• Daily, weekly and monthly data on share prices, net asset values, dividends and more
|
• Portfolio overviews and performance analyses
|
• Announcements, press releases and special notices
|
• Fund and adviser contact information
|
April 30, 2015
|
April 30, 2015
|
QUESTIONS & ANSWERS
|
April 30, 2015
|
QUESTIONS & ANSWERS continued
|
April 30, 2015
|
QUESTIONS & ANSWERS continued
|
April 30, 2015
|
QUESTIONS & ANSWERS continued
|
April 30, 2015
|
QUESTIONS & ANSWERS continued
|
April 30, 2015
|
QUESTIONS & ANSWERS continued
|
April 30, 2015
|
FUND SUMMARY (Unaudited)
|
April 30, 2015
|
Fund Statistics
|
|
Share Price
|
$9.62
|
Net Asset Value
|
$10.99
|
Discount to NAV
|
-12.47%
|
Net Assets ($000)
|
$149,447
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||
FOR THE PERIOD ENDED APRIL 30, 2015
|
||||||
Six Month
|
Since
|
|||||
(non-
|
One
|
Three
|
Five
|
Ten
|
Inception
|
|
annualized)
|
Year
|
Year
|
Year
|
Year
|
(1/31/05)
|
|
Advent/Claymore Enhanced
|
||||||
Growth & Income Fund
|
||||||
NAV
|
5.09%
|
4.33%
|
8.40%
|
5.52%
|
3.77%
|
3.05%
|
Market
|
5.78%
|
4.79%
|
8.24%
|
4.58%
|
3.58%
|
2.21%
|
Portfolio Breakdown
|
% of Net Assets
|
Investments:
|
|
Convertible Bonds
|
83.1%
|
Corporate Bonds
|
28.7%
|
Common Stocks
|
8.9%
|
Convertible Preferred Stocks
|
8.8%
|
Short Term Investments
|
4.4%
|
Senior Floating Rate Interests
|
0.2%
|
Total Investments
|
134.1%
|
Other Assets & Liabilities, net
|
-34.1%
|
Net Assets
|
100.0%
|
FUND SUMMARY (Unaudited) continued
|
April 30, 2015
|
FUND SUMMARY (Unaudited) continued
|
April 30, 2015
|
Country Breakdown
|
% of Long-Term Investments
|
United States
|
64.0%
|
Cayman Islands
|
4.8%
|
Japan
|
4.3%
|
France
|
3.9%
|
Netherlands
|
3.6%
|
Austria
|
2.7%
|
Bermuda
|
1.7%
|
United Kingdom
|
1.6%
|
Spain
|
1.4%
|
Germany
|
1.4%
|
Italy
|
1.2%
|
Ireland
|
1.1%
|
United Arab Emirates
|
1.1%
|
Virgin Islands
|
1.1%
|
Jersey
|
0.8%
|
Canada
|
0.8%
|
Luxembourg
|
0.7%
|
Mexico
|
0.7%
|
Honk Kong
|
0.6%
|
Hungary
|
0.6%
|
India
|
0.5%
|
Taiwan
|
0.4%
|
Australia
|
0.4%
|
Marshall Island
|
0.3%
|
Liberia
|
0.2%
|
Greece
|
0.1%
|
Subject to change daily.
|
PORTFOLIO OF INVESTMENTS (Unaudited)
|
April 30, 2015
|
Shares
|
Value
|
|||||||
COMMON STOCKS† – 8.9%
|
||||||||
Consumer, Non-cyclical – 1.9%
|
||||||||
GlaxoSmithKline plc ADR1
|
30,000 | $ | 1,384,499 | |||||
Gilead Sciences, Inc.1
|
5,100 | 512,601 | ||||||
Pfizer, Inc.1
|
14,150 | 480,110 | ||||||
Mylan N.V.*
|
5,600 | 404,656 | ||||||
Total Consumer, Non-cyclical
|
2,781,866 | |||||||
Financial – 1.7%
|
||||||||
NorthStar Realty Finance Corp.1
|
59,250 | 1,111,530 | ||||||
Hospitality Properties Trust1
|
30,300 | 911,424 | ||||||
Citigroup, Inc.1
|
11,000 | 586,520 | ||||||
Total Financial
|
2,609,474 | |||||||
Energy – 1.5%
|
||||||||
Occidental Petroleum Corp.1
|
20,000 | 1,602,000 | ||||||
Royal Dutch Shell plc — Class B ADR1
|
9,800 | 632,982 | ||||||
Total Energy
|
2,234,982 | |||||||
Industrial – 1.3%
|
||||||||
Greenbrier Companies, Inc.
|
19,943 | 1,150,512 | ||||||
Koninklijke Philips N.V.
|
30,000 | 862,431 | ||||||
Total Industrial
|
2,012,943 | |||||||
Basic Materials – 1.0%
|
||||||||
Freeport-McMoRan, Inc.1
|
31,500 | 733,005 | ||||||
Dow Chemical Co.1
|
14,200 | 724,200 | ||||||
Total Basic Materials
|
1,457,205 | |||||||
Communications – 0.8%
|
||||||||
Lamar Advertising Co. — Class A1
|
20,000 | 1,159,200 | ||||||
Consumer, Cyclical – 0.7%
|
||||||||
American Airlines Group, Inc.1
|
12,800 | 618,048 | ||||||
Wynn Resorts Ltd.1
|
4,200 | 466,494 | ||||||
Total Consumer, Cyclical
|
1,084,542 | |||||||
Total Common Stocks
|
||||||||
(Cost $12,966,782)
|
13,340,212 | |||||||
CONVERTIBLE PREFERRED STOCKS† – 8.8%
|
||||||||
Consumer, Non-cyclical – 3.1%
|
||||||||
Actavis plc 5.50% due 03/01/18
|
2,189 | 2,198,576 | ||||||
Tyson Foods, Inc. 4.75% due 07/15/171
|
38,314 | 1,884,665 | ||||||
Kindred Healthcare, Inc. 7.50% due 12/01/17
|
496 | 572,769 | ||||||
Total Consumer, Non-cyclical
|
4,656,010 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Shares
|
Value
|
|||||||
CONVERTIBLE PREFERRED STOCKS† – 8.8% (continued)
|
||||||||
Financial – 3.0%
|
||||||||
Wells Fargo & Co. 7.50%1,9
|
1,949 | $ | 2,375,344 | |||||
American Tower Corp. 5.25% due 05/15/171
|
11,938 | 1,237,732 | ||||||
American Tower Corp. 5.50% due 02/15/18
|
8,267 | 848,194 | ||||||
Total Financial
|
4,461,270 | |||||||
Utilities – 0.9%
|
||||||||
Dominion Resources, Inc. 6.38% due 07/01/171
|
20,979 | 1,041,607 | ||||||
Exelon Corp. 6.50% due 06/01/171
|
6,050 | 298,810 | ||||||
Total Utilities
|
1,340,417 | |||||||
Basic Materials – 0.7%
|
||||||||
Alcoa, Inc. 5.38% due 10/01/171
|
24,014 | 1,095,519 | ||||||
Total Basic Materials
|
1,095,519 | |||||||
Energy – 0.6%
|
||||||||
Southwestern Energy Co. 6.25% due 01/15/18
|
10,200 | 605,064 | ||||||
Chesapeake Energy Corp. 5.75%1,9
|
386 | 339,680 | ||||||
Total Energy
|
944,744 | |||||||
Industrial – 0.5%
|
||||||||
Stanley Black & Decker, Inc. 4.75% due 11/17/152
|
3,960 | 544,758 | ||||||
United Technologies Corp. 7.50% due 08/01/151
|
2,443 | 143,697 | ||||||
Total Industrial
|
688,455 | |||||||
Total Convertible Preferred Stocks
|
||||||||
(Cost $13,253,867)
|
13,186,415 | |||||||
SHORT TERM INVESTMENTS† – 4.4%
|
||||||||
Goldman Sachs Financial Prime Obligations – Administration Share Class2
|
6,609,461 | 6,609,461 | ||||||
Total Short Term Investments
|
||||||||
(Cost $6,609,461)
|
6,609,461 | |||||||
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1%
|
||||||||
Financial – 18.5%
|
||||||||
IMMOFINANZ AG
|
||||||||
1.50% due 09/11/19
|
1,600,000 EUR
|
$ | 2,072,927 | |||||
4.25% due 03/08/18
|
96,000 EUR
|
514,951 | ||||||
Forest City Enterprises, Inc.
|
||||||||
3.63% due 08/15/201
|
1,496,000 | 1,691,415 | ||||||
Colony Capital, Inc.
|
||||||||
3.88% due 01/15/21
|
1,493,000 | 1,632,969 | ||||||
Aabar Investments PJSC
|
||||||||
1.00% due 03/27/22
|
1,200,000 EUR
|
1,474,211 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Financial – 18.5% (continued)
|
||||||||
Starwood Property Trust, Inc.
|
||||||||
4.00% due 01/15/191
|
1,141,000 | $ | 1,297,174 | |||||
Tong Jie Ltd.
|
||||||||
0.00% due 02/18/183
|
9,000,000 HKD
|
1,291,743 | ||||||
BNP Paribas S.A.
|
||||||||
0.25% due 09/21/15
|
1,000,000 EUR
|
1,198,540 | ||||||
Conwert Immobilien Invest SE
|
||||||||
4.50% due 09/06/18
|
900,000 EUR
|
1,189,217 | ||||||
Air Lease Corp.
|
||||||||
3.88% due 12/01/181
|
789,000 | 1,156,871 | ||||||
Azimut Holding SpA
|
||||||||
2.13% due 11/25/20
|
800,000 EUR
|
1,134,624 | ||||||
BENI Stabili SpA
|
||||||||
3.38% due 01/17/18
|
800,000 EUR
|
1,127,811 | ||||||
Magyar Nemzeti Vagyonkezelo Zrt
|
||||||||
3.38% due 04/02/19
|
900,000 EUR
|
1,112,975 | ||||||
Criteria CaixaHolding S.A.
|
||||||||
1.00% due 11/25/17
|
800,000 EUR
|
1,048,924 | ||||||
AYC Finance Ltd.
|
||||||||
0.50% due 05/02/19
|
870,000 | 988,538 | ||||||
Radian Group, Inc.
|
||||||||
2.25% due 03/01/191
|
577,000 | 981,621 | ||||||
American Realty Capital Properties, Inc.
|
||||||||
3.00% due 08/01/18
|
900,000 | 874,125 | ||||||
Hansteen Jersey Securities Ltd.
|
||||||||
4.00% due 07/15/18
|
500,000 EUR
|
846,744 | ||||||
Haitong International Securities Group, Ltd.
|
||||||||
1.25% due 11/04/19
|
4,000,000 HKD
|
844,195 | ||||||
PRA Group, Inc.
|
||||||||
3.00% due 08/01/201
|
728,000 | 790,335 | ||||||
Unite Jersey Issuer Ltd.
|
||||||||
2.50% due 10/10/18
|
400,000 GBP
|
763,519 | ||||||
Element Financial Corp.
|
||||||||
5.13% due 06/30/194
|
755,000 CAD
|
758,896 | ||||||
Hong Kong Exchanges and Clearing Ltd.
|
||||||||
0.50% due 10/23/17
|
350,000 | 657,125 | ||||||
Unibail-Rodamco SE
|
||||||||
0.00% due 01/01/223
|
1,538 EUR
|
628,526 | ||||||
Billion Express Investments Ltd.
|
||||||||
0.75% due 10/18/15
|
500,000 | 533,750 | ||||||
Fidelity National Financial, Inc.
|
||||||||
4.25% due 08/15/181
|
247,000 | 494,772 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Financial – 18.5% (continued)
|
||||||||
Host Hotels & Resorts, LP
|
||||||||
2.50% due 10/15/294
|
294,000 | $ | 462,683 | |||||
Total Financial
|
27,569,181 | |||||||
Communications – 13.8%
|
||||||||
Twitter, Inc.
|
||||||||
1.00% due 09/15/211,4
|
2,360,000 | 2,150,551 | ||||||
0.25% due 09/15/191,4
|
1,531,000 | 1,406,605 | ||||||
Priceline Group, Inc.
|
||||||||
0.35% due 06/15/201
|
2,150,000 | 2,545,062 | ||||||
0.90% due 09/15/211,4
|
723,000 | 718,481 | ||||||
Ciena Corp.
|
||||||||
0.88% due 06/15/171
|
2,249,000 | 2,249,000 | ||||||
4.00% due 12/15/201
|
468,000 | 624,780 | ||||||
Yahoo!, Inc.
|
||||||||
0.00% due 12/01/181,3
|
1,991,000 | 2,119,171 | ||||||
Ctrip.com International Ltd.
|
||||||||
1.25% due 10/15/181
|
1,511,000 | 1,672,489 | ||||||
Alcatel Lucent
|
||||||||
0.00% due 01/30/193
|
326,000 EUR
|
1,660,650 | ||||||
Qihoo 360 Technology Company Ltd.
|
||||||||
1.75% due 08/15/211,4
|
1,000,000 | 860,625 | ||||||
0.50% due 08/15/201,4
|
722,000 | 647,093 | ||||||
Liberty Media Corp.
|
||||||||
1.38% due 10/15/231
|
1,060,000 | 1,066,625 | ||||||
Web.com Group, Inc.
|
||||||||
1.00% due 08/15/18
|
1,000,000 | 921,874 | ||||||
Liberty Interactive LLC
|
||||||||
0.75% due 03/30/431
|
615,000 | 893,288 | ||||||
Yandex N.V.
|
||||||||
1.13% due 12/15/181
|
834,000 | 732,878 | ||||||
LinkedIn Corp.
|
||||||||
0.50% due 11/01/194
|
363,000 | 404,293 | ||||||
Total Communications
|
20,673,465 | |||||||
Consumer, Non-cyclical – 13.8%
|
||||||||
Omnicare, Inc.
|
||||||||
3.50% due 02/15/441
|
1,084,000 | 1,462,045 | ||||||
3.25% due 12/15/351
|
1,000,000 | 1,198,750 | ||||||
Hologic, Inc.
|
||||||||
0.00% due 12/15/431,5,6
|
1,700,000 | 1,999,625 | ||||||
Anthem, Inc.
|
||||||||
2.75% due 10/15/421
|
799,000 | 1,615,478 | ||||||
J Sainsbury plc
|
||||||||
1.25% due 11/21/19
|
700,000 GBP
|
1,169,635 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Consumer, Non-cyclical – 13.8% (continued)
|
||||||||
BioMarin Pharmaceutical, Inc.
|
||||||||
1.50% due 10/15/201
|
795,000 | $ | 1,119,458 | |||||
Molina Healthcare, Inc.
|
||||||||
1.63% due 08/15/44
|
575,000 | 682,453 | ||||||
1.13% due 01/15/201
|
233,000 | 357,364 | ||||||
Brookdale Senior Living, Inc.
|
||||||||
2.75% due 06/15/181
|
722,000 | 983,725 | ||||||
Gilead Sciences, Inc.
|
||||||||
1.63% due 05/01/161
|
213,000 | 940,396 | ||||||
Jazz Investments I Ltd.
|
||||||||
1.88% due 08/15/211,4
|
750,000 | 900,000 | ||||||
HealthSouth Corp.
|
||||||||
2.00% due 12/01/43
|
636,000 | 802,553 | ||||||
Isis Pharmaceuticals, Inc.
|
||||||||
1.00% due 11/15/214
|
699,000 | 759,289 | ||||||
Euronet Worldwide, Inc.
|
||||||||
1.50% due 10/01/444
|
667,000 | 733,283 | ||||||
Wright Medical Group, Inc.
|
||||||||
2.00% due 02/15/204
|
689,000 | 725,173 | ||||||
DP World Ltd.
|
||||||||
1.75% due 06/19/24
|
600,000 | 672,600 | ||||||
Qiagen N.V.
|
||||||||
0.88% due 03/19/21
|
600,000 | 666,510 | ||||||
Illumina, Inc.
|
||||||||
0.50% due 06/15/211,4
|
500,000 | 578,750 | ||||||
Spectranetics Corp.
|
||||||||
2.63% due 06/01/34
|
484,000 | 530,888 | ||||||
Temp Holdings, Co.
|
||||||||
0.00% due 09/19/183
|
42,000,000 JPY
|
491,263 | ||||||
Array BioPharma, Inc.
|
||||||||
3.00% due 06/01/201
|
409,000 | 469,839 | ||||||
Macquarie Infrastructure Company LLC
|
||||||||
2.88% due 07/15/19
|
400,000 | 468,250 | ||||||
Ligand Pharmaceuticals, Inc.
|
||||||||
0.75% due 08/15/194
|
308,000 | 374,413 | ||||||
NuVasive, Inc.
|
||||||||
2.75% due 07/01/17
|
270,000 | 333,956 | ||||||
Incyte Corp.
|
||||||||
0.38% due 11/15/18
|
159,000 | 305,678 | ||||||
Medivation, Inc.
|
||||||||
2.63% due 04/01/17
|
127,000 | 298,609 | ||||||
Total Consumer, Non-cyclical
|
20,639,983 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Technology – 11.3%
|
||||||||
Microchip Technology, Inc.
|
||||||||
1.63% due 02/15/254
|
2,016,000 | $ | 2,071,440 | |||||
ServiceNow, Inc.
|
||||||||
0.00% due 11/01/182,3
|
1,348,000 | 1,624,341 | ||||||
Lam Research Corp.
|
||||||||
0.50% due 05/15/161
|
1,208,000 | 1,531,140 | ||||||
SanDisk Corp.
|
||||||||
0.50% due 10/15/201
|
1,152,000 | 1,190,880 | ||||||
Cornerstone OnDemand, Inc.
|
||||||||
1.50% due 07/01/181
|
1,139,000 | 1,114,084 | ||||||
Proofpoint, Inc.
|
||||||||
1.25% due 12/15/181
|
696,000 | 1,037,910 | ||||||
Intel Corp.
|
||||||||
3.48% due 12/15/351
|
704,000 | 898,480 | ||||||
ASM Pacific Technology Ltd.
|
||||||||
2.00% due 03/28/19
|
6,000,000 HKD
|
880,514 | ||||||
Verint Systems, Inc.
|
||||||||
1.50% due 06/01/211
|
703,000 | 822,949 | ||||||
Red Hat, Inc.
|
||||||||
0.25% due 10/01/191,4
|
647,000 | 795,001 | ||||||
Akamai Technologies, Inc.
|
||||||||
0.00% due 02/15/193
|
715,000 | 781,141 | ||||||
Micron Technology, Inc.
|
||||||||
3.00% due 11/15/431
|
674,000 | 765,411 | ||||||
NVIDIA Corp.
|
||||||||
1.00% due 12/01/181
|
600,000 | 736,500 | ||||||
Epistar Corp.
|
||||||||
0.00% due 08/07/183
|
700,000 | 728,000 | ||||||
Kingsoft Corp. Ltd.
|
||||||||
1.25% due 04/11/19
|
5,000,000 HKD
|
674,094 | ||||||
Synchronoss Technologies, Inc.
|
||||||||
0.75% due 08/15/19
|
522,000 | 604,868 | ||||||
PROS Holdings, Inc.
|
||||||||
2.00% due 12/01/194
|
600,000 | 593,625 | ||||||
Total Technology
|
16,850,378 | |||||||
Industrial – 10.0%
|
||||||||
Cemex SAB de CV
|
||||||||
3.72% due 03/15/201,4
|
1,169,000 | 1,278,593 | ||||||
Siemens Financieringsmaatschappij N.V.
|
||||||||
1.65% due 08/16/19
|
1,000,000 | 1,160,505 | ||||||
OSG Corp.
|
||||||||
0.00% due 04/04/223
|
90,000,000 JPY
|
1,151,040 | ||||||
Ebara Corp.
|
||||||||
0.00% due 03/19/183
|
110,000,000 JPY
|
1,117,281 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Industrial – 10.0% (continued)
|
||||||||
Fluidigm Corp.
|
||||||||
2.75% due 02/01/341
|
1,042,000 | $ | 1,058,933 | |||||
Larsen & Toubro Ltd.
|
||||||||
0.68% due 10/22/19
|
944,000 | 1,028,016 | ||||||
Deutsche Post A.G.
|
||||||||
0.60% due 12/06/19
|
600,000 EUR
|
951,010 | ||||||
MISUMI Group, Inc.
|
||||||||
0.00% due 10/22/183
|
800,000 | 917,600 | ||||||
BW Group Ltd.
|
||||||||
1.75% due 09/10/19
|
1,000,000 | 906,000 | ||||||
Zhen Ding Technology Holding Ltd.
|
||||||||
0.00% due 06/26/193
|
800,000 | 900,200 | ||||||
Greenbrier Companies, Inc.
|
||||||||
3.50% due 04/01/18
|
500,000 | 757,813 | ||||||
Yaskawa Electric Corp.
|
||||||||
0.00% due 03/16/173
|
55,000,000 JPY
|
689,396 | ||||||
Mitsui OSK Lines, Ltd.
|
||||||||
0.00% due 04/24/203
|
600,000 | 591,450 | ||||||
KUKA A.G.
|
||||||||
2.00% due 02/12/18
|
300,000 EUR
|
588,490 | ||||||
Vishay Intertechnology, Inc.
|
||||||||
2.25% due 11/15/40
|
504,000 | 509,355 | ||||||
Chart Industries, Inc.
|
||||||||
2.00% due 08/01/181
|
429,000 | 453,131 | ||||||
Nidec Corp.
|
||||||||
0.00% due 09/18/153
|
25,000,000 JPY
|
352,480 | ||||||
UTi Worldwide, Inc.
|
||||||||
4.50% due 03/01/19
|
286,000 | 285,643 | ||||||
Trinity Industries, Inc.
|
||||||||
3.88% due 06/01/36
|
215,000 | 280,172 | ||||||
Total Industrial
|
14,977,108 | |||||||
Consumer, Cyclical – 8.8%
|
||||||||
Jarden Corp.
|
||||||||
1.13% due 03/15/341
|
1,481,000 | 1,719,811 | ||||||
Fiat Chrysler Automobiles N.V.
|
||||||||
7.88% due 12/15/16
|
10,400 | 1,341,600 | ||||||
Faurecia
|
||||||||
3.25% due 01/01/18
|
2,582,000 EUR
|
1,239,021 | ||||||
Iconix Brand Group, Inc.
|
||||||||
1.50% due 03/15/181
|
585,000 | 606,206 | ||||||
2.50% due 06/01/16
|
436,000 | 453,440 | ||||||
Resorttrust, Inc.
|
||||||||
0.00% due 12/01/213
|
110,000,000 JPY
|
1,059,372 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Consumer, Cyclical – 8.8% (continued)
|
||||||||
Steinhoff Finance Holding GmbH
|
||||||||
4.00% due 01/30/21
|
600,000 EUR
|
$ | 1,014,277 | |||||
International Consolidated Airlines Group S.A.
|
||||||||
1.75% due 05/31/18
|
500,000 EUR
|
996,897 | ||||||
Toray Industries, Inc.
|
||||||||
0.00% due 08/30/193
|
80,000,000 JPY
|
833,124 | ||||||
Sekisui House Co.
|
||||||||
0.00% due 07/05/163
|
40,000,000 JPY
|
627,392 | ||||||
Volkswagen International Finance N.V.
|
||||||||
5.50% due 11/09/151,4
|
400,000 EUR
|
600,888 | ||||||
Adidas A.G.
|
||||||||
0.25% due 06/14/19
|
400,000 EUR
|
530,110 | ||||||
NHK Spring Co. Ltd.
|
||||||||
0.00% due 09/20/193
|
450,000 | 511,425 | ||||||
Standard Pacific Corp.
|
||||||||
1.25% due 08/01/32
|
429,000 | 503,003 | ||||||
Sonae Investments B.V.
|
||||||||
1.63% due 06/11/19
|
400,000 EUR
|
456,064 | ||||||
Rallye S.A.
|
||||||||
1.00% due 10/02/20
|
350,000 EUR
|
442,295 | ||||||
LGI Homes, Inc.
|
||||||||
4.25% due 11/15/194
|
219,000 | 227,486 | ||||||
Total Consumer, Cyclical
|
13,162,411 | |||||||
Energy – 2.9%
|
||||||||
SunEdison, Inc.
|
||||||||
0.25% due 01/15/201,4
|
1,640,000 | 1,851,150 | ||||||
Whiting Petroleum Corp.
|
||||||||
1.25% due 04/01/201,4
|
1,107,000 | 1,324,249 | ||||||
CaixaBank S.A.
|
||||||||
4.50% due 11/22/16
|
600,000 EUR
|
666,000 | ||||||
Utilities – 2.0%
|
||||||||
Helix Energy Solutions Group, Inc.
|
||||||||
3.25% due 03/15/32
|
500,000 | 508,750 | ||||||
Total Energy
|
4,350,149 | |||||||
ENN Energy Holdings Ltd.
|
||||||||
0.00% due 02/26/183
|
1,000,000 | 1,260,000 | ||||||
CenterPoint Energy, Inc.
|
||||||||
3.94% due 09/15/291,5
|
18,995 | 1,256,044 | ||||||
China Power International Development Ltd.
|
||||||||
2.75% due 09/18/17
|
1,500,000 CNY
|
523,796 | ||||||
Total Utilities
|
3,039,840 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CONVERTIBLE BONDS†† – 83.1% (continued)
|
||||||||
Diversified – 1.1%
|
||||||||
Misarte
|
||||||||
3.25% due 01/01/16
|
430,000 EUR
|
$ | 847,959 | |||||
Horizon Pharma Investment Ltd.
|
||||||||
2.50% due 03/15/224
|
610,000 | 760,213 | ||||||
Total Diversified
|
1,608,172 | |||||||
Basic Materials – 0.9%
|
||||||||
Royal Gold, Inc.
|
||||||||
2.88% due 06/15/191
|
1,000,000 | 1,046,250 | ||||||
B2Gold Corp.
|
||||||||
3.25% due 10/01/18
|
300,000 | 258,938 | ||||||
Total Basic Materials
|
1,305,188 | |||||||
Total Convertible Bonds
|
||||||||
(Cost $119,843,362)
|
124,175,875 | |||||||
CORPORATE BONDS†† – 28.7%
|
||||||||
Communications – 6.6%
|
||||||||
UPCB Finance III Ltd.
|
||||||||
6.63% due 07/01/201,4
|
1,400,000 | 1,457,399 | ||||||
Alliance Data Systems Corp.
|
||||||||
6.38% due 04/01/204
|
1,250,000 | 1,304,688 | ||||||
Numericable-SFR SAS
|
||||||||
4.88% due 05/15/191,4
|
1,250,000 | 1,265,624 | ||||||
Altice S.A.
|
||||||||
7.75% due 05/15/221,4
|
1,000,000 | 1,012,510 | ||||||
Sprint Communications, Inc.
|
||||||||
9.00% due 11/15/184
|
490,000 | 558,752 | ||||||
T-Mobile USA, Inc.
|
||||||||
6.63% due 04/28/21
|
500,000 | 529,375 | ||||||
EarthLink Holdings Corp.
|
||||||||
7.38% due 06/01/201
|
500,000 | 522,500 | ||||||
LIN Television Corp.
|
||||||||
5.88% due 11/15/221,4
|
500,000 | 516,250 | ||||||
Radio One, Inc.
|
||||||||
7.38% due 04/15/224
|
350,000 | 354,813 | ||||||
DISH DBS Corp.
|
||||||||
6.75% due 06/01/21
|
300,000 | 318,399 | ||||||
Equinix, Inc.
|
||||||||
5.75% due 01/01/25
|
300,000 | 317,250 | ||||||
Wind Acquisition Finance S.A.
|
||||||||
7.00% due 04/23/21
|
240,000 EUR
|
288,042 | ||||||
Townsquare Media, Inc.
|
||||||||
6.50% due 04/01/234
|
252,000 | 254,205 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CORPORATE BONDS†† – 28.7% (continued)
|
||||||||
Communications – 6.6% (continued)
|
||||||||
Univision Communications, Inc.
|
||||||||
5.13% due 02/15/254
|
250,000 | $ | 252,500 | |||||
West Corp.
|
||||||||
5.38% due 07/15/224
|
240,000 | 231,900 | ||||||
Telesat Canada / Telesat LLC
|
||||||||
6.00% due 05/15/174
|
200,000 | 203,600 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp.
|
||||||||
5.63% due 02/15/244
|
120,000 | 124,950 | ||||||
GCI, Inc.
|
||||||||
6.88% due 04/15/254
|
120,000 | 123,600 | ||||||
CenturyLink, Inc.
|
||||||||
5.63% due 04/01/254
|
120,000 | 120,450 | ||||||
Level 3 Financing, Inc.
|
||||||||
5.38% due 05/01/254
|
120,000 | 120,000 | ||||||
Total Communications
|
9,876,807 | |||||||
Consumer, Non-cyclical – 6.0%
|
||||||||
Tenet Healthcare Corp.
|
||||||||
6.00% due 10/01/201
|
2,425,000 | 2,594,749 | ||||||
8.13% due 04/01/22
|
120,000 | 131,250 | ||||||
HCA, Inc.
|
||||||||
6.50% due 02/15/201
|
700,000 | 799,750 | ||||||
4.75% due 05/01/23
|
500,000 | 526,250 | ||||||
United Rentals North America, Inc.
|
||||||||
7.38% due 05/15/20
|
600,000 | 649,974 | ||||||
5.75% due 11/15/24
|
240,000 | 247,800 | ||||||
Prospect Medical Holdings, Inc.
|
||||||||
8.38% due 05/01/191,4
|
500,000 | 535,000 | ||||||
CHS/Community Health Systems, Inc.
|
||||||||
5.13% due 08/15/18
|
500,000 | 520,000 | ||||||
Sotheby’s
|
||||||||
5.25% due 10/01/221,4
|
500,000 | 501,250 | ||||||
Omnicare, Inc.
|
||||||||
5.00% due 12/01/24
|
360,000 | 394,200 | ||||||
Cott Beverages, Inc.
|
||||||||
6.75% due 01/01/204
|
360,000 | 378,000 | ||||||
Cenveo Corp.
|
||||||||
8.50% due 09/15/224
|
250,000 | 210,625 | ||||||
11.50% due 05/15/17
|
120,000 | 122,100 | ||||||
HealthSouth Corp.
|
||||||||
5.13% due 03/15/23
|
300,000 | 310,500 | ||||||
Biomet, Inc.
|
||||||||
6.50% due 08/01/20
|
250,000 | 265,313 | ||||||
Valeant Pharmaceuticals International
|
||||||||
6.38% due 10/15/204
|
240,000 | 253,800 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CORPORATE BONDS†† – 28.7% (continued)
|
||||||||
Consumer, Non-cyclical – 6.0% (continued)
|
||||||||
Novasep Holding SAS
|
||||||||
8.00% due 12/15/164
|
270,000 | $ | 247,725 | |||||
FAGE Dairy Industry S.A. / FAGE USA Dairy Industry, Inc.
|
||||||||
9.88% due 02/01/204
|
100,000 | 105,625 | ||||||
Live Nation Entertainment, Inc.
|
||||||||
7.00% due 09/01/204
|
70,000 | 74,900 | ||||||
Concordia Healthcare Corp.
|
||||||||
7.00% due 04/15/234
|
60,000 | 61,050 | ||||||
Total Consumer, Non-cyclical
|
8,929,861 | |||||||
Basic Materials – 3.6%
|
||||||||
Ashland, Inc.
|
||||||||
4.75% due 08/15/221
|
1,448,000 | 1,491,440 | ||||||
FMG Resources August 2006 Pty Ltd.
|
||||||||
8.25% due 11/01/194
|
718,000 | 629,147 | ||||||
9.75% due 03/01/224
|
60,000 | 61,988 | ||||||
Sappi Papier Holding GmbH
|
||||||||
6.63% due 04/15/214
|
500,000 | 525,000 | ||||||
Steel Dynamics, Inc.
|
||||||||
5.13% due 10/01/214
|
500,000 | 513,750 | ||||||
Commercial Metals Co.
|
||||||||
4.88% due 05/15/23
|
370,000 | 354,275 | ||||||
Appvion, Inc.
|
||||||||
9.00% due 06/01/204
|
500,000 | 330,000 | ||||||
Verso Paper Holdings LLC / Verso Paper, Inc.
|
||||||||
11.75% due 01/15/19
|
360,000 | 316,800 | ||||||
Celanese US Holdings LLC
|
||||||||
4.63% due 11/15/22
|
300,000 | 308,250 | ||||||
First Quantum Minerals Ltd.
|
||||||||
7.00% due 02/15/214
|
300,000 | 281,250 | ||||||
Compass Minerals International, Inc.
|
||||||||
4.88% due 07/15/244
|
240,000 | 243,000 | ||||||
HIG BBC Intermediate Holdings LLC / HIG BBC Holdings Corp.
|
||||||||
10.50% due 09/15/184,7
|
240,000 | 225,600 | ||||||
Hexion, Inc.
|
||||||||
8.88% due 02/01/18
|
180,000 | 160,875 | ||||||
Total Basic Materials
|
5,441,375 | |||||||
Consumer, Cyclical – 3.4%
|
||||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
|
||||||||
5.63% due 10/15/211
|
1,000,000 | 1,060,000 | ||||||
MGM Resorts International
|
||||||||
5.25% due 03/31/201
|
600,000 | 615,000 | ||||||
6.00% due 03/15/23
|
300,000 | 312,188 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CORPORATE BONDS†† – 28.7% (continued)
|
||||||||
Consumer, Cyclical – 3.4% (continued)
|
||||||||
FCA US LLC / CG Company-Issuer, Inc.
|
||||||||
8.00% due 06/15/191
|
500,000 | $ | 524,400 | |||||
Churchill Downs, Inc.
|
||||||||
5.38% due 12/15/21
|
385,000 | 394,625 | ||||||
Dana Holding Corp.
|
||||||||
5.50% due 12/15/24
|
300,000 | 309,750 | ||||||
Polymer Group, Inc.
|
||||||||
6.88% due 06/01/194
|
300,000 | 286,125 | ||||||
Speedway Motorsports, Inc.
|
||||||||
5.13% due 02/01/234
|
240,000 | 243,288 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
|
||||||||
5.50% due 03/01/254
|
240,000 | 242,100 | ||||||
Scientific Games International, Inc.
|
||||||||
10.00% due 12/01/224
|
240,000 | 223,800 | ||||||
Fiat Chrysler Automobiles N.V.
|
||||||||
5.25% due 04/15/234
|
200,000 | 202,500 | ||||||
First Cash Financial Services, Inc.
|
||||||||
6.75% due 04/01/21
|
180,000 | 187,200 | ||||||
Global Partners Limited Partnership / GLP Finance Corp.
|
||||||||
6.25% due 07/15/22
|
180,000 | 178,200 | ||||||
Levi Strauss & Co.
|
||||||||
5.00% due 05/01/254
|
161,000 | 161,704 | ||||||
Regal Entertainment Group
|
||||||||
5.75% due 03/15/22
|
120,000 | 123,750 | ||||||
Family Tree Escrow LLC
|
||||||||
5.75% due 03/01/234
|
60,000 | 63,300 | ||||||
Total Consumer, Cyclical
|
5,127,930 | |||||||
Financial – 2.5%
|
||||||||
Synovus Financial Corp.
|
||||||||
7.88% due 02/15/191
|
669,000 | 759,315 | ||||||
5.13% due 06/15/171
|
312,000 | 322,140 | ||||||
CIT Group, Inc.
|
||||||||
5.50% due 02/15/194
|
860,000 | 901,925 | ||||||
Credit Acceptance Corp.
|
||||||||
7.38% due 03/15/234
|
360,000 | 359,100 | ||||||
Ally Financial, Inc.
|
||||||||
5.13% due 09/30/24
|
300,000 | 312,375 | ||||||
E*TRADE Financial Corp.
|
||||||||
4.63% due 09/15/23
|
300,000 | 307,125 | ||||||
Kennedy-Wilson, Inc.
|
||||||||
5.88% due 04/01/24
|
300,000 | 304,530 | ||||||
Corrections Corporation of America
|
||||||||
4.63% due 05/01/23
|
300,000 | 303,750 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CORPORATE BONDS†† – 28.7% (continued)
|
||||||||
Financial – 2.5% (continued)
|
||||||||
Greystar Real Estate Partners LLC
|
||||||||
8.25% due 12/01/224
|
100,000 | $ | 106,250 | |||||
Total Financial
|
3,676,510 | |||||||
Industrial – 2.4%
|
||||||||
Pfleiderer GmbH
|
||||||||
7.88% due 08/01/19
|
500,000 EUR
|
579,885 | ||||||
Sanmina Corp.
|
||||||||
4.38% due 06/01/191,4
|
550,000 | 554,125 | ||||||
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group
|
||||||||
Issuer Lu
|
||||||||
5.75% due 10/15/20
|
420,000 | 439,950 | ||||||
MasTec, Inc.
|
||||||||
4.88% due 03/15/231
|
445,000 | 422,750 | ||||||
Eletson Holdings
|
||||||||
9.63% due 01/15/224
|
360,000 | 353,700 | ||||||
Navios Maritime Acquisition Corporation / Navios Acquisition Finance US, Inc.
|
||||||||
8.13% due 11/15/214
|
318,000 | 326,745 | ||||||
Cleaver-Brooks, Inc.
|
||||||||
8.75% due 12/15/194
|
300,000 | 306,000 | ||||||
Masco Corp.
|
||||||||
4.45% due 04/01/25
|
240,000 | 248,400 | ||||||
Navios Maritime Holdings Incorporated / Navios Maritime Finance II US Inc
|
||||||||
7.38% due 01/15/224
|
250,000 | 231,250 | ||||||
Casella Waste Systems, Inc.
|
||||||||
7.75% due 02/15/19
|
120,000 | 123,000 | ||||||
KLX, Inc.
|
||||||||
5.88% due 12/01/224
|
60,000 | 60,675 | ||||||
Total Industrial
|
3,646,480 | |||||||
Energy – 2.4%
|
||||||||
PBF Holding Company LLC / PBF Finance Corp.
|
||||||||
8.25% due 02/15/201
|
1,000,000 | 1,065,000 | ||||||
Tesoro Corp.
|
||||||||
5.13% due 04/01/24
|
500,000 | 515,000 | ||||||
Regency Energy Partners Limited Partnership / Regency Energy Finance Corp.
|
||||||||
5.88% due 03/01/22
|
300,000 | 336,750 | ||||||
Continental Resources, Inc.
|
||||||||
4.50% due 04/15/23
|
300,000 | 302,515 | ||||||
Calumet Specialty Products Partners Limited Partnership / Calumet Finance Corp.
|
||||||||
6.50% due 04/15/214
|
300,000 | 300,000 | ||||||
Genesis Energy Limited Partnership / Genesis Energy Finance Corp.
|
||||||||
5.75% due 02/15/211
|
300,000 | 299,250 | ||||||
Alta Mesa Holdings Limited Partnership / Alta Mesa Finance Services Corp.
|
||||||||
9.63% due 10/15/18
|
300,000 | 251,250 |
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
Face
|
||||||||
Amount~
|
Value
|
|||||||
CORPORATE BONDS†† – 28.7% (continued)
|
||||||||
Energy – 2.4% (continued)
|
||||||||
CONSOL Energy, Inc.
|
||||||||
5.88% due 04/15/22
|
270,000 | $ | 249,075 | |||||
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
|
||||||||
8.63% due 10/15/20
|
180,000 | 153,000 | ||||||
Laredo Petroleum, Inc.
|
||||||||
6.25% due 03/15/23
|
120,000 | 124,800 | ||||||
Western Refining Logistics Limited Partnership / WNRL Finance Corp.
|
||||||||
7.50% due 02/15/234
|
24,000 | 25,080 | ||||||
Total Energy
|
3,621,720 | |||||||
Technology – 1.8%
|
||||||||
First Data Corp.
|
||||||||
11.75% due 08/15/212
|
500,000 | 576,250 | ||||||
12.63% due 01/15/21
|
400,000 | 473,200 | ||||||
Nuance Communications, Inc.
|
||||||||
5.38% due 08/15/201,4
|
705,000 | 715,575 | ||||||
NXP BV / NXP Funding LLC
|
||||||||
5.75% due 02/15/214
|
550,000 | 586,438 | ||||||
Project Homestake Merger Corp.
|
||||||||
8.88% due 03/01/234
|
240,000 | 243,300 | ||||||
Total Technology
|
2,594,763 | |||||||
Total Corporate Bonds
|
||||||||
(Cost $42,694,500)
|
42,915,446 | |||||||
SENIOR FLOATING RATE INTERESTS††,8 – 0.2%
|
||||||||
Basic Materials – 0.2%
|
||||||||
Vertellus Specialties, Inc.
|
||||||||
10.50% due 10/30/19
|
298,500 | 262,182 | ||||||
Total Senior Floating Rate Interests
|
||||||||
(Cost $289,047)
|
262,182 | |||||||
Total Investments – 134.1%
|
||||||||
(Cost $195,657,019)
|
$ | 200,489,591 | ||||||
Other Assets & Liabilities, net – (34.1)%
|
(51,042,202 | ) | ||||||
Total Net Assets – 100.0%
|
$ | 149,447,389 |
~
|
The face amount is denominated in U.S. Dollars, unless otherwise noted.
|
|
*
|
Non-income producing security.
|
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
|
††
|
Value determined based on Level 2 inputs — See Note 2.
|
|
1
|
All or a portion of these securities have been physically segregated in connection with borrowings. As
|
|
of April 30, 2015, the total value of the positions segregated was $83,468,331.
|
||
2
|
All or a portion of these securities are reserved and/or pledged with the custodian for forward foreign
|
|
currency exchange contracts. As of April 30, 2015, the total amount segregated was $8,399,243.
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
April 30, 2015
|
3
|
Zero coupon rate security.
|
|
4
|
Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2)
|
|
securities is $40,554,711 (cost $39,984,128), or 27.1% of total net assets.
|
||
5
|
Security is a step up/step down bond. The coupon increases or decreases at regular intervals until
|
|
the bond reaches full maturity.
|
||
6
|
Security becomes an accreting bond after December 15, 2017 with a 4.00% principal accretion rate,
|
|
and then accretes at a 2.00% principal accretion rate until maturity.
|
||
7
|
Payment-In-Kind toggle notes that give the issuer the option to pay 10.50% interest in cash or 11.25%
|
|
interest in additional Payment-In-Kind toggle notes.
|
||
8
|
Variable rate security. Rate indicated is rate effective at April 30, 2015.
|
|
9
|
Perpetual maturity.
|
ADR
|
American Depositary Receipt
|
B.V.
|
Limited Liability Company
|
CAD
|
Canadian Dollar
|
CNY
|
Chinese Yuan
|
EUR
|
Euro
|
GBP
|
British Pound
|
GmbH
|
Limited Liability
|
HKD
|
Hong Kong Dollar
|
JPY
|
Japanese Yen
|
N.V.
|
Publicly Traded Company
|
plc
|
Public Limited Company
|
S.A.
|
Corporation
|
SAB de CV
|
Publicly Traded Company
|
SpA
|
Limited Share Company
|
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
|
April 30, 2015
|
ASSETS:
|
||||
Investments, at value (Cost $195,657,019)
|
$ | 200,489,591 | ||
Foreign Currency, at value (Cost $411,018)
|
398,579 | |||
Unrealized appreciation on forward foreign currency exchange contracts
|
134,168 | |||
Receivables:
|
||||
Investments sold
|
2,734,116 | |||
Interest
|
1,066,602 | |||
Dividends
|
56,810 | |||
Tax reclaims
|
11,500 | |||
Total assets
|
204,891,366 | |||
LIABILITIES:
|
||||
Borrowings
|
50,000,000 | |||
Unrealized depreciation on forward foreign currency exchange contracts
|
1,534,184 | |||
Interest due on borrowings
|
4,158 | |||
Payable for:
|
||||
Investments purchased
|
3,553,278 | |||
Investment management fees
|
84,019 | |||
Investment advisory fees
|
80,735 | |||
Administration fees
|
4,449 | |||
Trustee fees
|
1,667 | |||
Other fees
|
181,487 | |||
Total liabilities
|
55,443,977 | |||
NET ASSETS
|
$ | 149,447,389 | ||
NET ASSETS CONSIST OF:
|
||||
Common Stock, $0.001 par value per share, unlimited number of shares authorized,
|
||||
13,603,025 shares issued and outstanding
|
$ | 13,603 | ||
Additional paid-in capital
|
208,387,619 | |||
Distributions in excess of net investment income
|
(5,641,275 | ) | ||
Accumulated net realized loss on investments, written options and foreign
|
||||
currency transactions
|
(56,743,087 | ) | ||
Net unrealized appreciation on investments, written options and foreign
|
||||
currency translations
|
3,430,529 | |||
NET ASSETS
|
$ | 149,447,389 | ||
Shares outstanding ($0.001 par value with unlimited amount authorized)
|
13,603,025 | |||
Net asset value, offering price and repurchase price per share
|
$ | 10.99 |
STATEMENT OF OPERATIONS
|
April 30, 2015
|
INVESTMENT INCOME:
|
||||
Interest
|
$ | 2,256,748 | ||
Dividends, net of foreign taxes withheld of $930
|
655,227 | |||
Total investment income
|
2,911,975 | |||
EXPENSES:
|
||||
Investment management fees
|
494,500 | |||
Investment advisory fees
|
475,108 | |||
Interest expense
|
303,174 | |||
Professional fees
|
81,488 | |||
Trustee fees
|
78,042 | |||
Fund accounting fees
|
29,908 | |||
Administration fees
|
26,658 | |||
Printing fees
|
20,489 | |||
Insurance
|
17,204 | |||
Custodian fees
|
12,546 | |||
NYSE listing fees
|
11,765 | |||
Transfer agent fees
|
10,207 | |||
Other fees
|
543 | |||
Total expenses
|
1,561,632 | |||
Net investment income
|
1,350,343 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS):
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
(3,258,777 | ) | ||
Foreign currency transactions
|
5,195,996 | |||
Written options
|
(7,556 | ) | ||
Net realized gain
|
1,929,663 | |||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
6,555,756 | |||
Foreign currency translations
|
(2,518,384 | ) | ||
Written options
|
22,043 | |||
Net change in unrealized appreciation
|
4,059,415 | |||
Net realized and unrealized gain
|
5,989,078 | |||
Net increase in net assets resulting from operations
|
$ | 7,339,421 |
STATEMENTS OF CHANGES IN NET ASSETS
|
April 30, 2015
|
Period Ended
|
||||||||
April 30, 2015
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2014
|
|||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
||||||||
Net investment income
|
$ | 1,350,343 | $ | 2,893,637 | ||||
Net realized gain on investments, written options and foreign
|
||||||||
currency transactions
|
1,929,663 | 7,638,378 | ||||||
Net change in unrealized appreciation (depreciation) on
|
||||||||
investments, written options and foreign currency translations
|
4,059,415 | (7,671,316 | ) | |||||
Net increase in net assets resulting from operations
|
7,339,421 | 2,860,699 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||
Net investment income
|
(5,713,271 | ) | (11,368,513 | ) | ||||
Return of capital
|
— | (58,028 | ) | |||||
Total distributions
|
(5,713,271 | ) | (11,426,541 | ) | ||||
Net increase (decrease) in net assets
|
1,626,150 | (8,565,842 | ) | |||||
NET ASSETS:
|
||||||||
Beginning of period
|
147,821,239 | 156,387,081 | ||||||
End of period
|
$ | 149,447,389 | $ | 147,821,239 | ||||
Distributions in excess of net investment income at end of period
|
$ | (5,641,275 | ) | $ | (1,278,347 | ) |
STATEMENT OF CASH FLOWS
|
April 30, 2015
|
Cash Flows from Operating Activities:
|
||||
Net increase in net assets resulting from operations
|
$ | 7,339,421 | ||
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to
|
||||
Net Cash Used in Operating and Investing Activities:
|
||||
Stock dividend received from corporate action
|
(97,855 | ) | ||
Net change in unrealized appreciation on investments
|
(6,555,756 | ) | ||
Net change in unrealized appreciation on written options
|
(22,043 | ) | ||
Net change in unrealized depreciation on foreign currency translations
|
2,518,384 | |||
Net realized loss on investments
|
3,258,777 | |||
Purchase of long-term investments
|
(130,526,958 | ) | ||
Proceeds from sale of long-term investments
|
127,842,197 | |||
Net amortization/accretion of premium/discount
|
71,755 | |||
Net proceeds (purchases) from sale of short-term investments
|
(6,333,069 | ) | ||
Net decrease in premiums received on written options
|
(46,434 | ) | ||
Decrease in investments sold receivable
|
1,127,894 | |||
Decrease in interest receivable
|
76,290 | |||
Decrease in dividends receivable
|
108,735 | |||
Decrease in tax reclaims receivable
|
885 | |||
Decrease in other assets
|
17,030 | |||
Increase in interest due on borrowings
|
72 | |||
Decrease in investments purchased payable
|
(5,980,741 | ) | ||
Increase in investment management fees payable
|
7 | |||
Increase in investment advisory fees payable
|
7 | |||
Decrease in administration fees payable
|
(5 | ) | ||
Decrease in trustees fees payable
|
(5,267 | ) | ||
Decrease in other fees
|
(9,168 | ) | ||
Net Cash Used in Operating and Investing Activities
|
(7,215,842 | ) | ||
Cash Flows From Financing Activities:
|
||||
Distributions to common shareholders
|
(5,713,271 | ) | ||
Net Cash Used in Financing Activities
|
(5,713,271 | ) | ||
Net decrease in cash
|
(12,929,113 | ) | ||
Cash and cash equivalents (including foreign currency) at Beginning of Period
|
13,327,692 | |||
Cash and cash equivalents (including foreign currency) at End of Period
|
$ | 398,579 | ||
Supplemental Disclosure of Cash Flow Information:
|
||||
Cash paid during the period for interest
|
$ | 303,102 | ||
Stock dividend received from corporate action
|
$ | 97,855 |
FINANCIAL HIGHLIGHTS
|
April 30, 2015
|
Period Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Period Ended
|
|||||||||||||||||||
April 30, 2015
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
|||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Per Share Data:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 10.87 | $ | 11.50 | $ | 10.60 | $ | 10.63 | $ | 12.11 | $ | 11.72 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income(a)
|
0.10 | 0.21 | 0.23 | 0.41 | 0.42 | 0.40 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized)
|
0.44 | — | * | 1.51 | 0.45 | (0.84 | ) | 1.05 | ||||||||||||||||
Total from investment operations
|
0.54 | 0.21 | 1.74 | 0.86 | (0.42 | ) | 1.45 | |||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
(0.42 | ) | (0.84 | ) | (0.84 | ) | (0.86 | ) | (0.47 | ) | (1.06 | ) | ||||||||||||
Return of capital
|
— | — | * | — | (0.03 | ) | (0.59 | ) | — | |||||||||||||||
Total distributions to shareholders
|
(0.42 | ) | (0.84 | ) | (0.84 | ) | (0.89 | ) | (1.06 | ) | (1.06 | ) | ||||||||||||
Net asset value, end of period
|
$ | 10.99 | $ | 10.87 | $ | 11.50 | $ | 10.60 | $ | 10.63 | $ | 12.11 | ||||||||||||
Market value, end of period
|
$ | 9.62 | $ | 9.51 | $ | 10.03 | $ | 9.46 | $ | 9.73 | $ | 11.38 | ||||||||||||
Total Return(b)
|
||||||||||||||||||||||||
Net asset value
|
5.09 | % | 1.58 | % | 17.10 | % | 8.59 | % | -4.18 | % | 13.14 | % | ||||||||||||
Market value
|
5.78 | % | 2.90 | % | 15.56 | % | 6.78 | % | -6.27 | % | 19.37 | % | ||||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$ | 149,447 | $ | 147,821 | $ | 156,387 | $ | 144,222 | $ | 144,533 | $ | 164,684 | ||||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||||||
Net investment income
|
1.87 | %(f) | 1.86 | % | 2.05 | % | 3.85 | % | 3.54 | % | 3.43 | % | ||||||||||||
Total expenses(c)
|
2.16 | %(f) | 2.10 | %(e) | 2.18 | %(e) | 2.32 | %(e) | 2.11 | % | 2.10 | % | ||||||||||||
Portfolio turnover rate
|
68 | % | 344 | % | 321 | % | 141 | % | 121 | % | 127 | % | ||||||||||||
Senior Indebtedness
|
||||||||||||||||||||||||
Total Borrowings outstanding (in thousands)
|
$ | 50,000 | $ | 50,000 | $ | 50,000 | $ | 50,000 | $ | 50,000 | $ | 50,000 | ||||||||||||
Asset Coverage per $1,000 of indebtedness(d)
|
$ | 3,989 | $ | 3,956 | $ | 4,128 | $ | 3,884 | $ | 3,891 | $ | 4,293 |
FINANCIAL HIGHLIGHTS continued
|
April 30, 2015
|
(a)
|
Based on average shares outstanding.
|
|||||
(b)
|
Total return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at net asset value (“NAV”) or
|
|||||
market price per share. Distributions are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund’s Dividend Reinvestment Plan for market value
|
||||||
returns. Total return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.
|
||||||
(c)
|
Excluding interest expense, the operating expense ratio for the period ended April 30, 2015 and the years ended October 31, would be:
|
April 30
|
|||||||
2015
|
2014
|
2013
|
2012
|
2011
|
2010 | ||
1.74%
|
1.71%
|
1.76%
|
1.82%
|
1.72%
|
1.71%
|
(d)
|
Calculated by subtracting the Fund’s total liabilities (not including the borrowings) from the Fund’s total assets and dividing by the total borrowings.
|
|||||
(e)
|
The expense ratio does not reflect fees and expenses incurred by the Fund as a result of its investment in shares of business development companies. If these fees were included in
|
|||||
the expense ratio, the increase to the expense ratio would be approximately 0.05%, 0.03% and 0.07% for the years ended October 31, 2014, 2013 and 2012, respectively.
|
||||||
(f)
|
Annualized.
|
|||||
*
|
Less than $0.01.
|
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Significant
|
||||||||||||||||
Quoted Prices
|
Other
|
Significant
|
||||||||||||||
in Active Markets
|
Observable
|
Unobservable
|
||||||||||||||
for Identical Assets
|
Inputs
|
Inputs
|
||||||||||||||
Description
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Convertible Bonds
|
$ | – | $ | 124,175,875 | $ | – | $ | 124,175,875 | ||||||||
Corporate Bonds
|
– | 42,915,446 | – | 42,915,446 | ||||||||||||
Common Stocks
|
13,340,212 | – | – | 13,340,212 | ||||||||||||
Convertible Preferred Stocks
|
13,186,415 | – | 13,186,415 | |||||||||||||
Short Term Investments
|
6,609,461 | – | – | 6,609,461 | ||||||||||||
Senior Floating Rate Interests
|
– | 262,182 | – | 262,182 | ||||||||||||
Forward Foreign
|
||||||||||||||||
Currency Exchange Contracts
|
– | 134,168 | – | 134,168 | ||||||||||||
Total
|
$ | 33,136,088 | $ | 167,487,671 | $ | – | $ | 200,623,759 | ||||||||
Liabilities:
|
||||||||||||||||
Forward Foreign
|
||||||||||||||||
Currency Exchange Contracts
|
$ | – | $ | 1,534,184 | $ | – | $ | 1,534,184 | ||||||||
Total
|
$ | – | $ | 1,534,184 | $ | – | $ | 1,534,184 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Managed Assets
|
Rate
|
First $200,000,000
|
0.0275%
|
Next $300,000,000
|
0.0200%
|
Next $500,000,000
|
0.0150%
|
Over $1,000,000,000
|
0.0100%
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Net Tax
|
Net Tax
|
|||
Cost of
|
Unrealized
|
Unrealized
|
||
Investments
|
Gross Tax
|
Gross Tax
|
Appreciation
|
Depreciation on
|
for Tax
|
Unrealized
|
Unrealized
|
on
|
Derivatives and
|
Purposes
|
Appreciation
|
Depreciation
|
Investments
|
Foreign Currency
|
$ 196,506,258
|
$ 9,460,410
|
$ (5,477,077)
|
$ 3,983,333
|
$ (1,400,016)
|
Undistributed
|
Undistributed | |
Ordinary
|
Long-Term
|
|
Income/
|
Gains/
|
|
(Accumulated
|
(Accumulated
|
|
Ordinary Loss)
|
Capital Loss)
|
|
$ —
|
$ (57,670,077)
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Number of
|
Premiums
|
|||||||
Contracts
|
Received
|
|||||||
Options outstanding, beginning of period
|
331 | $ | 46,434 | |||||
Options written during the period
|
1,506 | 168,930 | ||||||
Options expired during the period
|
(237 | ) | (16,490 | ) | ||||
Options closed during the period
|
(1,600 | ) | (198,874 | ) | ||||
Options outstanding, end of period
|
— | $ | — |
Settlement
|
Settlement
|
Value as of
|
Net Unrealized
|
|||||||||||||||
Contracts to Sell
|
Counterparty
|
Date
|
Value
|
4/30/2015
|
(Depreciation)
|
|||||||||||||
CAD
|
890,000 | |||||||||||||||||
for USD
|
695,698 |
The Bank of New York Mellon
|
06/19/2015
|
$ | 695,698 | $ | 734,259 | $ | (38,561 | ) | ||||||||
EUR
|
680,000 | |||||||||||||||||
for USD
|
747,075 |
The Bank of New York Mellon
|
06/19/2015
|
747,075 | 762,485 | (15,410 | ) | |||||||||||
EUR
|
18,000,000 | |||||||||||||||||
for USD |
19,153,620
|
The Bank of New York Mellon
|
06/19/2015
|
19,153,620 | 20,183,416 | (1,029,796 | ) | |||||||||||
EUR
|
584,000 | |||||||||||||||||
for USD
|
641,880 |
The Bank of New York Mellon
|
06/19/2015
|
641,880 | 654,840 | (12,960 | ) | |||||||||||
EUR
|
310,000 | |||||||||||||||||
for USD
|
337,552 |
The Bank of New York Mellon
|
06/19/2015
|
337,552 | 347,603 | (10,051 | ) | |||||||||||
EUR
|
250,000 | |||||||||||||||||
for USD
|
269,538 |
The Bank of New York Mellon
|
06/19/2015
|
269,538 | 280,325 | (10,787 | ) | |||||||||||
EUR
|
1,026,000 | |||||||||||||||||
for USD
|
1,116,681 |
The Bank of New York Mellon
|
06/19/2015
|
1,116,681 | 1,150,455 | (33,774 | ) | |||||||||||
EUR
|
498,000 | |||||||||||||||||
for USD
|
542,153 |
The Bank of New York Mellon
|
06/19/2015
|
542,153 | 558,408 | (16,255 | ) | |||||||||||
EUR
|
1,587,000 | |||||||||||||||||
for USD
|
1,675,905 |
The Bank of New York Mellon
|
06/19/2015
|
1,675,905 | 1,779,504 | (103,599 | ) | |||||||||||
EUR
|
372,000 | |||||||||||||||||
for USD
|
399,547 |
The Bank of New York Mellon
|
06/19/2015
|
399,547 | 417,124 | (17,577 | ) | |||||||||||
EUR
|
138,000 | |||||||||||||||||
for USD
|
148,150 |
The Bank of New York Mellon
|
06/19/2015
|
148,150 | 154,739 | (6,589 | ) |
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Settlement
|
Settlement
|
Value as of
|
Net Unrealized
|
|||||||||||||||
Contracts to Sell
|
Counterparty
|
Date
|
Value
|
4/30/2015
|
(Depreciation)
|
|||||||||||||
EUR
|
222,000 | |||||||||||||||||
for USD
|
242,003 |
The Bank of New York Mellon
|
06/19/2015
|
$ | 242,003 | $ | 248,929 | $ | (6,926 | ) | ||||||||
EUR
|
500,000 | |||||||||||||||||
for USD
|
532,045 |
The Bank of New York Mellon
|
06/19/2015
|
532,045 | 560,650 | (28,605 | ) | |||||||||||
EUR
|
818,000 | |||||||||||||||||
for USD
|
870,540 |
The Bank of New York Mellon
|
06/19/2015
|
870,540 | 917,224 | (46,684 | ) | |||||||||||
GBP
|
120,000 | |||||||||||||||||
for USD
|
176,738 |
The Bank of New York Mellon
|
06/19/2015
|
176,738 | 184,345 | (7,607 | ) | |||||||||||
GBP
|
796,000 | |||||||||||||||||
for USD
|
1,173,626 |
The Bank of New York Mellon
|
06/19/2015
|
1,173,626 | 1,222,821 | (49,195 | ) | |||||||||||
GBP
|
318,000 | |||||||||||||||||
for USD
|
468,861 |
The Bank of New York Mellon
|
06/19/2015
|
468,861 | 488,514 | (19,653 | ) | |||||||||||
HKD
|
25,000 | |||||||||||||||||
for USD
|
3,225 |
The Bank of New York Mellon
|
05/04/2015
|
3,225 | 3,225 | — | ||||||||||||
JPY
|
764,000,000 |
|
||||||||||||||||
for USD
|
6,310,633 |
The Bank of New York Mellon
|
06/19/2015
|
6,310,633 | 6,388,000 | (77,367 | ) | |||||||||||
JPY
|
37,000,000 | |||||||||||||||||
for USD
|
309,177 |
The Bank of New York Mellon
|
06/19/2015
|
309,177 | 309,366 | (189 | ) | |||||||||||
$ | (1,531,585 | ) | ||||||||||||||||
Net Unrealized
|
||||||||||||||||||
Settlement
|
Settlement
|
Value as of
|
Appreciation
|
|||||||||||||||
Contracts to Buy
|
Counterparty
|
Date
|
Value
|
4/30/2015
|
(Depreciation)
|
|||||||||||||
EUR
|
195,000 | |||||||||||||||||
for USD
|
207,854 |
The Bank of New York Mellon
|
06/19/2015
|
$ | 207,854 | $ | 218,654 | $ | 10,800 | |||||||||
EUR
|
216,400 | |||||||||||||||||
for USD
|
232,424 |
The Bank of New York Mellon
|
06/19/2015
|
232,424 | 242,649 | 10,225 | ||||||||||||
EUR
|
370,000 | |||||||||||||||||
for USD
|
401,984 |
The Bank of New York Mellon
|
06/19/2015
|
401,984 | 414,881 | 12,897 | ||||||||||||
EUR
|
296,000 | |||||||||||||||||
for USD
|
313,470 |
The Bank of New York Mellon
|
06/19/2015
|
313,470 | 331,905 | 18,435 | ||||||||||||
EUR
|
563,000 | |||||||||||||||||
for USD
|
606,020 |
The Bank of New York Mellon
|
06/19/2015
|
606,020 | 631,292 | 25,272 | ||||||||||||
EUR
|
170,000 | |||||||||||||||||
for USD
|
183,990 |
The Bank of New York Mellon
|
06/19/2015
|
183,990 | 190,621 | 6,631 | ||||||||||||
EUR
|
569,000 | |||||||||||||||||
for USD
|
609,347 |
The Bank of New York Mellon
|
06/19/2015
|
609,347 | 638,020 | 28,673 | ||||||||||||
EUR
|
141,000 | |||||||||||||||||
for USD
|
151,445 |
The Bank of New York Mellon
|
06/19/2015
|
151,445 | 158,104 | 6,659 | ||||||||||||
EUR
|
530,000 | |||||||||||||||||
for USD
|
581,211 |
The Bank of New York Mellon
|
06/19/2015
|
581,211 | 594,289 | 13,078 | ||||||||||||
EUR
|
322,087 | |||||||||||||||||
for USD
|
359,417 |
The Bank of New York Mellon
|
05/04/2015
|
359,417 | 360,915 | 1,498 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Net Unrealized
|
||||||||||||||||||
Settlement
|
Settlement
|
Value as of
|
Appreciation
|
|||||||||||||||
Contracts to Buy
|
Counterparty
|
Date
|
Value
|
4/30/2015
|
(Depreciation)
|
|||||||||||||
JPY
|
27,000,000 | |||||||||||||||||
for USD
|
227,785 |
The Bank of New York Mellon
|
06/19/2015
|
$ | 227,785, | $ | 225,754 | $ | (2,031 | ) | ||||||||
JPY
|
15,000,000 | |||||||||||||||||
for USD
|
125,987 |
The Bank of New York Mellon
|
06/19/2015
|
125,987 | 125,419 | (568 | ) | |||||||||||
$ | 131,569 | |||||||||||||||||
Total unrealized depreciation on forward foreign currency exchange contracts
|
$ | (1,400,016 | ) |
Statement of Assets and Liabilities | ||||||||||
Presentation of Fair Values of Derivative Instruments ($000s): | ||||||||||
Asset Derivatives
|
Liability Derivatives
|
|||||||||
Statement of Assets
|
Statement of Assets
|
|||||||||
Primary Risk Exposure
|
and Liabilities Location
|
Fair Value
|
and Liabilities Location
|
Fair Value
|
||||||
Foreign exchange risk
|
Unrealized appreciation on
|
Unrealized depreciation on
|
||||||||
forward foreign currency
|
forward foreign currency
|
|||||||||
exchange contracts
|
$ | 134 |
exchange contracts
|
$ | 1,534 | |||||
Total
|
$ | 134 | $ | 1,534 |
Effect of Derivative Instruments on the Statement of Operations: ($000s)
|
||||||||||||
Amount of Realized Gain/(Loss) on Derivatives
|
||||||||||||
Derivatives not
|
||||||||||||
accounted for
|
Foreign
|
|||||||||||
as hedging
|
Currency
|
|||||||||||
instruments
|
Options
|
Transactions
|
Total
|
|||||||||
Equity risk
|
$ | (352 | ) | $ | – | $ | (352 | ) | ||||
Foreign exchange risk
|
– | 5,670 | 5,670 | |||||||||
Total
|
$ | (352 | ) | $ | 5,670 | $ | 5,318 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
Change in Unrealized Appreciation (Depreciation) on Derivatives
|
||||||||||||
Derivatives not
|
||||||||||||
accounted for
|
Foreign
|
|||||||||||
as hedging
|
Currency
|
|||||||||||
instruments
|
Options
|
Translations
|
Total
|
|||||||||
Equity risk
|
$ | 255 | $ | – | $ | 255 | ||||||
Foreign exchange risk
|
– | (2,518 | ) | (2,518 | ) | |||||||
Total
|
$ | 225 | $ | (2,518 | ) | $ | (2,263 | ) |
Derivative Volume
|
||||
Forward Foreign Currency Exchange Contracts:
|
||||
Average Settlement Value Purchased
|
$ | 487,006 | ||
Average Settlement Value Sold
|
1,549,740 | |||
Ending Settlement Value Purchased
|
4,000,934 | |||
Ending Settlement Value Sold
|
35,814,647 | |||
Options Contracts:
|
||||
Average Number of Contracts Written
|
157 | |||
Average Number of Contracts Purchased
|
0 |
Gross
|
Net Amounts
|
|||||||
Amount
|
of Assets
|
|||||||
Gross
|
Offset in the
|
Presented in
|
||||||
Amounts
|
Statement
|
the Statement
|
Derivatives
|
|||||
Investment
|
of Recognized
|
of Assets &
|
of Assets &
|
Available for
|
Financial
|
Collateral
|
Net
|
|
Counterparty
|
Type
|
Assets
|
Liabilities
|
Liabilities
|
Offset
|
Instruments
|
Received
|
Amount
|
Bank of
|
Foreign
|
$134,168
|
$ –
|
$134,168
|
$(134,168)
|
$ –
|
$ –
|
$ –
|
New York Mellon
|
Exchange
|
|||||||
Currency
|
||||||||
Contract
|
Gross
|
Net Amounts
|
|||||||
Amount
|
of Liabilities
|
|||||||
Gross
|
Offset in the
|
Presented in
|
||||||
Amounts of
|
Statement
|
the Statement
|
Derivatives
|
|||||
Investment
|
Recognized
|
of Assets &
|
of Assets &
|
Available for
|
Financial
|
Collateral
|
Net
|
|
Counterparty
|
Type
|
Liabilities
|
Liabilities
|
Liabilities
|
Offset |
Instruments
|
Pledged
|
Amount
|
Bank of
|
Foreign
|
$1,534,184
|
$ –
|
$1,534,184
|
$(134,168)
|
$ –
|
$(8,399,243)
|
$6,999,227
|
New York Mellon
|
Exchange
|
|||||||
Currency
|
||||||||
Contract
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
April 30, 2015
|
SUPPLEMENTAL INFORMATION (Unaudited)
|
April 30, 2015
|
Federal Income Tax Information
|
|||||
In January 2016, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by you in the calendar year 2015.
|
|||||
Trustees
|
|||||
The Trustees of the Advent Claymore Enhanced Growth & Income Fund and their principal occupations during the past five years:
|
Number
|
|||||
of Funds
|
|||||
Term of
|
in Fund | ||||
Position(s)
|
Office* and
|
Complex**
|
|||
Name, Address,
|
Held with
|
Length of
|
Principal Occupation(s) During
|
Overseen
|
Other Directorships
|
Year of Birth
|
Registrant
|
Time Served
|
the Past Five Years
|
by Trustee
|
Held by Trustee
|
Independent Trustees:
|
|||||
Randall C. Barnes++ |
Trustee
|
Since 2005
|
Current: Private Investor (2001-present).
|
91
|
Current: Trustee, Purpose
|
Year of birth: 1951
|
Investments Funds (2014-present).
|
||||
Former: Senior Vice President and Treasurer, PepsiCo. Inc. (1993-1997), President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business
Development of Pepsico, Inc. (1987-1990).
|
|||||
Daniel L. Black+
Year of birth: 1960
|
Trustee
|
Since 2005
|
Current: Managing Partner, the Wicks Group of Cos., (2003-present).
Former: Managing Director and Co-head of the Merchant Banking Group at BNY Capital Markets, a division of BNY Mellon (1998-2003); and Co-Head of U.S. Corporate Banking at BNY Mellon (1995-1998).
|
3
|
Current: Bendon Publishing
International (2012-Present);
Antenna International, Inc.
(2010-present); Bonded (2011-present).
Former: Penn Foster Education
Group, Inc. (2007-2009).
|
Derek Medina +
Year of birth: 1966
|
Trustee
|
Since 2004
|
Current: Senior Vice President, Business Affairs at ABC News (2008-present).
Former: Vice President, Business Affairs and News Planing at ABC News (2003-2008). Executive Director, Office of the President at ABC News (2000-2003). Former Associate at Cleary Gottlieb Steen & Hamilton (law firm) (1995-1998). Former associate in Corporate Finance at J.P. Morgan/Morgan Guaranty (1988-1990).
|
3
|
Current: Young Scholar’s Institute. (2005-present); Olive
Scholars (2011-present).
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
April 30, 2015
|
Number
|
|||||
of Funds
|
|||||
Term of
|
in Fund | ||||
Position(s)
|
Office* and
|
Complex**
|
|||
Name, Address,
|
Held with
|
Length of
|
Principal Occupation(s) During
|
Overseen
|
Other Directorships
|
Year of Birth
|
Registrant
|
Time Served
|
the Past Five Years
|
by Trustee
|
Held by Trustee
|
Independent Trustees continued:
|
|||||
Ronald A. Nyberg++
Year of birth: 1953
|
Trustee and
Chairman of
the
Nominating
and
Governance
Committee
|
Since 2004
|
Current: Partner, Nyberg & Cassioppi, LLC (2000-present).
Former: Executive Vice President, General Counsel and Corporate Secretary, Van Kampen Investments (1982-1999).
|
93
|
Current: Edward-Elmhurst Healthcare System (2012-present).
|
Gerald L. Seizert,
CFA, CIC+
Year of birth: 1952
|
Trustee
|
Since 2004
|
Current: Chief Executive Officer of Seizert Capital Partners, LLC, where he directs the equity disciplines of the firm and serves as a co-manager of the firm’s hedge fund, Prosper Long Short (2000-present).
Former: Co-Chief Executive (1998-1999) and a Managing Partner and Chief Investment Officer-Equities of Munder Capital Management, LLC (1995-1999). Former Vice President and Portfolio Manager of Loomis, Sayles & Co., L.P. (asset manager) (1984-1995). Former Vice President and Portfolio Manager at First of America Bank (1978-1984).
|
3
|
Current: Beaumont Hospital
(2012-present).
|
Michael A. Smart+
Year of birth: 1960
|
Trustee
|
Since 2004
|
Current: Managing Partner, Herndon Equity Partners (2014-present), Managing Partner, Cordova, Smart & Williams, LLC (2003-present).
Former: Managing Director in Investment Banking-the Private Equity Group (1995-2001) and a Vice President in Investment Banking-Corporate Finance (1992-1995) at Merrill Lynch & Co.; Founding Partner of The Carpediem Group, a private placement firm (1991-1992); Associate at Dillon, Read and Co. (investment bank) (1988-1990).
|
3
|
Current: President & Chairman, Board of Directors, Berkshire Blanket Holdings, Inc. (2006-present); President and Chairman, Board of Directors, Sqwincher Holdings (2006-present); Board of Directors, Sprint Industrial Holdings (2007-present); Vice Chairman, Board of Directors, National Association of Investment Companies (“NAIC”) (2010-present). Trustee, The Mead School (2014-Present).
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
April 30, 2015
|
Number
|
|||||
of Funds
|
|||||
Term of
|
in Fund | ||||
Position(s)
|
Office* and
|
Complex**
|
|||
Name, Address,
|
Held with
|
Length of
|
Principal Occupation(s) During
|
Overseen
|
Other Directorships
|
Year of Birth
|
Registrant
|
Time Served
|
the Past Five Years
|
by Trustee
|
Held by Trustee
|
Interested Trustees:
|
|||||
Tracy V. Maitland+ø
Year of birth: 1960
|
Trustee,
Chairman,
President
and Chief
Executive
Officer
|
Since 2004
|
Current: President of Advent Capital Management, LLC, which he founded in June 2001.
Former: Prior to June 2001 President, Advent Capital Management, a division of Utendahl Capital.
|
3
|
None.
|
+
|
Address for all Trustees noted: 1271 Avenue of the Americas, 45th Floor, New York, NY 10020
|
|||
++
|
Address for all Trustees noted: 227 West Monroe Street, Chicago, IL 60606.
|
|||
*
|
After a Trustee’s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves:
|
|||
- Mr. Michael A. Smart and Mr. Daniel L. Black are the Class I Trustees. Mr. Smart and Mr. Black are standing for re-election at the Annual Meeting.
|
||||
- Mr. Tracy V. Maitland and Mr. Ronald A. Nyberg are the Class II Trustees. The term of the Class II Trustees will continue until the 2015 annual meeting of
|
||||
shareholders or until successors shall have been elected and qualified.
|
||||
- Mr. Gerald L. Seizert, Mr. Derek Medina and Mr. Randall C. Barnes are the Class III Trustees. The term of the Class III Trustees will continue until the 2016
|
||||
annual meeting of shareholders or until successors shall have been elected and qualified.
|
||||
**
|
As of period end. The Guggenheim Investments Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds
|
|||
Investment Advisors, LLC and/or Guggenheim Funds Distributors, LLC and/or affiliates of such entities. The Guggenheim Investments Fund Complex is
|
||||
overseen by multiple Boards of Trustees.
|
||||
ø
|
Mr. Maitland is an “interested person” (as defined in section 2(a)(19) of the 1940 Act) of the Fund because of his position as an officer of Advent Capital
|
|||
Management, LLC, the Fund’s Investment Adviser.
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
April 30, 2015
|
Name, Address*
|
Position(s)
|
Term of Office
|
|
and Year of Birth
|
held with
|
and Length of
|
|
Officers:
|
the Trust
|
Time Served**
|
Principal Occupations During Past Five Years
|
Edward C. Delk
(1968)
|
Secretary and
Chief
Compliance
Officer
|
Since 2012
|
Current: General Counsel and Chief Compliance Officer, Advent Capital Management, LLC (2012-present).
Former: Assistant General Counsel and Chief Compliance Officer, Insight Venture Management, LLC (2009-2012); Associate General Counsel, TIAA-CREF (2008-2009); Principal, Legal Department, The Vanguard Group, Inc. (2000-2008).
|
Tony Huang
(1976)
|
Vice President
and Assistant
Secretary
|
Since 2014
|
Current: Vice-President, Co-Portfolio Manager and Analyst, Advent Capital Management, LLC (2007-present).
Former: Senior Vice President, Portfolio Manager and Analyst, Essex Investment Management (2001-2006); Vice President, Analyst, Abacus Investments (2001); Vice President, Portfolio Manager, M/C Venture Partners (2000-2001); Associate, Fidelity Investments (1996-2000).
|
Robert White
(1965)
|
Treasurer and
Chief
Financial
Officer
|
Since 2005
|
Current: Chief Financial Officer, Advent Capital Management, LLC (2005-present).
Former: Vice President, Client Service Manager, Goldman Sachs Prime Brokerage (1997-2005).
|
*
|
Address for all Officers: 1271 Avenue of the Americas, 45th Floor, New York, NY 10020
|
|||
**
|
Officers serve at the pleasure of the Board of Trustees and until his or her successor is appointed and qualified or until his or her earlier resignation or removal.
|
DIVIDEND REINVESTMENT PLAN (Unaudited)
|
April 30, 2015
|
DIVIDEND REINVESTMENT PLAN (Unaudited) continued
|
April 30, 2015
|
FUND INFORMATION
|
April 30, 2015
|
Board of Trustees
|
Investment Manager
|
Randall C. Barnes
|
Advent Capital Management, LLC
|
New York, NY
|
|
Daniel L. Black
|
|
Investment Adviser
|
|
Tracy V. Maitland*
|
Guggenheim Funds Distributors, LLC
|
Chairman
|
Chicago, IL
|
Derek Medina
|
Accounting Agent and Custodian
|
The Bank of New York Mellon
|
|
Ronald A. Nyberg
|
New York, NY
|
Gerald L. Seizert
|
Administrator
|
Rydex Fund Services, LLC
|
|
Michael A. Smart
|
Rockville, MD
|
* Trustee is an “interested person” of the Fund
|
Transfer Agent
|
as defined in the Investment Company Act of
|
Computershare Shareowner
|
1940, as amended.
|
Services, LLC
|
Jersey City, NJ
|
|
Officers
|
|
Legal Counsel | |
Tracy V. Maitland
|
Skadden, Arps, Slate, |
President and Chief Executive Officer
|
Meagher & Flom LLP
|
New York, NY
|
|
Robert White
|
|
Treasurer and Chief Financial Officer
|
Independent Registered Public
|
Accounting Firm
|
|
Edward C. Delk
|
PricewaterhouseCoopers LLP
|
Secretary and Chief Compliance Officer
|
New York, NY
|
Tony Huang
|
|
Vice President and Assistant Secretary
|
FUND INFORMATION continued
|
April 30, 2015
|
·
|
If your shares are held in a Brokerage Account, contact your Broker.
|
·
|
If you have physical possession of your shares in certificate form, contact the Fund’s Transfer Agent:
|
|
Computershare Shareowner Services LLC, P.O. Box 30170, College Station, TX 77842-3170; (866) 488-3559.
|
ABOUT THE FUND MANAGER
|
1
|
Screen the convertible and high-yield markets for securities with attractive risk/reward characteristics and favorable cash flows;
|
2
|
Analyze the quality of issues to help manage downside risk;
|
3
|
Analyze fundamentals to identify catalysts for favorable performance; and
|
4
|
Continually monitor the portfolio for improving or deteriorating trends in the financials of each investment.
|
Advent Capital Management, LLC
|
Guggenheim Funds Distributors, LLC
|
1271 Avenue of the Americas, 45th Floor
|
227 West Monroe Street
|
New York, NY 10020
|
Chicago, IL 60606
|
Member FINRA/SIPC
|
|
(06/15)
|
Date: July 8, 2015
|
/s/ Tracy V. Maitland |
Tracy V. Maitland
|
|
President and Chief Executive Officer
|
|
Date: July 8, 2015
|
/s/ Robert White |
Robert White
|
|
Treasurer and Chief Financial Officer
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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