecommunications, Inc. (a)(b) 1,892,000
110,000 Amdocs, Ltd. (Guernsey) (a)(b) 3,345,100
225,000 Comverse Technology, Inc. (b) 3,370,500
65,000 NII Holdings, Inc. (a)(b) 3,552,900
600,000 Powerwave Technologies, Inc. (a)(b) 2,460,000
400,000 Qwest Communications International, Inc. 1,532,000
550,000 RF Micro Devices, Inc. (b) 1,798,500
100,000 Sprint Nextel Corp. (a) 814,000
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18,765,000
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TRANSPORTATION - 0.6%
17,000 DryShips, Inc. (Marshall Island) (a) 1,311,210
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TOTAL COMMON STOCKS - 51.5%
(Cost $129,745,434) 109,993,555
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CONVERTIBLE PREFERRED STOCKS -- 21.7%
AUTO MANUFACTURERS - 0.7%
68,800 General Motors Corp., Ser. D, 1.50%, 2009 (a) 1,470,600
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BANKS -- 2.8%
2,000 Bank of America Corp., Ser. L, 7.25%, 2049 (a) (f) 1,866,000
20,250 Keycorp, Ser. A, 7.75%, 12/31/49 1,890,742
60,000 Wachovia Corp., Ser. Bank of New York Mellon, 10.00%, 2009 (b)(d)(e) 2,187,600
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5,944,342
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COMPUTERS - 0.7%
78,003 Merrill Lynch & Co., Inc., Ser. Dell, Inc., 14.85%, 2008 (d)(e) 1,528,079
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DIVERSIFIED FINANCIAL SERVICES -- 3.4%
25,000 AMG Capital Trust II, 5.15%, 2037 835,938
20,000 Citigroup, Inc., Ser. T, 6.5%, 2049 (f) 884,800
40,000 Legg Mason, Inc., 7.00%, 2011 (a) 1,585,200
1,525 SLM Corp., Ser. C, 7.25%, 2010 (a) 1,353,247
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4,659,185
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ELECTRIC - 2.2%
45,000 Entergy Corp., 7.625%, 2009 2,812,500
6,000 NRG Energy, Inc. 5.75%, 2009 1,873,125
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4,685,625
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HOUSEHOLD PRODUCTS/WARES-- 0.8%
40,000 Avery Dennison Corp., 7.875%, 2010 (a) 1,760,000
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MINING - 3.7%
72,020 Credit Suisse, Ser. Barrick Gold Corp., 9.00%, 2009 (Canada) (a)(b)(d) 2,967,944
103,680 Deutsche Bank AG, Ser. Cia Vale Do Rio Doce, 10.00%, 2009
(Brazil) (a)(b)(d)(e) 3,261,773
17,300 Hecla Mining Co., 6.50%, 2011 (a) 1,601,115
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7,830,832
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OIL AND GAS SERVICES - 0.6%
25,361 Citigroup Funding, Inc., Ser. Schlumberger, Ltd., 9.00%, 2009 (a)(d) 2,567,180
29,875 Merrill Lynch & Co., Inc., Ser. Halliburton Co., 8.00%, 2009 (a)(d)(e) 1,375,445
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3,942,625
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PHARMACEUTICALS -- 4.4%
Mylan, Inc.,6.50%, 2010 (a) 5,364,600
20,000 Schering-Plough Corp., 6.00%, 2010 (a)(c ) 3,923,000
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9,287,600
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TELECOMMUNICATIONS-- 2.4%
5,000 Lucent Technologies Capital Trust I, 7.75%, 2017 3,825,000
131,400 Merrill Lynch & Co., Inc., Ser. Motorola, Inc., 18.70%, 2008 (d)(e) 1,306,116
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5,131,116
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TOTAL CONVERTIBLE PREFERRED STOCKS - 21.7%
(Cost $51,129,956) 46,240,004
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PRINCIPAL AMOUNT VALUE
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CONVERTIBLE BONDS -- 5.4%
AIRLINES - 0.2%
$ 461,000 JetBlue Airways Corp., CCC
3.75%, 3/15/35 326,158
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BANKS - 0.4%
$ 1,000,000 Boston Private Financial Holdings, Inc., NR
3.00%, 7/15/27 (a) 913,750
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CHEMICALS -- 2.2%
(euro) 2,000,000 Bayer Capital Corp. BV, BBB
6.625%, 6/01/09 (Netherlands) 4,659,062
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MACHINERY - DIVERSIFIED - 1.0%
$ 2,500,000 Allegro Investment Corp., Ser. Nabtesco, ELKS, NR
9.00%, 7/16/09 (Japan) (d) 2,188,250
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OIL & GAS - 1.6%
$ 1,500,000 Carrizo Oil & Gas, Inc.
4.375%, 6/01/28 (a) 1,350,000
$ 2,000,000 Transocean, Inc., Ser. A, BBB+
1.625%, 12/15/37 (Cayman Islands) 2,137,500
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3,487,500
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TOTAL CONVERTIBLE BONDS - 5.4%
(Cost $11,373,734) 11,574,720
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CORPORATE BONDS -- 13.8%
COMPUTERS - SOFTWARE AND PERIPHERALS -- 0.7%
$ 1,500,000 SunGard Data Systems, Inc., B-
10.25%, 8/15/15 1,522,500
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DIVERSIFIED FINANCIAL SERVICES - 6.5%
1,265,000 Axcan Intermediate Holdings, Inc., B-
12.75%, 3/1/16 (e) 1,265,000
12,150,000 Dow Jones CDX North America High Yield, Ser. 3-4, NR
10.50%, 12/29/09 (e) 12,590,438
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13,855,438
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ELECTRIC -- 1.6%
3,500,000 Texas Competitive Electric Holdings Co., LLC, CCC
10.25%, 11/01/15 (e) 3,500,000
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HOLDING COMPANIES - DIVERSIFIED -- 0.5%
1,000,000 Leucadia National Corp., BB+
8.125%, 9/15/15 996,250
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LEISURE TIME -- 1.0%
2,500,000 Travelport LLC, B
9.875%, 9/01/14 2,100,000
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OIL AND GAS SERVICES -- 1.6%
3,000,000 CCS, Inc., B-
11.00%, 11/15/15 (Canada) (e) 2,625,000
750,000 Forbes Energy Services, Ltd., B
11.00%, 2/15/2015 (Bermuda) 750,000
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3,375,000
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PACKAGING & CONTAINERS - 0.9%
1,500,000 Jefferson Smurfit Corp., B-
8.25%, 10/1/12 1,316,250
650,000 Smurfit-Stone Container Enterprises, Inc., B-
8.375%, 7/1/12 573,625
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1,889,875
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SEMICONDUCTORS -- 1.0%
2,500,000 Freescale Semiconductor, Inc., B-
8.875%, 12/15/14 2,118,750
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TOTAL CORPORATE BONDS --13.8%
(Cost $29,809,575) 29,357,813
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NUMBER OF SHARES VALUE
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EXCHANGE-TRADED FUNDS - 0.8%
40,000 UltraShort QQQ ProShares (a)
(Cost $1,800,825) 1,757,600
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TOTAL LONG-TERM INVESTMENTS - 93.2% 198,923,692
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CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) OPTIONS PURCHASED(B) DATE PRICE VALUE
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CALL OPTIONS PURCHASED -- 0.0%
200 Cooper Cos., Inc. (The) (a) November 2008 $ 50.00 $ 2,500
300 Gannett Co., Inc. (a) October 2008 25.00 6,000
200 Lamar Advertising Co. (a) October 2008 65.00 3,000
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11,500
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PUT OPTIONS PURCHASED -- 0.1%
200 Cooper Cos., Inc. (The) (a) November 2008 35.00 66,000
300 Gannett Co., Inc. (a) October 2008 17.50 46,500
200 Lamar Advertising Co. (a) October 2008 35.00 46,500
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159,000
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TOTAL OPTIONS PURCHASED -- 0.1%
(Cost $165,149) 170,500
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TOTAL INVESTMENTS -- 93.3%
(Cost $224,024,673) 199,094,192
Other assets in excess of liabilities - 7.2% 15,497,638
Total Options Written (Premiums received $1,038,165) - (0.5%) (1,201,874)
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NET ASSETS - 100.0% $ 213,389,956
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ADR - American Depositary Receipt
AG - Stock Corporation
ELKS - Equity Linked Notes
LLC - Limited Liability Corp.
PLC - Public Limited Company
(a) All or a portion of this security position represents cover (directly or
through conversion rights) for outstanding options written.
(b) Non-income producing security.
(c) All or a portion of these securities with an aggregate market value of
$2,836,800 have been physically segregated to collateralize written call
options.
(d) Synthetic convertible - 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.
(e) 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, 2008,
these securities amounted to 13.9% of net assets.
(f) Security is convertible until December 31, 2049.
Ratings shown are per Standard & Poor's and are unaudited. Securities classified
as NR are not rated by Standard & Poors.
Country Breakdown*
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United States 65.9%
Canada 7.9%
Japan 6.8%
Cayman Islands 4.2%
Brazil 2.8%
Switzerland 2.6%
Netherlands 2.3%
United Kingdom 2.0%
Guernsey 1.7%
Bermuda 1.4%
China 0.9%
Germany 0.8%
Marshall Islands 0.7%
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* As a percentage of total investments. Subject to change daily.
See previously submitted notes to the financial statements for the period ending
April 30, 2008.
ADVENT/CLAYMORE ENHANCED GROWTH & INCOME FUND
CONTRACTS
(100 SHARES EXPIRATION EXERCISE MARKET
PER CONTRACT) CALL OPTIONS WRITTEN(a) DATE PRICE VALUE
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150 ADC Telecommunications, Inc. September 2008 $ 15.00 $ 750
150 Amdocs, Ltd. August 2008 30.00 15,375
125 Amgen, Inc. September 2008 60.00 65,000
25 Amgen, Inc. September 2008 57.50 16,813
100 Avery Dennison Corp. August 2008 45.00 7,250
50 Bank of America Corp. August 2008 30.00 19,350
100 Bank of New York Mellon Corp. August 2008 40.00 4,500
100 Bank of New York Mellon Corp. September 2008 40.00 12,500
100 Barrick Gold Corp. August 2008 45.00 7,300
10 Boston Private Financial Holdings, Inc. September 2008 7.50 950
50 Carrizo Oil & Gas, Inc. September 2008 75.00 1,000
50 Chesapeake Energy Corp. August 2008 55.00 6,250
50 Chesapeake Energy Corp. September 2008 62.50 5,500
100 Cia Vale do Rio Doce, ADR September 2008 34.00 7,400
100 Citigroup Funding, Inc., Ser. Schlumberger, Ltd. August 2008 110.00 5,300
15 CME Group, Inc. August 2008 370.00 18,000
10 CME Group, Inc. August 2008 380.00 8,000
200 Cooper Cos., Inc. (The) November 2008 40.00 15,500
100 Credit Suisse, Ser. Barrick Gold Corp. August 2008 47.50 2,700
50 DryShips, Inc. August 2008 90.00 3,250
50 Freeport-McMoRan Copper & Gold, Inc. August 2008 110.00 5,000
50 Freeport-McMoRan Copper & Gold, Inc. August 2008 85.00 2,550
300 GameStop Corp., Class A September 2008 50.00 18,750
100 Gannett Co., Inc. October 2008 20.00 9,000
200 Gannett Co., Inc. October 2008 17.50 38,000
150 General Cable Corp. August 2008 65.00 3,000
100 General Motors Corp. August 2008 15.00 1,600
100 General Motors Corp. August 2008 12.50 5,600
200 Genzyme Corp. August 2008 75.00 55,000
50 Hecla Mining Co. August 2008 10.00 1,500
50 Hologic, Inc. August 2008 25.00 250
150 Hologic, Inc. August 2008 22.50 750
250 Infineon Technologies AG, ADR August 2008 10.00 2,500
50 IntercontinentalExchange, Inc. August 2008 110.00 11,500
50 IntercontinentalExchange, Inc. August 2008 150.00 750
400 Isis Pharmaceuticals, Inc. August 2008 15.00 88,000
200 Lamar Advertising Co. October 2008 40.00 49,500
10 Legg Mason, Inc. August 2008 50.00 110
65 Legg Mason, Inc. August 2008 55.00 650
50 Lorillard, Inc. August 2008 75.00 1,250
45 Lorillard, Inc. September 2008 80.00 2,250
100 Merck & Co., Inc. August 2008 37.50 500
200 Merck & Co., Inc. September 2008 32.50 43,000
50 Merrill Lynch & Co., Inc., Ser. Halliburton Co. September 2008 55.00 1,150
250 Micron Technology, Inc. September 2008 6.00 3,750
50 Mylan, Inc. August 2008 12.50 4,000
100 Nasdaq OMX Group (The) August 2008 30.00 7,500
100 Nasdaq OMX Group (The) September 2008 30.00 14,500
100 Nasdaq OMX Group (The) September 2008 32.50 8,000
100 NII Holdings, Inc. August 2008 45.00 97,000
25 NII Holdings, Inc. August 2008 50.00 12,325
100 NII Holdings, Inc. September 2008 50.00 66,000
100 NII Holdings, Inc. September 2008 55.00 40,300
50 Powerwave Technologies, Inc. August 2008 2.50 7,500
50 Roche Holding AG September 2008 195.00 31,298
12 SabMiller PLC September 2008 1,250.00 1,188
100 Schering-Plough Corp. September 2008 22.50 7,500
250 Shuffle Master, Inc. September 2008 5.00 14,375
75 SLM Corp. September 2008 22.50 3,188
250 Sprint Nextel Corp. August 2008 9.00 7,500
100 Suntech Power Holdings Co., Ltd., ADR September 2008 50.00 2,500
300 Temple-Inland, Inc. August 2008 15.00 48,000
600 Temple-Inland, Inc. August 2008 12.50 228,000
100 UltraShort QQQ ProShares September 2008 47.00 21,500
50 Visa, Inc., Class A August 2008 80.00 4,750
35 Visa, Inc., Class A August 2008 85.00 1,400
25 Whitbread PLC September 2008 1,400.00 4,952
TOTAL VALUE OF CALL OPTIONS WRITTEN
(Premiums received $1,038,165) $ 1,201,874
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(a) Non-income producing security.
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
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Tracy V. Maitland
President and Chief Executive Officer
Date: September 26, 2008
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
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Tracy V. Maitland
President and Chief Executive Officer
Date: September 26, 2008
By: /s/ Robert White
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Robert White
Treasurer and Chief Financial Officer
Date: September 26, 2008