UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number
     811-21504
Advent/Claymore Enhanced Growth & Income Fund
(Exact name of registrant as specified in charter)

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

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

Date of fiscal year end: October 31                                                                 

Date of reporting period: May 1, 2013 – July 31, 2013                                                                                                 
 
 
 
 
 
 
 

Item 1.                      Schedule of Investments.
Attached hereto.
 
LCM Advent/Claymore Enhanced Growth & Income Fund
       
Portfolio of Investments
         
July 31, 2013 (unaudited)
         
                 
 
Principal
         
Optional Call
 
 
Amount ~
 
Description
Rating*
Coupon
Maturity
Provisions**
Value
     
Long-Term Investments - 128.6%
         
     
Convertible Bonds - 100.5%
         
     
Auto Manufacturers - 4.0%
         
 
$2,704,000
 
Navistar International Corp.(i) (j)
CCC
3.000%
10/15/2014
N/A
$2,729,350
 
2,750,000
 
Tesla Motors, Inc.(i) (j)
NR
1.500%
06/01/2018
N/A
3,588,750
               
6,318,100
                 
     
Auto Parts & Equipment - 1.1%
         
 
1,922,000
 
Meritor, Inc.(c) (j)
B-
4.000%
02/15/2027
02/15/19 @ 100
1,792,265
                 
     
Biotechnology - 5.8%
         
 
1,562,000
 
Cubist Pharmaceuticals, Inc.(j)
NR
2.500%
11/01/2017
N/A
3,444,210
 
366,000
 
Dendreon Corp.(j)
NR
2.875%
01/15/2016
N/A
267,638
 
1,250,000
 
Gilead Sciences, Inc., Series C(j)
A-
1.000%
05/01/2014
N/A
3,403,125
 
544,000
 
InterMune, Inc.(j)
NR
2.500%
12/15/2017
N/A
771,800
 
1,132,000
 
Merrimack Pharmaceuticals, Inc.
NR
4.500%
07/15/2020
N/A
1,171,186
               
9,057,959
                 
     
Building Materials - 0.4%
         
 
513,000
 
Cemex SAB de CV (Mexico)
NR
4.875%
03/15/2015
N/A
615,600
                 
     
Coal - 4.1%
         
 
5,256,000
 
Alpha Appalachia Holdings, Inc.(j)
B
3.250%
08/01/2015
N/A
4,924,215
 
1,677,000
 
Alpha Natural Resources, Inc.(j)
B-
2.375%
04/15/2015
N/A
1,563,802
               
6,488,017
                 
     
Computers - 2.0%
         
 
1,953,000
 
EMC Corp., Series B(j)
A
1.750%
12/01/2013
N/A
3,188,282
                 
     
Diversified Financial Services - 1.9%
         
 
1,600,000
 
HKEx International Ltd. (Hong Kong)
NR
0.500%
10/23/2017
N/A
1,680,000
 
HKD 10,000,000
 
Tong Jie Ltd., Series 363 (British Virgin Islands)(b)
NR
0.000%
02/18/2018
N/A
1,282,985
               
2,962,985
                 
     
Electric - 0.4%
         
 
CNY 2,300,000
 
China Power International Development Ltd. (Hong Kong)
NR
2.250%
05/17/2016
N/A
593,867
                 
     
Electrical Components & Equipment - 2.1%
         
 
JPY 300,000,000
 
Nidec Corp. (Japan)(b)
NR
0.000%
09/18/2015
N/A
3,285,039
                 
     
Electronics - 0.8%
         
 
1,250,000
 
TPK Holding Co. Ltd., Series REGS (Cayman Islands)(b)
NR
0.000%
10/01/2017
N/A
1,331,250
                 
     
Food - 0.6%
         
 
GBP 550,000
 
J Sainsbury PLC (United Kingdom)
NR
4.250%
07/16/2014
N/A
927,633
                 
     
Gas - 0.9%
         
 
1,250,000
 
ENN Energy Holdings Ltd. (Cayman Islands)(b)
NR
0.000%
02/26/2018
N/A
1,398,437
                 
     
Hand & Machine Tools - 1.5%
         
 
JPY 105,000,000
 
Disco Corp. (Japan)(b)
NR
0.000%
12/16/2014
N/A
1,215,953
 
JPY 90,000,000
 
OSG Corp. (Japan)(b)
NR
0.000%
04/04/2022
N/A
1,108,586
               
2,324,539
                 
     
Health Care Products - 9.1%
         
 
                   2,360,000
 
HeartWare International, Inc.(j)
NR
3.500%
12/15/2017
N/A
2,899,850
 
HKD 29,000,000
 
Hengan International Group Co. Ltd. (Cayman Islands)(b)
NR
0.000%
06/27/2018
N/A
3,851,535
 
                      687,000
 
Hologic, Inc., Series 2010(c) (d) (j)
B+
2.000%
12/15/2037
12/15/16 @ 100
810,230
 
2,500,000
 
Hologic, Inc.(c) (g)
B+
2.000%
12/15/2037
12/15/13 @ 100
2,514,075
 
2,596,000
 
Hologic, Inc., Series 2012(c) (e) (j)
B+
2.000%
03/01/2042
03/06/18 @ 100
2,774,475
 
1,465,000
 
Volcano Corp.(j)
NR
1.750%
12/01/2017
N/A
1,399,075
               
14,249,240
                 
     
Health Care Services - 1.9%
         
 
1,855,000
 
LifePoint Hospitals, Inc.(j)
B
3.500%
05/15/2014
N/A
2,035,863
 
829,000
 
Molina Healthcare, Inc.(a) (j)
NR
1.125%
01/15/2020
N/A
912,418
               
2,948,281
                 
     
Home Builders - 2.6%
         
 
1,026,000
 
Lennar Corp.(a) (j)
BB-
2.000%
12/01/2020
12/01/13 @ 100
1,292,760
 
1,536,000
 
Ryland Group, Inc.
BB-
1.625%
05/15/2018
N/A
2,179,200
 
616,000
 
Toll Brothers Finance Corp.(a)
BB+
0.500%
09/15/2032
09/15/17 @ 100
619,080
               
4,091,040
                 
     
Home Furnishings - 1.4%
         
 
JPY 100,000,000
 
Sony Corp. (Japan)(b)
NR
0.000%
11/30/2017
N/A
2,204,768
                 
     
Household Products & Housewares - 0.9%
         
 
1,381,000
 
Jarden Corp.(a) (j)
B
1.500%
06/15/2019
N/A
1,422,430
                 
     
Insurance - 1.9%
         
 
2,137,000
 
Radian Group, Inc.
B-
3.000%
11/15/2017
N/A
3,046,561
                 
     
Internet - 3.6%
         
 
1,000,000
 
Equinix, Inc.(j)
B+
3.000%
10/15/2014
N/A
1,628,125
 
1,746,000
 
priceline.com, Inc.(i) (j)
BBB
1.000%
03/15/2018
N/A
2,093,017
 
2,000,000
 
WebMD Health Corp.(j)
NR
2.500%
01/31/2018
N/A
1,955,000
               
5,676,142
                 
     
Investment Companies - 1.4%
         
 
2,152,000
 
Ares Capital Corp.(a)
BBB
4.375%
01/15/2019
N/A
2,138,550
                 
     
Lodging - 1.4%
         
 
1,888,000
 
MGM Resorts International(i) (j)
B+
4.250%
04/15/2015
N/A
2,205,420
                 
     
Machinery-Diversified - 2.6%
         
 
JPY 200,000,000
 
Ebara Corp., Series 6 (Japan)(b)
NR
0.000%
03/19/2018
N/A
2,633,237
 
JPY 100,000,000
 
IHI Corp. (Japan)(b)
NR
0.000%
03/29/2016
N/A
1,518,733
               
4,151,970
                 
     
Mining - 6.2%
         
 
3,800,000
 
Glencore Finance Europe SA (Luxembourg)
BBB
5.000%
12/31/2014
N/A
4,173,350
 
2,207,000
 
Newmont Mining Corp., Series B(j)
BBB+
1.625%
07/15/2017
N/A
2,442,873
 
3,318,000
 
Royal Gold, Inc.(j)
NR
2.875%
06/15/2019
N/A
3,212,239
               
9,828,462
                 
     
Miscellaneous Manufacturing - 0.7%
         
 
JPY 100,000,000
 
Nikkiso Co. Ltd., Series 6376 (Japan)(b)
NR
0.000%
08/02/2018
N/A
1,109,639
                 
     
Oil & Gas - 2.3%
         
 
4,058,000
 
Chesapeake Energy Corp.(j)
BB-
2.250%
12/15/2038
12/15/18 @ 100
3,560,895
                 
     
Oil & Gas Services - 2.7%
         
 
1,923,000
 
Hornbeck Offshore Services, Inc.(a) (j)
BB-
1.500%
09/01/2019
N/A
2,324,426
 
EUR 1,500,000
 
Technip SA, Series TEC (France)
BBB+
0.500%
01/01/2016
N/A
1,964,767
               
4,289,193
                 
     
Pharmaceuticals - 8.5%
         
 
1,471,000
 
Auxilium Pharmaceuticals, Inc.(j)
NR
1.500%
07/15/2018
N/A
1,492,146
 
702,000
 
Isis Pharmaceuticals, Inc.(a) (j)
NR
2.750%
10/01/2019
N/A
1,293,435
 
1,100,000
 
Medivation, Inc.(j)
NR
2.625%
04/01/2017
N/A
1,526,937
 
1,600,000
 
Salix Pharmaceuticals Ltd.(j)
NR
1.500%
03/15/2019
N/A
2,053,000
 
JPY 235,000,000
 
Sawai Pharmaceutical Co. Ltd. (Japan)(b)
NR
0.000%
09/17/2015
N/A
3,112,666
 
1,445,000
 
Shire PLC, Series SHP (Jersey)
NR
2.750%
05/09/2014
N/A
1,699,320
 
1,886,000
 
Vivus, Inc.(a)
NR
4.500%
05/01/2020
N/A
2,206,620
               
13,384,124
                 
     
Real Estate - 3.4%
         
 
SGD 3,750,000
 
CapitaLand Ltd., Series REGS (Singapore)
NR
1.850%
06/19/2020
N/A
2,806,723
 
2,631,000
 
Forest City Enterprises, Inc.(a)
BB-
3.625%
08/15/2020
08/15/18 @ 100
2,598,603
               
5,405,326
                 
     
Real Estate Investment Trusts - 3.5%
         
 
1,029,000
 
BioMed Realty, LP(a)
NR
3.750%
01/15/2030
01/21/15 @ 100
1,257,309
 
GBP 900,000
 
Derwent London Capital No. 2 Jersey Ltd., Series DLN (Jersey)
BBB
1.125%
07/24/2019
N/A
1,372,475
 
1,000,000
 
SL Green Operating Partnership, LP(a) (j)
BB+
3.000%
10/15/2017
N/A
1,228,750
 
1,500,000
 
Starwood Property Trust, Inc.
BB-
4.000%
01/15/2019
N/A
1,591,875
               
5,450,409
                 
     
Semiconductors - 6.3%
         
 
3,045,000
 
Advanced Micro Devices, Inc.(j)
B
6.000%
05/01/2015
N/A
3,153,478
 
1,014,000
 
Micron Technology, Inc.(i)
BB-
1.875%
06/01/2014
N/A
1,135,680
 
1,816,000
 
Micron Technology, Inc., Series A(i) (j)
NR
1.500%
08/01/2031
08/05/15 @ 100
2,601,420
 
2,800,000
 
SK Hynix, Inc. (South Korea)
NR
2.650%
05/14/2015
N/A
3,057,600
               
9,948,178
                 
     
Software - 8.0%
         
 
1,732,000
 
Allscripts Healthcare Solutions, Inc.(a)
NR
1.250%
07/01/2020
N/A
1,958,242
 
699,000
 
Cornerstone OnDemand, Inc.(a) (j)
NR
1.500%
07/01/2018
N/A
740,940
 
1,676,000
 
Electronic Arts, Inc.(j)
NR
0.750%
07/15/2016
N/A
1,844,648
 
3,677,000
 
Nuance Communications, Inc.(j)
BB-
2.750%
08/15/2027
08/20/14 @ 100
4,256,128
 
3,333,000
 
Salesforce.com, Inc.(a) (j)
BB
0.250%
04/01/2018
N/A
3,320,501
 
500,000
 
Take-Two Interactive Software, Inc.
NR
1.000%
07/01/2018
N/A
527,500
               
12,647,959
                 
     
Telecommunications - 6.5%
         
 
1,089,000
 
Ciena Corp.(j)
B
0.875%
06/15/2017
N/A
1,060,414
 
2,408,000
 
Ciena Corp.(a) (j)
B
3.750%
10/15/2018
N/A
3,261,335
 
3,606,000
 
Clearwire Communications, LLC / Clearwire Finance, Inc.(a) (j)
NR
8.250%
12/01/2040
12/01/17 @ 100
4,011,675
 
JPY 100,000,000
 
KDDI Corp. (Japan)(b)
NR
0.000%
12/14/2015
N/A
1,922,627
               
10,256,051
                 
     
Total Convertible Bonds - 100.5%
         
     
(Cost $149,717,481)
       
158,298,611
                 
     
Corporate Bonds - 6.3%
         
     
Diversified Financial Services - 0.4%
         
 
$607,000
 
SLM Corp., Series MTN
BBB-
3.875%
09/10/2015
N/A
621,416
                 
     
Household Products & Housewares - 1.9%
         
 
2,815,000
 
Reynolds Group Issuer, Inc.
CCC+
8.500%
05/15/2018
05/15/14 @ 104
2,941,675
                 
     
Lodging - 1.1%
         
 
1,213,537
 
Inn of the Mountain Gods Resort & Casino(a) (f) (j)
NR
1.250%
11/30/2020
10/01/13 @ 100
1,149,827
 
500,000
 
MTR Gaming Group, Inc.(j)
B-
11.500%
08/01/2019
08/01/15 @ 106
528,750
               
1,678,577
                 
     
Media - 1.1%
         
 
1,650,000
 
Media General, Inc.(j)
B+
11.750%
02/15/2017
02/15/14 @ 106
1,831,500
                 
     
Mining - 0.5%
         
 
715,000
 
FMG Resources August 2006 Pty Ltd. (Australia)(a) (j)
B+
6.875%
02/01/2018
02/01/14 @ 105
731,981
                 
     
Oil & Gas - 1.3%
         
 
500,000
 
Alta Mesa Holdings, LP / Alta Mesa Finance Services Corp.(j)
B
9.625%
10/15/2018
10/15/14 @ 105
527,500
 
1,578,000
 
Lightstream Resources Ltd. (Canada)(a)
CCC+
8.625%
02/01/2020
02/01/16 @ 104
1,546,440
               
2,073,940
                 
     
Total Corporate Bonds - 6.3%
         
     
(Cost $9,867,994)
       
9,879,089
                 
 
Number
             
 
of Shares
 
Description
       
Value
                 
     
Convertible Preferred Stock - 4.1%
         
     
Insurance - 0.8%
         
 
 $                     20,626
 
MetLife, Inc.(j)
BBB-
5.000%
03/26/2014
 
 $            1,176,920
                 
     
Iron & Steel - 2.2%
         
 
                      165,163
 
ArcelorMittal, Series MTUS (Luxembourg)(i) (j)
B+
6.000%
01/15/2016
 
                   3,512,290
                 
     
Telecommunications - 1.1%
         
 
1,824
 
Lucent Technologies Capital Trust I
CCC-
7.750%
03/15/2017
 
1,793,448
                 
     
Total Convertible Preferred Stocks - 4.1%
         
     
(Cost $6,851,102)
       
6,482,658
                 
     
Common Stocks - 17.3%
         
     
Auto Manufacturers - 1.4%
         
 
61,700
 
General Motors Co.(h) (i) (j)
       
2,213,179
                 
     
Banks - 4.4%
         
 
299,800
 
Mitsubishi UFJ Financial Group, Inc. (Japan)
       
1,831,933
 
914,600
 
Mizuho Financial Group, Inc. (Japan)
       
1,887,691
 
50,000
 
Morgan Stanley(i) (j)
       
1,360,500
 
41,500
 
Sumitomo Mitsui Financial Group, Inc. (Japan)
       
1,892,405
               
6,972,529
                 
     
Biotechnology - 1.3%
         
 
8,000
 
Alexion Pharmaceuticals, Inc.(h) (i) (j)
       
929,840
 
100,000
 
Amarin Corp. PLC - ADR (United Kingdom)(h) (i) (j)
       
546,000
 
76,532
 
Harvard Bioscience, Inc.(h) (j)
       
409,446
 
10,000
 
NPS Pharmaceuticals, Inc.(h)
       
180,100
               
2,065,386
                 
     
Commercial Services - 0.3%
         
 
25,800
 
Park24 Co. Ltd. (Japan)
       
473,216
                 
     
Computers - 0.3%
         
 
40,491
 
Dell, Inc.
       
513,021
                 
     
Health Care Services - 0.5%
         
 
27,000
 
Brookdale Senior Living, Inc.(h) (j)
       
786,240
                 
     
Insurance - 1.2%
         
 
40,000
 
American International Group, Inc.(i) (j)
       
1,820,400
                 
     
Media - 0.6%
         
 
21,698
 
DISH Network Corp., Class A (h)
       
968,816
                 
     
Miscellaneous Manufacturing - 0.4%
         
 
23,900
 
FUJIFILM Holdings Corp. (Japan)
       
523,173
                 
     
Pharmaceuticals - 3.2%
         
 
27,000
 
BioMarin Pharmaceutical, Inc.(h) (i) (j)
       
1,745,550
 
15,000
 
Onyx Pharmaceuticals, Inc.(h) (i) (j)
       
1,969,500
 
7,000
 
Pharmacyclics, Inc.(h) (i) (j)
       
760,410
 
40,000
 
Vivus, Inc.(h)
       
592,400
               
5,067,860
                 
     
Retail - 2.6%
         
 
87,500
 
Aeropostale, Inc.(h) (i) (j)
       
1,323,875
 
50,000
 
JC Penney Co., Inc.(h) (i) (j)
       
730,000
 
20,000
 
Lululemon Athletica, Inc.(h) (i) (j)
       
1,391,400
 
7,500
 
Tiffany & Co. (i) (j)
       
596,325
               
4,041,600
                 
     
Telecommunications - 1.1%
         
 
25,000
 
T-Mobile US, Inc.(i)
       
602,750
 
39,378
 
Vodafone Group PLC, ADR (United Kingdom) (j)
       
1,179,371
               
1,782,121
                 
     
Total Common Stocks - 17.3%
         
     
(Cost $25,718,639)
       
27,227,541
                 
     
Warrants - 0.4%
         
 
159,000
 
MannKind Corp., expiring 02/08/2016(h) (j)
       
548,550
     
(Cost $70,560)
         
                 
     
Total Long-Term Investments - 128.6%
         
     
(Cost $192,225,776)
       
202,436,449
                 
 
Contracts (100 shares per contract)
 
Options Purchased (h)
 
Expiration
Date
Exercise
Price
 
Value
     
Call Options Purchased - 0.3%
         
 
200
 
American International Group, Inc.
 
August 2013
$52.50
 
$600
 
10,000
 
iShares MSCI Emerging Markets ETF(i)
 
September 2013
$43.00
 
100,000
 
500
 
NetApp, Inc.
 
August 2013
$44.00
 
20,000
 
2,000
 
Nokia OYJ
 
August 2013
$5.00
 
2,000
 
600
 
Onyx Pharmaceuticals, Inc.
 
August 2013
$135.00
 
138,000
 
1,568
 
Onyx Pharmaceuticals, Inc.
 
August 2013
$140.00
 
188,160
 
400
 
ViroPharma, Inc.
 
August 2013
$35.00
 
55,600
 
850
 
Vivus, Inc.
 
August 2013
$15.00
 
59,500
     
(Cost $702,574)
       
                      563,860
                 
     
Put Options Purchased - 0.6%
         
 
500
 
General Cable Corp.
 
September 2013
$29.00
 
48,750
 
2,000
 
iShares Russell 2000 ETF
 
August 2013
$102.00
 
42,000
 
2,000
 
SPDR S&P 500 ETF Trust(i)
 
September 2013
$164.00
 
366,000
 
2,000
 
SPDR S&P 500 ETF Trust(i)
 
September 2013
$165.00
 
408,000
 
200
 
Tesla Motors, Inc.
 
January 2014
$85.00
 
92,000
     
(Cost $1,227,352)
       
                      956,750
     
Total Options Purchased - 0.9%
       
     
(Cost $1,929,926)
       
1,520,610
                 
     
Total Investments - 129.5%
         
     
(Cost $194,155,702)
       
203,957,059
     
Other Assets in excess of Liabilities - 3.9%
       
6,141,552
     
Total Value of Options Written - (1.7%) (Premiums received $2,404,915)
       
(2,644,536)
     
Borrowings - (31.7% of Net Assets or 24.5% of Total Investments)
       
(50,000,000)
     
Net Assets  - 100.0%
       
$              157,454,075
 
 
ADR - American Depositary Receipt
 
 
CNY - Chinese Renminbi
 
 
EUR - Euro
 
 
GBP - Pound Sterling
 
 
HKD - Hong Kong Dollar
 
 
JPY - Japanese Yen
 
 
LLC - Limited Liability Company
 
 
LP - Limited Partnership
 
 
N/A- Not Applicable
 
 
OYJ - Public Traded Company
 
 
PLC - Public Limited Company
 
 
Pty - Proprietary
 
 
SA - Corporation
 
 
SAB de CV - Publicly Traded Company
 
 
SGD - Singapore Dollar
 
     
*
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.
(a)
Securities are exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  At July 31, 2013, these securities amounted to $34,015,322, which represents 21.6% 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 July 31, 2013.
(d)
Security becomes an accreting bond after December 15, 2016 with a 2.00% principal accretion rate.
(e)
Security becomes an accreting bond after March 1, 2018 with a 2.00% principal accretion rate.
(f)
The issuer of this security will make interest payments of 1.250% payment-in-kind shares until first out notes are repaid.  Thereafter, 2.250% payment-in-kind shares and 11.875% in cash.
(g)
Security becomes an accreting bond after December 15, 2013 with a 2.00% principal accretion rate.
(h)
Non-income producing security.
 
(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 July 31, 2013, the total amount segregated was $110,490,966.
 
 
 
 
 
 

 
Contracts (100 shares per contract)
 
Call Options Written (a)
Expiration
Month
Exercise
Price
Market Value
875
 
Aeropostale, Inc.
January 2014
 $  18.00
$(70,000)
80
 
Alexion Pharmaceuticals, Inc.
January 2014
   120.00
(73,600)
1,000
 
Amarin Corp PLC
January 2014
      8.00
(90,000)
600
 
American International Group, Inc.
November 2013
     52.50
(38,400)
922
 
ArcelorMittal
January 2014
     14.00
(68,689)
270
 
BioMarin Pharmaceutical, Inc.
January 2014
     80.00
(37,800)
617
 
General Motors Co.
December 2013
     39.00
(74,657)
10,000
 
iShares MSCI Emerging Markets ETF
September 2013
     44.00
(40,000)
500
 
JC Penney Co., Inc.
August 2013
     20.00
(1,000)
200
 
Lululemon Athletica, Inc.
January 2014
     75.00
(84,000)
924
 
MGM Resorts International
January 2015
     17.00
(254,562)
1,024
 
Micron Technology, Inc.
October 2013
     15.00
(79,872)
1,026
 
Micron Technology, Inc.
January 2014
     15.00
(130,302)
500
 
Morgan Stanley
January 2014
     30.00
(48,500)
242
 
Navistar International Corp.
January 2014
     39.00
(58,080)
150
 
Onyx Pharmaceuticals, Inc.
January 2014
   145.00
(30,000)
70
 
Pharmacyclics, Inc.
January 2014
   115.00
(105,350)
16
 
priceline.com, Inc.
January 2014
   875.00
(108,224)
130
 
Tesla Motors, Inc.
January 2014
   105.00
(494,000)
100
 
Tesla Motors, Inc.
January 2014
   125.00
(262,000)
75
 
Tiffany & Co.
January 2014
     85.00
(23,625)
250
 
T-Mobile US, Inc.
November 2013
     27.00
(29,875)
   
Total Value of Call Options Written
   
(2,202,536)
   
(Premiums received $(1,896,715))
     
           
   
Put Options Written
     
           2,000
 
SPDR S&P 500 ETF Trust
September 2013
   159.00
      (186,000)
           2,000
 
SPDR S&P 500 ETF Trust
September 2013
   161.00
      (256,000)
   
Total Value of Put Options Written
   
      (442,000)
   
(Premiums received $(508,200))
     
           
   
Total Value of Options Written
     
   
(Premiums received $(2,404,915))
   
 $(2,644,536)
           
 
(a)
Non-income producing security.
     
 
 
 
 
 
 
 
Country Breakdown as a % of Long-Term Investments
 
United States
70.8%
Japan
12.2%
Luxembourg
3.8%
Cayman Islands
3.3%
Jersey
1.5%
South Korea
1.5%
Singapore
1.4%
United Kingdom
1.3%
Hong Kong
1.1%
France
1.0%
Canada
0.8%
British Virgin Islands
0.6%
Australia
0.4%
Mexico
0.3%
Subject to change daily.
 
 
 
 
 
 
 
 
At July 31, 2013, the following forward exchange currency contracts were outstanding:
             
                             
Forward Exchange Currency Contracts
                   
Contracts to Sell
     
Counterparty
Settlement Date
 
Settlement Value
   
Value at 7/31/2013
   
Net Unrealized Appreciation (Depreciation)
 
EUR
    1,498,000    
 
 
 
   
 
       
for USD
    1,999,650  
The Bank of New York Mellon
9/19/2013
  $ 1,999,650     $ 1,989,470     $ 10,180  
GBP
    2,105,000                              
for USD
    3,259,758  
The Bank of New York Mellon
9/19/2013
    3,259,758       3,190,180       69,578  
JPY
    3,042,000,000                              
for USD
    31,884,317  
The Bank of New York Mellon
9/19/2013
    31,884,317       30,936,872       947,445  
SGD
    3,544,000                              
for USD
    2,827,487  
The Bank of New York Mellon
9/19/2013
    2,827,487       2,781,986       45,501  
                                  1,072,704  
                                     
                                     
 
Contracts to Buy
     
Counterparty
Settlement Date
 
Settlement Value
   
Value at 7/31/2013
   
Net Unrealized Appreciation (Depreciation)
 
GBP
    591,000                              
for USD
    901,077  
The Bank of New York Mellon
9/19/2013
  $ 901,077     $ 895,675     $ (5,402 )
JPY
    110,250,000                              
for USD
    1,100,959  
The Bank of New York Mellon
8/2/2013
    1,100,959       1,120,940       19,981  
JPY
    551,000,000                              
for USD
    5,695,244  
The Bank of New York Mellon
9/19/2013
    5,695,244       5,603,621       (91,623 )
                                  (77,044 )
                                     
         
Total unrealized appreciation on forward exchange currency contracts
    $ 995,660  
 
 
 
 
 
 
 
At July 31, 2013, the cost and related gross unrealized appreciation and depreciation on investments for tax purposes, excluding written options, forward exchange currency contracts and foreign currency translations 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 Appreciation on Derivatives and Foreign Currency
 
$ 194,981,744     $ 13,997,454     $ (5,022,139 )   $ 8,975,315     $ 756,039  
 
 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 Funds 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 likley 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 broker-dealers and/or pricing services, (vi) information obtained 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 July 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 distinguished 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 spread; 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 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 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.
                             
The Fund did not hold any Level 3 securities during the period ended July 31, 2013.
   
                             
The following table represents the Fund’s investments carried by caption and by level within the fair value hierarchy
as of July 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
  $ -     $ 158,299     $ -     $ 158,299  
Convertible Preferred Stocks:
                         
     Insurance
    1,177       -               1,177  
     Iron & Steel
    3,512       -       -       3,512  
     Telecommunications
    -       1,793       -       1,793  
Common Stocks
    27,228       -       -       27,228  
Corporate Bonds
    -       9,879       -       9,879  
Warrants
            548       -       548  
Options Purchased
    1,521       -       -       1,521  
Foreign Exchange Currency Contracts
    -       1,073       -       1,073  
Total
  $ 33,438     $ 171,592     $ -     $ 205,030  
                                 
Liabilities:
                               
Options Written
  $ 2,645     $ -     $ -     $ 2,645  
Foreign Exchange Currency Contracts
    -       77       -       77  
Total
  $ 2,645     $ 77     $ -     $ 2,722  
 
If not referenced in the table, please refer to the Portfolio of Investments for a breakdown of investment type by industry category.
                             
During the period ended July 31, 2013, there were no transfers between Levels.
           
 
 
 
 
 
 
 
 
Item 2.                      Controls and Procedures.

 
(a)
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant on this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 
(b)
There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3.                      Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is attached hereto.
 
 
 
 
 
 
 
 
SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Advent/Claymore Enhanced Growth & Income Fund

By:
/s/ Tracy V. Maitland
Tracy V. Maitland
President and Chief Executive Officer

Date:
September 26, 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:
September 26, 2013

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

Date:
September 26, 2013
 

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