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, 2012 – January 31, 2013               
 
 
                                                                                             
 
 
 


Item 1.                      Schedule of Investments.
                 Attached hereto.
 
 
 
LCM Advent/Claymore Enhanced Growth & Income Fund
         
Portfolio of Investments
         
January 31, 2013 (unaudited)
         
               
Principal
         
Optional Call
 
Amount~
 
Description
Rating*
Coupon
Maturity
Provisions**
Value
   
Long-Term Investments - 129.3%
         
   
Convertible Bonds - 84.3%
         
   
Auto Manufacturers - 1.5%
         
2,395,000
 
Navistar International Corp(i)
CCC+
3.000%
10/15/2014
N/A
$2,278,244
               
   
Auto Parts & Equipment - 1.2%
         
EUR 4,088,000
 
Faurecia, Series EO (France)
B2
3.250%
01/01/2018
N/A
1,080,855
927,000
 
Meritor, Inc.(c) (i)
B-
4.000%
02/15/2027
02/15/19 @ 100
719,004
             
1,799,859
               
   
Biotechnology - 6.5%
         
1,000,000
 
Cubist Pharmaceuticals, Inc.(i)
NR
2.500%
11/01/2017
N/A
1,605,000
1,250,000
 
Gilead Sciences, Inc., Series C(i)
A-
1.000%
05/01/2014
N/A
2,191,406
3,064,000
 
Illumina, Inc.(a) (h) (i)
NR
0.250%
03/15/2016
N/A
2,952,930
775,000
 
Medicines Co.(a)
NR
1.375%
06/01/2017
N/A
973,109
700,000
 
United Therapeutics Corp.(i)
NR
1.000%
09/15/2016
N/A
889,438
1,000,000
 
Vertex Pharmaceuticals, Inc.
NR
3.350%
10/01/2015
10/01/13 @ 101
1,136,250
             
9,748,133
               
   
Coal - 5.4%
         
5,670,000
 
Alpha Natural Resources, Inc.(i)
B-
2.375%
04/15/2015
N/A
5,329,800
2,870,000
 
Peabody Energy Corp.(i)
B+
4.750%
12/15/2041
12/20/36 @ 100
2,749,819
             
8,079,619
               
   
Computers - 4.9%
         
1,000,000
 
CACI International, Inc.
NR
2.125%
05/01/2014
N/A
1,105,000
2,353,000
 
EMC Corp., Series B(i)
A
1.750%
12/01/2013
N/A
3,639,809
2,145,000
 
SanDisk Corp.(i)
BB
1.500%
08/15/2017
N/A
2,682,590
             
7,427,399
               
   
Diversified Financial Services - 3.9%
         
1,600,000
 
Hong Kong Exchanges and Clearing Ltd. (Hong Kong)
NR
0.500%
10/23/2017
N/A
1,821,200
HKD 10,000,000
 
Tong Jie Ltd., Series 363 (British Virgin Islands)(b)
NR
0.000%
02/18/2018
N/A
1,326,169
2,500,000
 
Walter Investment Management Corp.(i)
NR
4.500%
11/01/2019
N/A
2,771,875
             
5,919,244
               
   
Electric - 0.7%
         
CNY 5,000,000
 
China Power International Development Ltd. (Hong Kong)
NR
2.250%
05/17/2016
N/A
997,379
               
   
Electrical Components & Equipment - 0.6%
         
968,000
 
General Cable Corp.
B+
0.875%
11/15/2013
N/A
969,815
               
   
Electronics - 0.8%
         
1,000,000
 
TPK Holding Co. Ltd., Series REGS (Cayman Islands)(b)
NR
0.000%
10/01/2017
N/A
1,206,500
               
   
Gas - 0.7%
         
1,000,000
 
ENN Energy Holdings Ltd. (Cayman Islands)(b)
NR
0.000%
02/26/2018
N/A
1,034,995
               
   
Health Care Products - 6.2%
         
2,000,000
 
HeartWare International, Inc.(i)
NR
3.500%
12/15/2017
N/A
2,408,750
872,000
 
Hologic, Inc., Series 2010(c) (d) (i)
B+
2.000%
12/15/2037
12/15/16 @ 100
1,082,370
1,950,000
 
Hologic, Inc., Series 2012(c) (e) (i)
B+
2.000%
03/01/2042
03/06/18 @ 100
2,108,438
3,681,000
 
Medtronic, Inc., Series B
A+
1.625%
04/15/2013
N/A
3,699,405
             
9,298,963
               
   
Health Care Services - 2.4%
         
2,500,000
 
LifePoint Hospitals, Inc.(i)
B
3.500%
05/15/2014
N/A
2,670,312
800,000
 
Molina Healthcare, Inc., Series MOH
NR
3.750%
10/01/2014
N/A
943,500
             
3,613,812
               
   
Home Builders - 1.1%
         
400,000
 
Ryland Group, Inc.
BB-
1.625%
05/15/2018
N/A
580,000
1,000,000
 
Toll Brothers Finance Corp.(a) (i)
BB+
0.500%
09/15/2032
09/15/17 @ 100
1,078,125
             
1,658,125
               
   
Home Furnishings - 0.6%
         
JPY 100,000,000
 
Sharp Corp., Series 20 (Japan)(b)
B+
0.000%
09/30/2013
N/A
944,006
               
   
Household Products & Housewares - 1.4%
         
1,953,000
 
Jarden Corp.(a) (i)
B
1.875%
09/15/2018
N/A
2,155,624
               
   
Internet - 4.3%
         
800,000
 
BroadSoft, Inc.(i)
NR
1.500%
07/01/2018
N/A
874,500
                   3,510,000
 
priceline.com, Inc.(a) (i)
BBB
1.000%
03/15/2018
N/A
3,893,906
2,000,000
 
WebMD Health Corp.(i)
NR
2.500%
01/31/2018
N/A
1,776,250
             
6,544,656
               
   
Iron & Steel - 0.8%
         
1,101,000
 
United States Steel Corp.(i)
BB
4.000%
05/15/2014
N/A
1,161,555
               
   
Lodging - 1.7%
         
2,346,000
 
MGM Resorts International(i)
B+
4.250%
04/15/2015
N/A
2,548,342
               
   
Machinery-Diversified - 0.9%
         
1,000,000
 
AGCO Corp.(i)
BB+
1.250%
12/15/2036
12/19/13 @ 100
1,335,000
               
   
Mining - 7.7%
         
600,000
 
African Minerals Ltd. (Bermuda)
NR
8.500%
02/10/2017
02/24/15 @ 110
624,300
4,600,000
 
Kinross Gold Corp. (Canada)(i)
BBB-
1.750%
03/15/2028
03/20/13 @ 100
4,602,875
2,207,000
 
Newmont Mining Corp., Series B(i)
BBB+
1.625%
07/15/2017
N/A
2,704,954
3,318,000
 
Royal Gold, Inc.(i)
NR
2.875%
06/15/2019
N/A
3,645,653
             
11,577,782
               
   
Oil & Gas - 3.4%
         
2,995,000
 
Chesapeake Energy Corp.(i)
BB-
2.250%
12/15/2038
12/15/18 @ 100
2,628,112
1,700,000
 
Lukoil International Finance BV (Netherlands)(i)
BBB-
2.625%
06/16/2015
N/A
1,927,800
600,000
 
Stone Energy Corp.(a)
B-
1.750%
03/01/2017
N/A
555,000
             
5,110,912
               
   
Oil & Gas Services - 2.9%
         
1,000,000
 
Hornbeck Offshore Services, Inc.(a)
BB-
1.500%
09/01/2019
N/A
1,043,125
400,000
 
Subsea 7 SA, Series ACY (Luxembourg)(i)
NR
2.250%
10/11/2013
N/A
466,400
EUR 2,160,000
 
Technip SA, Series TEC (France)
BBB+
0.500%
01/01/2016
N/A
2,823,616
             
4,333,141
               
   
Pharmaceuticals - 8.3%
         
1,844,000
 
Auxilium Pharmaceuticals, Inc.
NR
1.500%
07/15/2018
N/A
1,944,268
1,651,000
 
Endo Health Solutions, Inc.(i)
NR
1.750%
04/15/2015
N/A
2,037,953
639,000
 
Isis Pharmaceuticals, Inc.(a)
NR
2.750%
10/01/2019
N/A
745,633
1,000,000
 
Medivation, Inc.
NR
2.625%
04/01/2017
N/A
1,339,375
1,600,000
 
Salix Pharmaceuticals Ltd.(a)
NR
1.500%
03/15/2019
N/A
1,670,000
JPY 75,000,000
 
Sawai Pharmaceutical Co. Ltd. (Japan)(b)
NR
0.000%
09/17/2015
N/A
937,911
1,925,000
 
Shire PLC, Series SHP (Jersey)
NR
2.750%
05/09/2014
N/A
2,227,225
1,471,000
 
Theravance, Inc.
NR
2.125%
01/15/2023
N/A
1,529,840
             
12,432,205
               
   
Real Estate - 1.1%
         
1,540,000
 
Forest City Enterprises, Inc.(i)
B
4.250%
08/15/2018
N/A
1,673,787
               
   
Real Estate Investment Trusts - 3.4%
         
690,000
 
Boston Properties, LP(i)
A-
3.750%
05/15/2036
05/18/13 @ 100
740,887
1,500,000
 
Host Hotels & Resorts, LP(a) (i)
BB+
2.500%
10/15/2029
10/20/15 @ 100
2,036,250
2,000,000
 
SL Green Operating Partnership, LP(a) (i)
BB+
3.000%
10/15/2017
N/A
2,308,750
             
5,085,887
               
   
Semiconductors - 5.1%
         
1,500,000
 
Advanced Micro Devices, Inc.
B
6.000%
05/01/2015
N/A
1,443,750
2,000,000
 
Intel Corp.(i)
A-
3.250%
08/01/2039
N/A
2,408,750
1,500,000
 
Micron Technology, Inc., Series A(i)
NR
1.500%
08/01/2031
08/05/15 @ 100
1,538,438
750,000
 
ON Semiconductor Corp., Series B
BB
2.625%
12/15/2026
12/20/16 @ 100
837,656
1,300,000
 
SK Hynix, Inc. (South Korea)
NR
2.650%
05/14/2015
N/A
1,389,050
             
7,617,644
               
   
Software - 1.9%
         
3,000,000
 
Electronic Arts, Inc.
NR
0.750%
07/15/2016
N/A
2,848,125
               
   
Telecommunications - 4.3%
         
1,500,000
 
Ciena Corp.
B
0.875%
06/15/2017
N/A
1,346,250
3,000,000
 
Ciena Corp.(a) (i)
B
3.750%
10/15/2018
N/A
3,386,250
1,200,000
 
Level 3 Communications, Inc.
CCC
6.500%
10/01/2016
N/A
1,744,500
             
6,477,000
               
   
Transportation - 0.6%
         
918,000
 
Ship Finance International Ltd. (Bermuda)
NR
3.250%
02/01/2018
N/A
929,475
               
   
Total Convertible Bonds - 84.3%
         
   
(Cost $123,034,069)
       
126,807,228
               
   
Corporate Bonds - 19.5%
         
   
Auto Manufacturers - 1.3%
         
2,000,000
 
Navistar International Corp.(i)
CCC+
8.250%
11/01/2021
11/01/14 @ 104
1,975,000
               
   
Auto Parts & Equipment - 2.0%
         
1,600,000
 
Goodyear Tire & Rubber Co.
B+
8.250%
08/15/2020
08/15/15 @ 104
1,764,000
1,204,000
 
Meritor, Inc.
B-
8.125%
09/15/2015
N/A
1,268,715
             
3,032,715
               
   
Banks - 1.1%
         
1,668,000
 
Synovus Financial Corp.
B-
5.125%
06/15/2017
N/A
1,663,830
               
   
Diversified Financial Services - 0.7%
         
1,000,000
 
Air Lease Corp.
NR
5.625%
04/01/2017
N/A
1,060,000
               
   
Electronics - 0.7%
         
200,000
 
NXP BV / NXP Funding, LLC (Netherlands)(a)
B
5.750%
02/15/2021
02/15/17 @ 103
200,000
918,000
 
Viasystems, Inc.(a)
BB-
7.875%
05/01/2019
05/01/15 @ 106
920,295
             
1,120,295
               
   
Health Care Products - 1.1%
         
1,500,000
 
Merge Healthcare, Inc.(i)
B+
11.750%
05/01/2015
05/01/13 @ 106
1,612,500
               
   
Health Care Services - 1.4%
         
1,900,000
 
HCA, Inc.
B-
6.500%
02/15/2016
N/A
2,075,750
60,000
 
Health Net, Inc.
BB
6.375%
06/01/2017
N/A
63,750
             
2,139,500
               
   
Household Products & Housewares - 1.6%
         
2,250,000
 
Reynolds Group Issuer, Inc.(i)
CCC+
8.500%
05/15/2018
05/15/14 @ 104
2,373,750
               
   
Iron & Steel - 0.7%
         
1,000,000
 
Edgen Murray Corp.(a)
B+
8.750%
11/01/2020
11/01/15 @ 107
1,027,500
               
   
Media - 1.8%
         
1,550,000
 
Clear Channel Worldwide Holdings, Inc., Series B
B
7.625%
03/15/2020
03/15/15 @ 106
1,627,500
921,000
 
Media General, Inc.
B-
11.750%
02/15/2017
02/15/14 @ 106
1,059,150
             
2,686,650
               
   
Mining - 1.4%
         
1,000,000
 
FMG Resources August 2006 Pty Ltd. (Australia)(a) (i)
B+
6.875%
02/01/2018
02/01/14 @ 105
1,041,250
1,000,000
 
FMG Resources August 2006 Pty Ltd. (Australia)(a)
B+
8.250%
11/01/2019
11/01/15 @ 104
1,077,500
             
2,118,750
               
   
Oil & Gas - 2.8%
         
1,200,000
 
Alta Mesa Holdings, LP / Alta Mesa Finance Services Corp.(i)
B
9.625%
10/15/2018
10/15/14 @ 105
1,266,000
500,000
 
Calumet Specialty Products Partners, LP / Calumet Finance Corp.(a)
B
9.625%
08/01/2020
08/01/16 @ 105
561,250
1,500,000
 
OGX Austria GmbH (Austria)(a) (i)
B
8.375%
04/01/2022
04/01/17 @ 104
1,350,000
1,000,000
 
PetroBakken Energy Ltd. (Canada)(a)
CCC+
8.625%
02/01/2020
02/01/16 @ 104
1,025,000
             
4,202,250
               
   
Pharmaceuticals - 0.1%
         
200,000
 
Elan Finance PLC / Elan Finance Corp. (Ireland)(a)
BB-
6.250%
10/15/2019
10/15/15 @ 105
215,000
               
   
Software - 1.4%
         
2,000,000
 
First Data Corp.(a)
B-
8.250%
01/15/2021
01/15/16 @ 104
2,070,000
               
   
Telecommunications - 1.4%
         
1,370,000
 
Cricket Communications, Inc.
B-
7.750%
10/15/2020
10/15/15 @ 104
1,428,225
750,000
 
NII Capital Corp.
B-
8.875%
12/15/2019
12/15/14 @ 104
633,750
             
2,061,975
               
   
Total Corporate Bonds - 19.5%
         
   
(Cost $29,055,096)
       
29,359,715
               
Number
             
of Shares
 
Description
Rating*
Coupon
Maturity
 
Value
   
Convertible Preferred Stocks - 8.7%
         
   
Auto Manufacturers - 2.3%
         
80,972
 
General Motors Co., Series B(i)
NR
4.750%
12/01/2013
 
3,507,707
               
   
Auto Parts & Equipment - 0.9%
         
27,450
 
Goodyear Tire & Rubber Co.
NR
5.875%
04/01/2014
 
1,284,386
               
   
Banks - 2.4%
         
2,000
 
Bank of America Corp., Series L(f) (i)
BB+
7.250%
-
 
2,371,540
50,000
 
Synovus Financial Corp., Series tMED
NR
8.250%
05/15/2013
 
1,152,500
             
3,524,040
               
   
Insurance - 1.0%
         
31,823
 
MetLife, Inc.
BBB-
5.000%
03/26/2014
 
1,552,644
               
   
Iron & Steel - 2.1%
         
121,435
 
ArcelorMittal, Series MTUS (Luxembourg)(h) (i)
B+
6.000%
01/15/2016
 
3,164,900
               
   
Total Convertible Preferred Stocks - 8.7%
         
   
(Cost $11,772,051)
       
13,033,677
               
   
Common Stocks - 16.8%
         
   
Apparel - 0.4%
         
17,000
 
Deckers Outdoor Corp.(g) (h) (i)
       
679,150
               
   
Banks - 2.6%
         
39,900
 
Citigroup, Inc.(h) (i)
       
1,682,184
50,000
 
Mitsubishi UFJ Financial Group, Inc., ADR (Japan)
       
283,000
70,000
 
Mizuho Financial Group, Inc., ADR (Japan)
       
278,600
37,000
 
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)
       
299,330
50,000
 
SunTrust Banks, Inc.(h) (i)
       
1,418,500
             
3,961,614
               
   
Biotechnology - 2.9%
         
25,755
 
Amgen, Inc.(h)
       
2,201,022
22,000
 
Illumina, Inc.(g) (h) (i)
       
1,113,860
16,000
 
Life Technologies Corp.(g) (h)
       
1,035,040
             
4,349,922
               
   
Computers - 0.3%
         
1,000
 
Apple, Inc.(h)
       
455,310
               
   
Electronics - 0.7%
         
92,400
 
Vishay Intertechnology, Inc.(g) (h) (i)
       
1,015,476
               
   
Insurance - 0.9%
         
36,333
 
American International Group, Inc.(g) (h) (i)
       
1,374,477
               
   
Internet - 0.8%
         
1,500
 
Google, Inc., Class A(g) (h) (i)
       
1,133,535
               
   
Lodging - 1.6%
         
20,000
 
Las Vegas Sands Corp.(h) (i)
       
1,105,000
10,000
 
Wynn Resorts Ltd.(h) (i)
       
1,252,200
             
2,357,200
               
   
Media - 0.6%
         
25,000
 
DISH Network Corp., Class A(h) (i)
       
931,750
               
   
Oil & Gas - 0.6%
         
10,000
 
Occidental Petroleum Corp.(h) (i)
       
882,700
               
   
Pharmaceuticals - 2.4%
         
17,000
 
BioMarin Pharmaceutical, Inc.(g) (h) (i)
       
933,130
75,000
 
Elan Corp. PLC, ADR (Ireland)(g) (h)
       
788,250
100,000
 
MannKind Corp.(g)
       
242,000
21,200
 
Onyx Pharmaceuticals, Inc.(g) (h) (i)
       
1,643,424
             
3,606,804
               
   
Real Estate Investment Trusts - 0.5%
         
39,064
 
Spirit Realty Capital, Inc.
       
760,186
               
   
Retail - 1.7%
         
20,000
 
Limited Brands, Inc.(h) (i)
       
960,400
25,000
 
Tiffany & Co.(h) (i)
       
1,643,750
             
2,604,150
               
   
Semiconductors - 0.8%
         
34,000
 
Microchip Technology, Inc.(h) (i)
       
1,137,300
               
   
Total Common Stocks - 16.8%
         
   
(Cost $23,646,428)
       
25,249,574
               
   
Warrants - 0.0%***
         
99,000
 
MannKind Corp., expiring 02/15/2019
       
67,320
   
(Cost $30,360)
         
               
   
Total Long-Term Investments - 129.3%
         
   
(Cost $187,538,004)
       
194,517,514
               
Contracts (100 share per contract)
 
 
Options Purchased
 
Expiration
Date
Exercise
Price
 
 
Value
   
Put Options Purchased - 0.4%
         
7,000
 
iShares Russell 2000 Index Fund (g) (h)
 
March 2013
$86.00
 
658,000
   
(Cost $815,264)
         
               
   
Total Investments - 129.7%
         
   
(Cost $188,353,268)
       
195,175,514
   
Other Assets in excess of Liabilities - 4.4%
       
6,659,555
   
Total Value of Options Written - (0.9%) (Premiums received $1,407,935)
       
(1,378,306)
   
Borrowings - (33.2% of Net Assets or 25.6% of Total Investments)
       
(50,000,000)
   
Net Assets  - 100.0%
       
$              150,456,763
 
 
ADR - American Depositary Receipt
         
BV - Limited Liability Company
         
CNY - Chinese Yuan
         
EUR - Euro
             
HKD - Hong Kong Dollar
         
JPY - Japanese Yen
         
LLC - Limited Liability Company
         
LP - Limited Partnership
         
N/A- Not Applicable
         
PLC - Public Limited Company
         
Pty - Proprietary
         
SA - Corporation
         
GmbH - Limited Liability
         
                 
~
The principal amount is denominated in U.S. Dollars unless otherwise noted.
   
*
Ratings shown are per Standard & Poor's Rating Group, Moody's Investor Services, Inc. or Fitch Ratings.  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.
***
Amount is less than 0.1%.
         
(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, 2013, these securities amounted to $32,286,497, which represents 21.5% of net assets.
(b)
Zero coupon bond.
         
(c )
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 January 31, 2013.
(d)
Security becomes an accreting bond after December 15, 2016 with a 2.00% principal accretion rate.
(e)
Security become an accreting bond after March 1, 2018 with a 2.00% principal accretion rate.
(f)
Security is perpetual and, thus does not have a predetermined maturity date.  The coupon rate shown is in effect as of January 31, 2013.
(g)
Non-income producing security.
         
(h)
All or a portion of this security is segregated as collateral (or potential collateral for future transactions) for written options.
(i)
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, 2013, the total amount segregated was $100,638,655.
                 
See previously submitted notes to financial statements for the period ended October 31, 2012.
                 
                 
 
 
 
 
 
 
 
 

 
 
Contracts (100 shares
per contract)
 
 
Call  Options Written (a)
Expiration
Month
Exercise
Price
 
Market Value
360
 
American International Group, Inc.
May 2013
 $  37.00
$(90,720)
250
 
Amgen, Inc.
April 2013
     87.50
(49,500)
10
 
Apple, Inc.
June 2013
   515.00
(9,200)
920
 
ArcelorMittal
January 2014
     20.00
(97,520)
170
 
BioMarin Pharmaceutical, Inc.
July 2013
     60.00
(59,500)
399
 
Citigroup, Inc.
June 2013
     47.00
(41,496)
170
 
Deckers Outdoor Corp.
June 2013
     45.00
(61,200)
250
 
DISH Network Corp.
June 2013
     43.00
(28,750)
500
 
Elan Corp. PLC
July 2013
     11.00
(37,500)
15
 
Google, Inc.
June 2013
   750.00
(62,700)
220
 
Illumina, Inc.
January 2014
     60.00
(53,900)
200
 
Las Vegas Sands Corp.
June 2013
     60.00
(43,200)
160
 
Life Technologies Corp.
August 2013
     75.00
(25,600)
200
 
Limited Brands, Inc.
May 2012
     50.00
(30,400)
340
 
Microchip Technology, Inc.
April 2013
     35.00
(18,700)
100
 
Occidental Petroleum Corp.
May 2013
     85.00
(54,500)
212
 
Onyx Pharmaceuticals, Inc.
August 2013
   100.00
(43,460)
500
 
SunTrust Banks, Inc.
April 2013
     30.00
(27,500)
250
 
Tiffany & Co.
August 2013
     67.50
(110,000)
924
 
Vishay Intertechnology, Inc.
July 2013
     12.50
(36,960)
100
 
Wynn Resorts Ltd.
June 2013
   130.00
(60,000)
   
Total Value of Call Options Written
   
(1,042,306)
   
(Premiums received $(997,208))
     
           
   
Put Options Written (a)
     
           7,000
 
iShares Russell 2000 Index Fund
March 2013
     83.00
      (336,000)
   
(Premiums received $(410,727))
     
           
   
Total Value of Options Written
     
   
(Premiums received $(1,407,935))
   
 $(1,378,306)
           
 
(a)
Non-income producing security.
     
 
 
 
 
 
 
 
 
 
 
Country Breakdown as a % of Long-Term Investments
 
United States
82.5%
Canada
2.9%
France
2.0%
Luxembourg
1.9%
Hong Kong
1.5%
Japan
1.4%
Cayman Islands
1.1%
Jersey
1.1%
Netherlands
1.1%
Australia
1.1%
Bermuda
0.8%
South Korea
0.7%
Austria
0.7%
British Virgin Islands
0.7%
Ireland
0.5%
Subject to change daily.
 
 
 
 
 
 
 
 
 
 
 
At January 31, 2013, the following forward exchange currency contracts were outstanding:
             
                             
Forward Exchange Currency Contracts
                   
   
Contracts to Sell
 
Counterparty
Settlement Date
 
Settlement Value
   
Value at 1/31/2013
   
Net Unrealized Appreciation (Depreciation)
 
EUR
    7,828,000    
 
 
 
   
 
       
for USD
    10,276,134  
The Bank of New York Mellon
3/19/2013
  $ 10,276,134     $ 10,628,433     $ (352,299 )
EUR
    9,072    
 
                       
for USD
    12,238  
The Bank of New York Mellon
2/4/2013
    12,238       12,314       (76 )
 GBP
    2,700,000                              
 for USD
    4,466,503  
The Bank of New York Mellon
3/19/2013
    4,466,503       4,390,599       75,904  
 HKD
    5,215,500                              
 for USD
    672,421  
The Bank of New York Mellon
2/4/2013
    672,421       672,490       (69 )
 JPY
    187,500,000                              
 for USD
    2,214,240  
The Bank of New York Mellon
3/19/2013
    2,214,240       2,055,197       159,043  
                                  (117,497 )
                                     
                                     
   
Contracts to Buy
 
Counterparty
Settlement Date
 
Settlement Value
   
Value at 1/31/2013
   
Net Unrealized Appreciation (Depreciation)
 
EUR
    4,858,000    
 
                       
for USD
    6,470,865  
The Bank of New York Mellon
3/19/2013
  $ 6,470,865     $ 6,595,928     $ 125,063  
 GBP
    2,770,000                              
 for USD
    4,477,001  
The Bank of New York Mellon
3/19/2013
    4,477,000       4,390,599       (86,401 )
 HKD
    10,050,000                              
 for USD
    1,296,540  
The Bank of New York Mellon
2/15/2013
    1,296,540       1,295,921       (619 )
 JPY
    16,000,000                              
 for USD
    181,188  
The Bank of New York Mellon
3/19/2013
    181,188       175,377       (5,811 )
                                $ 32,232  
                                     
         
Total unrealized depreciation on forward exchange currency contracts
    $ (85,265 )
                                     
 
 
 
 
 
 
 
 
 
At January 31, 2013, the cost and related gross unrealized appreciation and depreciation on investments for
tax purposes were 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
 
$ 189,179,310     $ 8,506,053     $ (2,509,849 )   $ 5,996,204     $ (55,636 )
                                     
 
 Equity securities listed on an exchange are valued at the last reported sale
     
 price on the primary exchange on which they are traded. Equity securities
     
 traded on an exchange for which there are no transactions on a given day
     
 are valued at the mean of the closing bid and asked prices. Securities
       
 traded on NASDAQ are valued at the NASDAQ Official Closing Price.
       
 Equity securities not listed on a securities exchange or NASDAQ are
       
 valued at the mean of the closing bid and asked prices. Debt securities
     
 are valued by independent pricing services or dealers using the mean of
     
 the closing bid and asked prices for such securities or, if such prices are
     
 not available, at prices for securities of comparable maturity, quality and
     
 type. If sufficient market activity is limited or does not exist, the pricing
       
 providers or broker-dealers may utilize proprietary valuation models
         
 which consider market characteristics such as benchmark yield curves,
     
 option-adjusted spreads, credit spreads, estimated default rates, coupon
     
 rates, anticipated timing of principal repayments, underlying collateral, or
     
 other unique security features in order to estimate relevant cash flows,
       
 which are then discounted to calculate a security’s fair value. Exchange-
     
 Traded Funds are valued at the last sales price or official closing price on
     
 the exchange where the security is principally traded. The swaps are
       
 valued daily by independent pricing services or dealers using the mid
       
 price. Forward exchange currency contracts are valued daily at current
       
 exchange rates. Futures contracts are valued using the settlement price
     
 established each day on the exchange on which they are traded.
         
 Exchange-traded options are valued at the closing price, if traded that
       
 day. If not traded, they are valued at the mean of the bid and asked prices
     
 on the primary exchange on which they are traded. Short-term securities
     
 with remaining maturities of 60 days or less are valued at amortized cost,
     
 which approximates market value.
                 
                       
 For those securities where quotations or prices are not available, the valuations
     
 are determined in accordance with procedures established in good faith by management
   
 and approved by the Board of Trustees ("Trustees").  A valuation committee consisting
   
 of representatives from investments, fund administration, legal and compliance is responsible for the oversight
 of the valuation process of the Fund and convenes monthly, or more frequently as needed.  The valuation
 committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities,
 price source changes, illiquid securities, stale priced securities, halted securities, price challenges, fair valued
 securities sold and back testing trade prices in relation to prior day closing prices.  On a quarterly basis, the
 valuations and methodologies of all Level 3 fair valued securities are presented to the Fund's Trustees.
                       
 Valuations in accordance with these procedures are intended to reflect each security's (or asset's) fair value.
 Such fair value is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its
 current sale.  Each such determination is based on a consideration of all relevant factors, which are likely to vary from one
 pricing context to another.  Examples of such factors may include, but are not limited to: (i) the type of security,
 (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security's disposition,
 (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v)
 quotations or evaluated prices from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded
 securities), (vii) an analysis of the company's financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s)
  in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value
 of the security).  There were no securities fair valued in accordance with such procedures established by the Trustees at January 31, 2013.
                       
 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 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 Bond & 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 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.
                     
                       
The Fund did not hold any Level 3 securities during the period ended January 31, 2013.
   
                       
The following table represents the Fund’s investments carried by caption and by level
   
within the fair value hierarchy as of January 31, 2013:
             
                       
 
   
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
  $ -     $ 126,807     $ -     $ 126,807  
Convertible Preferred Stocks
    13,034       -       -       13,034  
Common Stocks
    25,250       -       -       25,250  
Corporate Bonds
    -       29,360       -       29,360  
Warrants
            67       -       67  
Options Purchased
    658       -       -       658  
Foreign Exchange Currency Contracts
    -       360       -       360  
Total
  $ 38,942     $ 156,594     $ -     $ 195,536  
                                 
Liabilities:
                               
Options Written
  $ 1,378     $ -     $ -     $ 1,378  
Foreign Exchange Currency Contracts
    -       445       -       445  
Total
  $ 1,378     $ 445     $ -     $ 1,823  
 
If not referenced in the table, please refer to the Portfolio of Investments
       
for the breakdown of investment type by industry category.
         
                       
During the three months ended January 31, 2013, there were no transfers between
     
Level 1 and Level 2 and there were no Level 3 transfers.
             
 
 
 
 
 
 
 
 
 
 
 
 
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:
 March 27, 2013

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 27, 2013

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

Date:
 March 27, 2013
 

 
 
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