| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Shares | Value | |||||||
| COMMON STOCKS† - 14.2% | ||||||||
| Consumer, Cyclical - 4.3% | ||||||||
| Marriott International, Inc. — Class A* | 40,000 | $ | 5,839,200 | |||||
| General Motors Co.*,1 | 75,000 | 4,263,000 | ||||||
| Brinker International, Inc.*,1 | 60,000 | 3,260,400 | ||||||
| Spirit Airlines, Inc.* | 100,000 | 2,698,000 | ||||||
| Thor Industries, Inc.1 | 20,000 | 2,367,200 | ||||||
| Brunswick Corp. | 20,000 | 2,088,000 | ||||||
| Penn National Gaming, Inc.*,1 | 30,000 | 2,051,400 | ||||||
| NIO, Inc. ADR*,1 | 45,000 | 2,010,600 | ||||||
| Hanesbrands, Inc. | 100,000 | 1,826,000 | ||||||
| Caesars Entertainment, Inc.* | 20,000 | 1,747,200 | ||||||
| Visteon Corp.*,1 | 15,000 | 1,710,750 | ||||||
| Total Consumer, Cyclical | 29,861,750 | |||||||
| Basic Materials - 1.9% | ||||||||
| United States Steel Corp. | 150,000 | 3,972,000 | ||||||
| LyondellBasell Industries N.V.* | 35,000 | 3,476,550 | ||||||
| Freeport-McMoRan, Inc. | 80,000 | 3,048,000 | ||||||
| Alcoa Corp.* | 70,000 | 2,810,500 | ||||||
| Total Basic Materials | 13,307,050 | |||||||
| Financial - 1.9% | ||||||||
| Gaming and Leisure Properties, Inc. REIT | 76,735 | 3,632,635 | ||||||
| PNC Financial Services Group, Inc. | 15,000 | 2,736,150 | ||||||
| Fifth Third Bancorp | 75,000 | 2,721,750 | ||||||
| Ventas, Inc. REIT | 45,000 | 2,690,100 | ||||||
| Visa, Inc. — Class A | 5,000 | 1,231,950 | ||||||
| Total Financial | 13,012,585 | |||||||
| Industrial - 1.9% | ||||||||
| Lockheed Martin Corp. | 8,000 | 2,973,360 | ||||||
| United Parcel Service, Inc. — Class B | 15,000 | 2,870,400 | ||||||
| Union Pacific Corp. | 12,000 | 2,625,120 | ||||||
| Honeywell International, Inc. | 10,000 | 2,337,900 | ||||||
| Caterpillar, Inc.1 | 10,000 | 2,067,500 | ||||||
| Total Industrial | 12,874,280 | |||||||
| Technology - 1.8% | ||||||||
| Microchip Technology, Inc.1 | 26,000 | 3,721,120 | ||||||
| ON Semiconductor Corp.*,1 | 85,000 | 3,320,100 | ||||||
| Advanced Micro Devices, Inc.* | 30,000 | 3,185,700 | ||||||
| Take-Two Interactive Software, Inc.*,1 | 15,000 | 2,601,300 | ||||||
| Total Technology | 12,828,220 | |||||||
| Consumer, Non-cyclical - 1.4% | ||||||||
| Teladoc Health, Inc.*,1 | 25,000 | 3,711,250 | ||||||
| AbbVie, Inc. | 30,000 | 3,489,000 | ||||||
| Humana, Inc.1 | 6,500 | 2,768,090 | ||||||
| Total Consumer, Non-cyclical | 9,968,340 | |||||||
| Energy - 1.0% | ||||||||
| ConocoPhillips | 90,000 | 5,045,400 | ||||||
| Valero Energy Corp. | 30,000 | 2,009,100 | ||||||
| Total Energy | 7,054,500 | |||||||
| Total Common Stocks | ||||||||
| (Cost $88,192,305) | 98,906,725 | |||||||
| CONVERTIBLE PREFERRED STOCKS† - 16.5% | ||||||||
| Financial - 3.0% | ||||||||
| KKR & Company, Inc., 6.00% due 09/15/231 | 117,636 | 9,768,493 | ||||||
| Bank of America Corp., 7.25%1 | 3,430 | 5,074,857 | ||||||
| Wells Fargo & Co., 7.50%1 | 3,000 | 4,561,201 | ||||||
| 2020 Mandatory Exchangeable Trust, 6.50% due 05/16/231,2 | 810 | 1,522,282 | ||||||
| Total Financial | 20,926,833 | |||||||
| Consumer, Non-cyclical - 2.6% | ||||||||
| Boston Scientific Corp., 5.50% due 06/01/231 | 51,306 | 6,303,455 | ||||||
| Elanco Animal Health, Inc., 5.00% due 02/01/231 | 93,687 | 5,172,459 | ||||||
| Danaher Corp., 5.00% due 04/15/231 | 2,421 | 3,879,919 | ||||||
| Avantor, Inc., 6.25% due 05/15/221 | 13,170 | 1,523,110 | ||||||
| Becton Dickinson and Co., 6.00% due 06/01/23 | 25,521 | 1,434,791 | ||||||
| Total Consumer, Non-cyclical | 18,313,734 | |||||||
| Industrial - 2.6% | ||||||||
| Fluor Corp., 6.50%*,1,2 | 8,652 | 8,688,338 | ||||||
| Colfax Corp., 5.75% due 01/15/221 | 30,000 | 5,561,400 | ||||||
| Stanley Black & Decker, Inc., 5.25% due 11/15/221 | 29,424 | 3,472,032 | ||||||
| Total Industrial | 17,721,770 | |||||||
| Technology - 2.2% | ||||||||
| Broadcom, Inc., 8.00% due 09/30/221 | 6,583 | 10,166,390 | ||||||
| Change Healthcare, Inc., 6.00% due 06/30/221 | 73,037 | 5,309,060 | ||||||
| Total Technology | 15,475,450 | |||||||
| Communications - 2.0% | ||||||||
| 2020 Cash Mandatory Exchangeable Trust, 5.25% due 06/01/23*,1,2 | 7,344 | 9,223,624 | ||||||
| ViacomCBS, Inc., 5.75% due 04/01/241 | 61,787 | 4,490,679 | ||||||
| Total Communications | 13,714,303 | |||||||
| Utilities - 1.8% | ||||||||
NextEra Energy, Inc. 5.28% due 03/01/231 | 105,823 | 5,432,953 | ||||||
| 6.22% due 09/01/231 | 77,832 | 4,038,703 | ||||||
| American Electric Power Company, Inc., 6.13% due 08/15/231 | 29,153 | 1,547,150 | ||||||
| AES Corp., 6.88% due 02/15/241 | 15,109 | 1,531,750 | ||||||
| Total Utilities | 12,550,556 | |||||||
| Consumer, Cyclical - 1.4% | ||||||||
| Aptiv plc, 5.50% due 06/15/23 | 53,289 | 9,997,016 | ||||||
| Basic Materials - 0.9% | ||||||||
| ArcelorMittal S.A., 5.50% due 05/18/231 | 76,209 | 6,326,109 | ||||||
| Total Convertible Preferred Stocks | ||||||||
| (Cost $86,487,529) | 115,025,771 | |||||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Shares | Value | |||||||
| MONEY MARKET FUND† - 7.2% | ||||||||
| Morgan Stanley Institutional Liquidity Government Portfolio - Institutional Class, 0.03%3 | 50,221,200 | $ | 50,221,200 | |||||
| Total Money Market Fund | ||||||||
| (Cost $50,221,200) | 50,221,200 | |||||||
| Face Amount~ | ||||||||
| CONVERTIBLE BONDS†† - 68.6% | ||||||||
| Communications - 18.1% | ||||||||
| Palo Alto Networks, Inc. | ||||||||
| 0.38% due 06/01/251 | 8,942,000 | 12,876,480 | ||||||
| Snap, Inc. | ||||||||
| 0.75% due 08/01/261 | 2,481,000 | 8,151,636 | ||||||
| due 05/01/271,2,4 | 2,594,000 | 2,990,882 | ||||||
| Liberty Media Corp. | ||||||||
| 1.38% due 10/15/231 | 3,363,000 | 4,484,475 | ||||||
| 2.75% due 12/01/492 | 3,500,000 | 3,676,750 | ||||||
| 0.50% due 12/01/501,2 | 2,304,000 | 2,534,400 | ||||||
| Wayfair, Inc. | ||||||||
| 0.63% due 10/01/251,2 | 7,329,000 | 7,145,775 | ||||||
| 1.00% due 08/15/261 | 430,000 | 754,865 | ||||||
| Etsy, Inc. | ||||||||
| 0.25% due 06/15/281,2 | 5,789,000 | 6,075,555 | ||||||
| Uber Technologies, Inc. | ||||||||
| due 12/15/251,2,4 | 6,015,000 | 5,897,708 | ||||||
| FireEye, Inc. | ||||||||
| 0.88% due 06/01/241 | 5,118,000 | 5,792,936 | ||||||
| Viavi Solutions, Inc. | ||||||||
| 1.75% due 06/01/231 | 3,000,000 | 3,899,892 | ||||||
| 1.00% due 03/01/241 | 1,369,000 | 1,852,428 | ||||||
| DISH Network Corp. | ||||||||
| 3.38% due 08/15/261 | 2,588,000 | 2,659,170 | ||||||
| 2.38% due 03/15/241 | 1,998,000 | 1,938,060 | ||||||
| due 12/15/251,2,4 | 934,000 | 1,096,983 | ||||||
| Q2 Holdings, Inc. | ||||||||
| 0.13% due 11/15/251,2 | 4,037,000 | 4,039,120 | ||||||
| 0.75% due 06/01/261 | 783,000 | 1,026,513 | ||||||
| Booking Holdings, Inc. | ||||||||
| 0.75% due 05/01/251 | 3,561,000 | 5,046,276 | ||||||
| Lyft, Inc. | ||||||||
| 1.50% due 05/15/251 | 2,831,000 | 4,532,431 | ||||||
| Zendesk, Inc. | ||||||||
| 0.63% due 06/15/251 | 2,933,000 | 4,012,637 | ||||||
| RealReal, Inc. | ||||||||
| 1.00% due 03/01/281,2 | 3,094,000 | 2,725,505 | ||||||
| 3.00% due 06/15/25 | 743,000 | 917,141 | ||||||
| Farfetch Ltd. | ||||||||
| 3.75% due 05/01/271 | 1,000,000 | 3,238,800 | ||||||
| Okta, Inc. | ||||||||
| 0.38% due 06/15/261 | 2,360,000 | 2,979,500 | ||||||
| Match Group Financeco 2, Inc. | ||||||||
| 0.88% due 06/15/261,2 | 1,542,000 | 2,935,582 | ||||||
| Wix.com Ltd. | ||||||||
| due 08/15/252,4 | 2,500,000 | 2,736,250 | ||||||
| Zillow Group, Inc. | ||||||||
| 2.75% due 05/15/251 | 1,484,000 | 2,653,392 | ||||||
| Twitter, Inc. | ||||||||
| 0.25% due 06/15/241 | 1,895,000 | 2,618,701 | ||||||
| Expedia Group, Inc. | ||||||||
| due 02/15/261,2,4 | 2,372,000 | 2,542,784 | ||||||
| Yandex N.V. | ||||||||
| 0.75% due 03/03/25 | 1,600,000 | 2,009,680 | ||||||
| Meituan | ||||||||
| due 04/27/284 | 2,100,000 | 1,951,425 | ||||||
| Just Eat Takeaway.com N.V. | ||||||||
| 1.25% due 04/30/26 | EUR 700,000 | 836,271 | ||||||
| 0.63% due 02/09/28 | EUR 500,000 | 553,590 | ||||||
| due 08/09/254 | EUR 300,000 | 335,761 | ||||||
| Delivery Hero SE | ||||||||
| 0.88% due 07/15/25 | EUR 1,300,000 | 1,708,411 | ||||||
| Bharti Airtel Ltd. | ||||||||
| 1.50% due 02/17/25 | 1,050,000 | 1,254,750 | ||||||
| Xiaomi Best Time International Ltd. | ||||||||
| due 12/17/274 | 900,000 | 936,900 | ||||||
| MakeMyTrip Ltd. | ||||||||
| due 02/15/282,4 | 782,000 | 790,099 | ||||||
| Pinduoduo, Inc. | ||||||||
| due 12/01/251,4 | 775,000 | 718,813 | ||||||
| Nice Ltd. | ||||||||
| due 09/15/251,2,4 | 589,000 | 660,645 | ||||||
| Shopify, Inc. | ||||||||
| 0.13% due 11/01/251 | 487,000 | 642,597 | ||||||
| Total Communications | 126,231,569 | |||||||
| Consumer, Non-cyclical - 13.2% | ||||||||
| Square, Inc. | ||||||||
| 0.25% due 11/01/271,2 | 6,053,000 | 7,157,672 | ||||||
| 0.13% due 03/01/251 | 1,558,000 | 3,262,063 | ||||||
| due 05/01/261,2,4 | 490,000 | 558,906 | ||||||
| Exact Sciences Corp. | ||||||||
| 0.38% due 03/15/271 | 7,009,000 | 8,515,935 | ||||||
| Dexcom, Inc. | ||||||||
| 0.25% due 11/15/251 | 5,274,000 | 6,005,767 | ||||||
| 0.75% due 12/01/231 | 262,000 | 820,224 | ||||||
| Insulet Corp. | ||||||||
| 0.38% due 09/01/261 | 4,333,000 | 6,003,913 | ||||||
| Shift4 Payments, Inc. | ||||||||
| due 12/15/251,2,4 | 2,324,000 | 3,027,010 | ||||||
| 0.50% due 08/01/271,2 | 2,639,000 | 2,746,209 | ||||||
| Jazz Investments I Ltd. | ||||||||
| 2.00% due 06/15/261 | 4,002,000 | 5,202,600 | ||||||
| Chegg, Inc. | ||||||||
| due 09/01/261,2,4 | 4,284,000 | 4,645,998 | ||||||
| 0.13% due 03/15/251 | 270,000 | 482,625 | ||||||
| Canopy Growth Corp. | ||||||||
| 4.25% due 07/15/231,2 | CAD 4,360,000 | 3,483,879 | ||||||
| Herbalife Nutrition Ltd. | ||||||||
| 2.63% due 03/15/241 | 3,096,000 | 3,318,525 | ||||||
| Guardant Health, Inc. | ||||||||
| due 11/15/271,2,4 | 2,691,000 | 2,909,644 | ||||||
| Sarepta Therapeutics, Inc. | ||||||||
| 1.50% due 11/15/241 | 2,293,000 | 2,813,224 | ||||||
| Teladoc Health, Inc. | ||||||||
| 1.25% due 06/01/271 | 2,233,000 | 2,392,213 | ||||||
| Nexi SpA | ||||||||
| 1.75% due 04/24/27 | EUR 800,000 | 1,171,320 | ||||||
| due 02/24/284 | EUR 900,000 | 1,085,711 | ||||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Face Amount~ | Value | |||||||
| CONVERTIBLE BONDS†† - 68.6% (continued) | ||||||||
| Consumer, Non-cyclical - 13.2% (continued) | ||||||||
| Supernus Pharmaceuticals, Inc. | ||||||||
| 0.63% due 04/01/231 | 2,000,000 | $ | 1,958,750 | |||||
| Halozyme Therapeutics, Inc. | ||||||||
| 0.25% due 03/01/271,2 | 2,136,000 | 1,957,110 | ||||||
| BioMarin Pharmaceutical, Inc. | ||||||||
| 1.25% due 05/15/271 | 1,974,000 | 1,952,187 | ||||||
| Livongo Health, Inc. | ||||||||
| 0.88% due 06/01/251 | 1,262,000 | 1,831,685 | ||||||
| NeoGenomics, Inc. | ||||||||
| 0.25% due 01/15/281 | 1,600,000 | 1,579,000 | ||||||
| Amadeus IT Group S.A. | ||||||||
| 1.50% due 04/09/25 | EUR 1,000,000 | 1,545,472 | ||||||
| Stride, Inc. | ||||||||
| 1.13% due 09/01/271,2 | 1,629,000 | 1,492,001 | ||||||
| Fine Perfection Investment Ltd. | ||||||||
| due 04/17/224 | 1,350,000 | 1,412,775 | ||||||
| China Conch Venture | ||||||||
| due 09/05/234 | HKD 10,000,000 | 1,376,879 | ||||||
| QIAGEN N.V. | ||||||||
| 1.00% due 11/13/24 | 1,000,000 | 1,283,841 | ||||||
| Sabre GLBL, Inc. | ||||||||
| 4.00% due 04/15/251 | 702,000 | 1,220,076 | ||||||
| Omnicell, Inc. | ||||||||
| 0.25% due 09/15/251,2 | 743,000 | 1,173,011 | ||||||
| Repay Holdings Corp. | ||||||||
| due 02/01/261,2,4 | 1,139,000 | 1,140,424 | ||||||
| Orpea S.A. | ||||||||
| 0.38% due 05/17/27 | 6,356 | ** | 1,108,681 | |||||
| Insmed, Inc. | ||||||||
| 0.75% due 06/01/281 | 1,081,000 | 1,102,620 | ||||||
| ADM Ag Holding Ltd. | ||||||||
| due 08/26/234 | 1,000,000 | 1,048,500 | ||||||
| Pharmaron Beijing Company Ltd. | ||||||||
| due 06/18/264 | 800,000 | 833,600 | ||||||
| Shanghai Port Group BVI Holding Company Ltd. | ||||||||
| due 08/09/224 | 728,000 | 783,692 | ||||||
| Menicon Company Ltd. | ||||||||
| due 01/29/254 | JPY 70,000,000 | 762,187 | ||||||
| Afterpay Ltd. | ||||||||
| due 03/12/264 | AUD 1,100,000 | 689,900 | ||||||
| Total Consumer, Non-cyclical | 91,855,829 | |||||||
| Technology - 13.1% | ||||||||
| RingCentral, Inc. | ||||||||
| due 03/01/251,4 | 6,916,000 | 7,330,960 | ||||||
| due 03/15/261,2,4 | 1,500,000 | 1,471,875 | ||||||
| LivePerson, Inc. | ||||||||
| due 12/15/261,2,4 | 6,998,000 | 7,597,029 | ||||||
| Zynga, Inc. | ||||||||
| 0.25% due 06/01/241 | 2,614,000 | 3,484,723 | ||||||
| due 12/15/261,2,4 | 1,900,000 | 1,996,187 | ||||||
| Microchip Technology, Inc. | ||||||||
| 0.13% due 11/15/241 | 2,461,000 | 2,705,562 | ||||||
| 1.63% due 02/15/27 | 827,000 | 1,769,284 | ||||||
| Datadog, Inc. | ||||||||
| 0.13% due 06/15/251 | 3,000,000 | 4,170,000 | ||||||
| Workday, Inc. | ||||||||
| 0.25% due 10/01/221 | 2,457,000 | 3,987,957 | ||||||
| Pegasystems, Inc. | ||||||||
| 0.75% due 03/01/251 | 3,445,000 | 3,923,166 | ||||||
| ON Semiconductor Corp. | ||||||||
| due 05/01/271,2,4 | 2,651,000 | 2,824,906 | ||||||
| 1.63% due 10/15/231 | 505,000 | 981,909 | ||||||
| KBR, Inc. | ||||||||
| 2.50% due 11/01/231 | 2,371,000 | 3,771,372 | ||||||
| Rapid7, Inc. | ||||||||
| 0.25% due 03/15/271,2 | 2,951,000 | 3,696,127 | ||||||
| Zscaler, Inc. | ||||||||
| 0.13% due 07/01/251 | 2,000,000 | 3,346,000 | ||||||
| Splunk, Inc. | ||||||||
| 1.13% due 09/15/251 | 2,557,000 | 3,097,166 | ||||||
| Silicon Laboratories, Inc. | ||||||||
| 0.63% due 06/15/251 | 2,230,000 | 3,031,462 | ||||||
| STMicroelectronics N.V. | ||||||||
| due 08/04/274 | 1,800,000 | 2,254,477 | ||||||
| due 08/04/254 | 600,000 | 751,625 | ||||||
| Akamai Technologies, Inc. | ||||||||
| 0.38% due 09/01/271 | 2,542,000 | 3,004,326 | ||||||
| CyberArk Software Ltd. | ||||||||
| due 11/15/241,4 | 2,386,000 | 2,727,437 | ||||||
| MongoDB, Inc. | ||||||||
| 0.25% due 01/15/261 | 1,380,000 | 2,492,625 | ||||||
| Envestnet, Inc. | ||||||||
| 1.75% due 06/01/231 | 2,000,000 | 2,450,000 | ||||||
| Lumentum Holdings, Inc. | ||||||||
| 0.50% due 12/15/261 | 2,134,000 | 2,352,735 | ||||||
| Coupa Software, Inc. | ||||||||
| 0.38% due 06/15/261 | 1,844,000 | 1,979,534 | ||||||
| Blackline, Inc. | ||||||||
| due 03/15/261,2,4 | 1,880,000 | 1,843,575 | ||||||
| Atos SE | ||||||||
| due 11/06/244 | EUR 1,200,000 | 1,755,960 | ||||||
| Pure Storage, Inc. | ||||||||
| 0.13% due 04/15/231 | 1,504,000 | 1,583,712 | ||||||
| Bandwidth, Inc. | ||||||||
| 0.50% due 04/01/281,2 | 1,559,000 | 1,568,354 | ||||||
| Dropbox, Inc. | ||||||||
| due 03/01/281,2,4 | 1,386,000 | 1,564,101 | ||||||
| Tyler Technologies, Inc. | ||||||||
| 0.25% due 03/15/261,2 | 1,328,000 | 1,522,552 | ||||||
| Lenovo Group Ltd. | ||||||||
| 3.38% due 01/24/24 | 950,000 | 1,208,875 | ||||||
| Teradyne, Inc. | ||||||||
| 1.25% due 12/15/231 | 256,000 | 1,021,440 | ||||||
| United Microelectronics Corp. | ||||||||
| due 07/07/264 | 900,000 | 915,714 | ||||||
| Globalwafers Company Ltd. | ||||||||
| due 06/01/264 | 800,000 | 840,560 | ||||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Face Amount~ | Value | |||||||
| CONVERTIBLE BONDS†† - 68.6% (continued) | ||||||||
| Technology - 13.1% (continued) | ||||||||
| Xero Investments Ltd. | ||||||||
| due 12/02/254 | 609,000 | $ | 604,433 | |||||
| Total Technology | 91,627,720 | |||||||
| Consumer, Cyclical - 10.9% | ||||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 4.25% due 06/15/231 | 6,260,000 | 8,057,422 | ||||||
| 2.88% due 11/15/231,2 | 3,722,000 | 4,446,644 | ||||||
| Southwest Airlines Co. | ||||||||
| 1.25% due 05/01/251 | 6,820,000 | 10,029,662 | ||||||
| Ford Motor Co. | ||||||||
| due 03/15/261,2,4 | 8,438,000 | 9,070,850 | ||||||
| JetBlue Airways Corp. | ||||||||
| 0.50% due 04/01/261,2 | 5,608,000 | 5,529,488 | ||||||
| Winnebago Industries, Inc. | ||||||||
| 1.50% due 04/01/251 | 2,566,000 | 3,411,176 | ||||||
| Meritor, Inc. | ||||||||
| 3.25% due 10/15/371 | 3,000,000 | 3,230,625 | ||||||
| IMAX Corp. | ||||||||
| 0.50% due 04/01/261,2 | 3,279,000 | 3,053,733 | ||||||
| NCL Corporation Ltd. | ||||||||
| 5.38% due 08/01/25 | 1,450,000 | 2,304,050 | ||||||
| Zhongsheng Group Holdings Ltd. | ||||||||
| due 05/21/254 | HKD 11,000,000 | 2,303,698 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
| 2.00% due 02/15/251 | 2,000,000 | 2,152,000 | ||||||
| Marriott Vacations Worldwide Corp. | ||||||||
| due 01/15/261,2,4 | 1,018,000 | 1,089,260 | ||||||
| 1.50% due 09/15/221 | 920,000 | 1,052,250 | ||||||
| Tesla, Inc. | ||||||||
| 2.00% due 05/15/241 | 169,000 | 1,868,718 | ||||||
| DraftKings, Inc. | ||||||||
| due 03/15/281,2,4 | 2,058,000 | 1,814,127 | ||||||
| LCI Industries | ||||||||
| 1.13% due 05/15/261,2 | 1,603,000 | 1,736,049 | ||||||
| Cinemark Holdings, Inc. | ||||||||
| 4.50% due 08/15/251,2 | 1,223,000 | 1,686,976 | ||||||
| Dufry One BV | ||||||||
| 0.75% due 03/30/26 | CHF 1,400,000 | 1,477,495 | ||||||
| Spirit Airlines, Inc. | ||||||||
| 1.00% due 05/15/261 | 1,492,000 | 1,403,375 | ||||||
| WH Smith plc | ||||||||
| 1.63% due 05/07/26 | GBP 900,000 | 1,223,141 | ||||||
| NIO, Inc. | ||||||||
| 0.50% due 02/01/271,2 | 1,315,000 | 1,144,050 | ||||||
| RH | ||||||||
| due 09/15/241,4 | 358,000 | 1,122,596 | ||||||
| Zalando SE | ||||||||
| 0.05% due 08/06/25 | EUR 700,000 | 1,034,254 | ||||||
| Cheesecake Factory, Inc. | ||||||||
| 0.38% due 06/15/261 | 923,000 | 866,466 | ||||||
| Sony Corp. | ||||||||
| due 09/30/224 | JPY 40,000,000 | 835,900 | ||||||
| Singapore Airlines Ltd. | ||||||||
| 1.63% due 12/03/25 | SGD 1,000,000 | 835,795 | ||||||
| Cracker Barrel Old Country Store, Inc. | ||||||||
| 0.63% due 06/15/261,2 | 834,000 | 835,043 | ||||||
| JET2 plc | ||||||||
| 1.63% due 06/10/26 | GBP 600,000 | 825,763 | ||||||
| Harvest International Co. | ||||||||
| due 11/21/224 | HKD 4,000,000 | 724,984 | ||||||
| International Consolidated Airlines Group S.A. | ||||||||
| 1.13% due 05/18/28 | EUR 600,000 | 686,796 | ||||||
| Total Consumer, Cyclical | 75,852,386 | |||||||
| Financial - 4.5% | ||||||||
| Pebblebrook Hotel Trust | ||||||||
| 1.75% due 12/15/261 | 6,004,000 | 6,721,478 | ||||||
| LendingTree, Inc. | ||||||||
| 0.63% due 06/01/221 | 3,472,000 | 3,940,720 | ||||||
| 0.50% due 07/15/251 | 1,992,000 | 1,801,167 | ||||||
| Kite Realty Group, LP | ||||||||
| 0.75% due 04/01/272 | 3,000,000 | 3,046,800 | ||||||
| Summit Hotel Properties, Inc. | ||||||||
| 1.50% due 02/15/261 | 2,518,000 | 2,574,655 | ||||||
| JPMorgan Chase Bank North America | ||||||||
| due 09/18/224 | EUR 700,000 | 1,270,374 | ||||||
| 0.13% due 01/01/231,2 | 1,085,000 | 1,158,237 | ||||||
| SBI Holdings, Inc. | ||||||||
| due 07/25/254 | JPY 200,000,000 | 1,990,888 | ||||||
| PRA Group, Inc. | ||||||||
| 3.50% due 06/01/231 | 1,636,000 | 1,768,925 | ||||||
| Vingroup JSC | ||||||||
| 3.00% due 04/20/26 | 1,400,000 | 1,489,600 | ||||||
| Realogy Group LLC / Realogy Company-Issuer Corp. | ||||||||
| 0.25% due 06/15/261,2 | 1,150,000 | 1,170,884 | ||||||
| Cornwall Jersey Ltd. | ||||||||
| 0.75% due 04/16/26 | GBP 800,000 | 1,026,478 | ||||||
| LEG Immobilien AG | ||||||||
| 0.88% due 09/01/25 | EUR 600,000 | 919,360 | ||||||
| No. Va Land Investment Group Corp. | ||||||||
| 5.25% due 07/16/26 | 800,000 | 780,400 | ||||||
| ESR Cayman Ltd. | ||||||||
| 1.50% due 09/30/25 | 714,000 | 777,903 | ||||||
| Best Path Global Ltd. | ||||||||
| due 06/01/224 | HKD 6,000,000 | 752,007 | ||||||
| Total Financial | 31,189,876 | |||||||
| Industrial - 3.5% | ||||||||
| Middleby Corp. | ||||||||
| 1.00% due 09/01/251,2 | 2,177,000 | 3,400,474 | ||||||
| Greenbrier Companies, Inc. | ||||||||
| 2.88% due 04/15/281,2 | 3,059,000 | 3,211,950 | ||||||
| Kaman Corp. | ||||||||
| 3.25% due 05/01/24 | 2,500,000 | 2,581,250 | ||||||
| Cellnex Telecom S.A. | ||||||||
| 0.50% due 07/05/28 | EUR 1,500,000 | 2,463,053 | ||||||
| Scorpio Tankers, Inc. | ||||||||
| 3.00% due 05/15/252 | 2,146,000 | 2,089,294 | ||||||
| Safran S.A. | ||||||||
| 0.88% due 05/15/27 | 10,870 | ** | 1,766,035 | |||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Face Amount~ | Value | |||||||
| CONVERTIBLE BONDS†† - 68.6% (continued) | ||||||||
| Industrial - 3.5% (continued) | ||||||||
| Deutsche Post AG | ||||||||
| 0.05% due 06/30/25 | EUR 1,100,000 | $ | 1,604,030 | |||||
| Chart Industries, Inc. | ||||||||
| 1.00% due 11/15/241,2 | 590,000 | 1,585,625 | ||||||
| Itron, Inc. | ||||||||
| due 03/15/261,2,4 | 1,450,000 | 1,493,351 | ||||||
| MINEBEA MITSUMI, Inc. | ||||||||
| due 08/03/224 | JPY 90,000,000 | 1,172,665 | ||||||
| Sika A.G. | ||||||||
| 0.15% due 06/05/25 | CHF 620,000 | 1,157,019 | ||||||
| Vinci S.A. | ||||||||
| 0.38% due 02/16/22 | 1,000,000 | 1,130,500 | ||||||
| Prysmian SpA | ||||||||
| due 02/02/264 | EUR 400,000 | 481,906 | ||||||
| Total Industrial | 24,137,152 | |||||||
| Energy - 2.2% | ||||||||
| Pioneer Natural Resources Co. | ||||||||
| 0.25% due 05/15/251 | 4,681,000 | 6,899,794 | ||||||
| CNX Resources Corp. | ||||||||
| 2.25% due 05/01/261 | 2,000,000 | 2,430,000 | ||||||
| Equities Corp. | ||||||||
| 1.75% due 05/01/261 | 1,305,000 | 1,933,880 | ||||||
| RAG-Stiftung | ||||||||
| due 06/17/264 | EUR 800,000 | 1,110,620 | ||||||
| SolarEdge Technologies, Inc. | ||||||||
| due 09/15/251,2,4 | 855,000 | 1,023,862 | ||||||
| NextEra Energy Partners, LP | ||||||||
| due 11/15/251,2,4 | 887,000 | 966,830 | ||||||
| MBT Systems GmbH | ||||||||
| 3.50% due 07/08/27 | EUR 700,000 | 826,698 | ||||||
| Total Energy | 15,191,684 | |||||||
| Basic Materials - 1.6% | ||||||||
| Allegheny Technologies, Inc. | ||||||||
| 3.50% due 06/15/251 | 3,000,000 | 4,625,625 | ||||||
| Ivanhoe Mines Ltd. | ||||||||
| 2.50% due 04/15/261,2 | 1,854,000 | 2,327,607 | ||||||
| Osisko Gold Royalties Ltd. | ||||||||
| 4.00% due 12/31/22 | CAD 1,300,000 | 1,135,171 | ||||||
| Century Aluminum Co. | ||||||||
| 2.75% due 05/01/282 | 947,000 | 987,248 | ||||||
| Brenntag Finance BV | ||||||||
| 1.88% due 12/02/22 | 750,000 | 927,956 | ||||||
| SSR Mining, Inc. | ||||||||
| 2.50% due 04/01/391 | 719,000 | 891,560 | ||||||
| Total Basic Materials | 10,895,167 | |||||||
| Utilities - 1.5% | ||||||||
| NRG Energy, Inc. | ||||||||
| 2.75% due 06/01/481 | 3,813,000 | 4,510,779 | ||||||
| Electricite de France S.A. | ||||||||
| due 09/14/244 | 237,000 | ** | 3,973,250 | |||||
| CenterPoint Energy, Inc. | ||||||||
| 4.57% due 09/15/29 | 23,210 | ** | 1,540,485 | |||||
| Iberdrola International BV | ||||||||
| due 11/11/224 | EUR 500,000 | 734,715 | ||||||
| Total Utilities | 10,759,229 | |||||||
| Total Convertible Bonds | ||||||||
| (Cost $430,714,381) | 477,740,612 | |||||||
| CORPORATE BONDS†† - 40.6% | ||||||||
| Consumer, Non-cyclical - 8.2% | ||||||||
| Kraft Heinz Foods Co. | ||||||||
| 7.13% due 08/01/392 | 2,617,000 | 3,909,091 | ||||||
| Land O'Lakes Capital Trust I | ||||||||
| 7.45% due 03/15/281,2 | 3,151,000 | 3,632,378 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.25% due 06/01/291,2 | 3,396,000 | 3,468,165 | ||||||
| Horizon Therapeutics USA, Inc. | ||||||||
| 5.50% due 08/01/271,2 | 3,230,000 | 3,450,916 | ||||||
| Bausch Health Companies, Inc. | ||||||||
| 4.88% due 06/01/281,2 | 3,316,000 | 3,415,480 | ||||||
| Emergent BioSolutions, Inc. | ||||||||
| 3.88% due 08/15/281,2 | 3,116,000 | 3,103,162 | ||||||
| United Rentals North America, Inc. | ||||||||
| 4.00% due 07/15/301 | 2,716,000 | 2,825,007 | ||||||
| Brink's Co. | ||||||||
| 4.63% due 10/15/271,2 | 2,665,000 | 2,776,878 | ||||||
| Organon & Company / Organon Foreign Debt Co-Issuer BV | ||||||||
| 5.13% due 04/30/311,2 | 1,336,000 | 1,377,750 | ||||||
| 4.13% due 04/30/281,2 | 1,341,000 | 1,376,825 | ||||||
| MEDNAX, Inc. | ||||||||
| 6.25% due 01/15/271,2 | 2,573,000 | 2,713,872 | ||||||
| HLF Financing SARL LLC / Herbalife International, Inc. | ||||||||
| 4.88% due 06/01/291,2 | 2,683,000 | 2,712,057 | ||||||
| ASGN, Inc. | ||||||||
| 4.63% due 05/15/281,2 | 2,608,000 | 2,711,811 | ||||||
| Primo Water Holdings, Inc. | ||||||||
| 4.38% due 04/30/291,2 | 2,682,000 | 2,685,353 | ||||||
| Edgewell Personal Care Co. | ||||||||
| 4.13% due 04/01/291,2 | 2,650,000 | 2,670,074 | ||||||
| Korn Ferry | ||||||||
| 4.63% due 12/15/271,2 | 2,109,000 | 2,184,755 | ||||||
| Gartner, Inc. | ||||||||
| 3.63% due 06/15/291,2 | 2,047,000 | 2,098,175 | ||||||
| Jazz Securities DAC | ||||||||
| 4.38% due 01/15/291,2 | 2,011,000 | 2,096,688 | ||||||
| Nielsen Finance LLC / Nielsen Finance Co. | ||||||||
| 5.63% due 10/01/281,2 | 1,931,000 | 2,043,027 | ||||||
| Varex Imaging Corp. | ||||||||
| 7.88% due 10/15/271,2 | 1,774,000 | 1,985,156 | ||||||
| HCA, Inc. | ||||||||
| 5.88% due 02/01/291 | 1,375,000 | 1,684,375 | ||||||
| TriNet Group, Inc. | ||||||||
| 3.50% due 03/01/291,2 | 1,354,000 | 1,358,455 | ||||||
| NESCO Holdings II, Inc. | ||||||||
| 5.50% due 04/15/291,2 | 792,000 | 818,750 | ||||||
| Total Consumer, Non-cyclical | 57,098,200 | |||||||
| Consumer, Cyclical - 7.4% | ||||||||
| Staples, Inc. | ||||||||
| 7.50% due 04/15/261,2 | 2,708,000 | 2,752,100 | ||||||
| 10.75% due 04/15/272 | 942,000 | 915,035 | ||||||
| Ford Motor Co. | ||||||||
| 7.45% due 07/16/311 | 2,729,000 | 3,617,440 | ||||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 40.6% (continued) | ||||||||
| Consumer, Cyclical - 7.4% (continued) | ||||||||
| American Airlines Incorporated/AAdvantage Loyalty IP Ltd. | ||||||||
| 5.75% due 04/20/291,2 | 3,306,000 | $ | 3,571,108 | |||||
| QVC, Inc. | ||||||||
| 4.75% due 02/15/271 | 3,154,000 | 3,385,030 | ||||||
| LSF9 Atlantis Holdings LLC / Victra Finance Corp. | ||||||||
| 7.75% due 02/15/261,2 | 2,943,000 | 3,079,246 | ||||||
| Churchill Downs, Inc. | ||||||||
| 4.75% due 01/15/281,2 | 1,479,000 | 1,534,462 | ||||||
| 5.50% due 04/01/271,2 | 1,376,000 | 1,433,923 | ||||||
| Hilton Domestic Operating Company, Inc. | ||||||||
| 4.88% due 01/15/301 | 2,761,000 | 2,965,549 | ||||||
| Boyd Gaming Corp. | ||||||||
| 4.75% due 06/15/311,2 | 2,704,000 | 2,800,951 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | ||||||||
| 5.00% due 06/01/291,2 | 2,696,000 | 2,723,796 | ||||||
| Carnival Corp. | ||||||||
| 5.75% due 03/01/271,2 | 1,980,000 | 2,005,987 | ||||||
| 4.00% due 08/01/281,2 | 677,000 | 676,154 | ||||||
| Downstream Development Authority of the Quapaw Tribe of Oklahoma | ||||||||
| 10.50% due 02/15/231,2 | 2,546,000 | 2,664,885 | ||||||
| Tenneco, Inc. | ||||||||
| 5.13% due 04/15/291,2 | 2,359,000 | 2,429,770 | ||||||
| Michaels Companies, Inc. | ||||||||
| 7.88% due 05/01/291,2 | 2,331,000 | 2,421,956 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 7.50% due 10/15/271 | 1,963,000 | 2,250,128 | ||||||
| Everi Holdings, Inc. | ||||||||
| 5.00% due 07/15/291,2 | 2,038,000 | 2,086,403 | ||||||
| FirstCash, Inc. | ||||||||
| 4.63% due 09/01/281,2 | 1,968,000 | 2,048,649 | ||||||
| American Greetings Corp. | ||||||||
| 8.75% due 04/15/251,2 | 1,931,000 | 2,022,983 | ||||||
| Cooper-Standard Automotive, Inc. | ||||||||
| 5.63% due 11/15/261,2 | 2,043,000 | 1,884,177 | ||||||
| Macy's Retail Holdings LLC | ||||||||
| 4.50% due 12/15/341 | 1,370,000 | 1,273,607 | ||||||
| 99 Escrow Issuer, Inc. | ||||||||
| 7.50% due 01/15/261,2 | 1,337,000 | 1,261,794 | ||||||
| Total Consumer, Cyclical | 51,805,133 | |||||||
| Communications - 7.2% | ||||||||
| Twitter, Inc. | ||||||||
| 3.88% due 12/15/271,2 | 4,000,000 | 4,283,480 | ||||||
| Sirius XM Radio, Inc. | ||||||||
| 5.50% due 07/01/291,2 | 2,783,000 | 3,051,741 | ||||||
| 4.00% due 07/15/281,2 | 682,000 | 704,165 | ||||||
| CommScope, Inc. | ||||||||
| 8.25% due 03/01/271,2 | 3,277,000 | 3,473,735 | ||||||
| CSC Holdings LLC | ||||||||
| 6.50% due 02/01/291,2 | 2,709,000 | 2,995,707 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 5.25% due 08/01/261 | 1,955,000 | 2,188,623 | ||||||
| 6.63% due 08/01/261 | 652,000 | 734,781 | ||||||
| DIRECTV Holdings LLC / DIRECTV Financing Company, Inc. | ||||||||
| 5.88% due 08/15/272 | 2,708,000 | 2,799,395 | ||||||
| MDC Partners, Inc. | ||||||||
| 7.50% due 05/01/241,2 | 2,710,000 | 2,768,400 | ||||||
| News Corp. | ||||||||
| 3.88% due 05/15/291,2 | 2,668,000 | 2,719,826 | ||||||
| Lumen Technologies, Inc. | ||||||||
| 4.00% due 02/15/271,2 | 2,634,000 | 2,709,727 | ||||||
| Avaya, Inc. | ||||||||
| 6.13% due 09/15/281,2 | 2,516,000 | 2,695,265 | ||||||
| Nexstar Media, Inc. | ||||||||
| 4.75% due 11/01/281,2 | 2,586,000 | 2,670,032 | ||||||
| Beasley Mezzanine Holdings LLC | ||||||||
| 8.63% due 02/01/261,2 | 2,608,000 | 2,644,147 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.88% due 11/15/281 | 1,955,000 | 2,524,394 | ||||||
| Match Group Holdings II LLC | ||||||||
| 4.63% due 06/01/281,2 | 2,249,000 | 2,366,420 | ||||||
| Urban One, Inc. | ||||||||
| 7.38% due 02/01/281,2 | 1,956,000 | 2,095,639 | ||||||
| Scripps Escrow, Inc. | ||||||||
| 5.88% due 07/15/271,2 | 1,984,000 | 2,056,039 | ||||||
| Mav Acquisition Corp. | ||||||||
| 5.75% due 08/01/281,2 | 2,031,000 | 2,026,319 | ||||||
| Audacy Capital Corp. | ||||||||
| 6.50% due 05/01/271,2 | 1,582,000 | 1,635,424 | ||||||
| Entercom Media Corp. | ||||||||
| 6.75% due 03/31/292 | 997,000 | 1,018,131 | ||||||
| Total Communications | 50,161,390 | |||||||
| Energy - 5.9% | ||||||||
| Occidental Petroleum Corp. | ||||||||
| 6.13% due 01/01/311 | 2,638,000 | 3,119,962 | ||||||
| 3.40% due 04/15/261 | 2,636,000 | 2,665,853 | ||||||
| Parkland Corp. | ||||||||
| 5.88% due 07/15/271,2 | 3,040,000 | 3,247,298 | ||||||
| New Fortress Energy, Inc. | ||||||||
| 6.50% due 09/30/261,2 | 3,200,000 | 3,236,944 | ||||||
| DCP Midstream Operating, LP | ||||||||
| 5.63% due 07/15/271 | 2,615,000 | 2,977,936 | ||||||
| Genesis Energy Limited Partnership / Genesis Energy Finance Corp. | ||||||||
| 8.00% due 01/15/271 | 2,825,000 | 2,906,233 | ||||||
| Endeavor Energy Resources Limited Partnership / EER Finance, Inc. | ||||||||
| 6.63% due 07/15/251,2 | 2,672,000 | 2,828,980 | ||||||
| Tallgrass Energy Partners Limited Partnership / Tallgrass Energy Finance Corp. | ||||||||
| 6.00% due 03/01/271,2 | 2,672,000 | 2,765,654 | ||||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 40.6% (continued) | ||||||||
| Energy - 5.9% (continued) | ||||||||
| Harvest Midstream I, LP | ||||||||
| 7.50% due 09/01/281,2 | 2,202,000 | $ | 2,357,879 | |||||
| Calumet Specialty Products Partners Limited Partnership / Calumet Finance Corp. | ||||||||
| 11.00% due 04/15/252 | 1,971,000 | 2,181,897 | ||||||
| Aethon United BR Limited Partnership / Aethon United Finance Corp. | ||||||||
| 8.25% due 02/15/261,2 | 1,956,000 | 2,094,868 | ||||||
| Hilcorp Energy I Limited Partnership / Hilcorp Finance Co. | ||||||||
| 6.00% due 02/01/311,2 | 1,990,000 | 2,078,545 | ||||||
| Apache Corp. | ||||||||
| 4.88% due 11/15/271 | 1,931,000 | 2,078,055 | ||||||
| Indigo Natural Resources LLC | ||||||||
| 5.38% due 02/01/291,2 | 1,963,000 | 2,050,658 | ||||||
| ChampionX Corp. | ||||||||
| 6.38% due 05/01/261 | 1,777,000 | 1,852,620 | ||||||
| Alliance Resource Operating Partners Limited Partnership / Alliance Resource Finance Corp. | ||||||||
| 7.50% due 05/01/252 | 1,757,000 | 1,776,854 | ||||||
| DT Midstream, Inc. | ||||||||
| 4.38% due 06/15/311,2 | 337,000 | 350,084 | ||||||
| 4.13% due 06/15/291,2 | 337,000 | 346,084 | ||||||
| Total Energy | 40,916,404 | |||||||
| Industrial - 3.3% | ||||||||
| Dycom Industries, Inc. | ||||||||
| 4.50% due 04/15/291,2 | 3,335,000 | 3,381,006 | ||||||
| Western Global Airlines LLC | ||||||||
| 10.38% due 08/15/251,2 | 2,725,000 | 3,078,937 | ||||||
| VM Consolidated, Inc. | ||||||||
| 5.50% due 04/15/291,2 | 2,988,000 | 3,055,200 | ||||||
| EnerSys | ||||||||
| 4.38% due 12/15/271,2 | 2,913,000 | 3,051,819 | ||||||
| GFL Environmental, Inc. | ||||||||
| 3.50% due 09/01/281,2 | 2,598,000 | 2,610,263 | ||||||
| MasTec, Inc. | ||||||||
| 4.50% due 08/15/281,2 | 2,291,000 | 2,423,878 | ||||||
| Intertape Polymer Group, Inc. | ||||||||
| 4.38% due 06/15/291,2 | 2,022,000 | 2,073,055 | ||||||
| Watco Companies LLC / Watco Finance Corp. | ||||||||
| 6.50% due 06/15/271,2 | 1,619,000 | 1,733,641 | ||||||
| APi Group DE, Inc. | ||||||||
| 4.13% due 07/15/291,2 | 1,432,000 | 1,398,083 | ||||||
| Total Industrial | 22,805,882 | |||||||
| Basic Materials - 2.7% | ||||||||
| Valvoline, Inc. | ||||||||
| 4.25% due 02/15/302 | 2,818,000 | 2,926,197 | ||||||
| Compass Minerals International, Inc. | ||||||||
| 6.75% due 12/01/271,2 | 2,141,000 | 2,293,717 | ||||||
| Ingevity Corp. | ||||||||
| 3.88% due 11/01/281,2 | 2,223,000 | 2,226,190 | ||||||
| Alcoa Nederland Holding BV | ||||||||
| 5.50% due 12/15/271,2 | 1,976,000 | 2,139,099 | ||||||
| New Gold, Inc. | ||||||||
| 7.50% due 07/15/271,2 | 1,963,000 | 2,119,196 | ||||||
| Commercial Metals Co. | ||||||||
| 4.88% due 05/15/231 | 2,000,000 | 2,106,230 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.88% due 10/15/272 | 1,831,000 | 1,986,754 | ||||||
| Century Aluminum Co. | ||||||||
| 7.50% due 04/01/281,2 | 1,674,000 | 1,790,795 | ||||||
| Novelis Corp. | ||||||||
| 3.88% due 08/15/312 | 1,354,000 | 1,369,612 | ||||||
| Total Basic Materials | 18,957,790 | |||||||
| Technology - 2.7% | ||||||||
| Amkor Technology, Inc. | ||||||||
| 6.63% due 09/15/271,2 | 3,000,000 | 3,228,357 | ||||||
| Seagate HDD Cayman | ||||||||
| 5.75% due 12/01/341 | 1,371,000 | 1,626,417 | ||||||
| 4.88% due 06/01/271 | 1,263,000 | 1,411,403 | ||||||
| Unisys Corp. | ||||||||
| 6.88% due 11/01/271,2 | 2,625,000 | 2,862,654 | ||||||
| Ahead DB Holdings LLC | ||||||||
| 6.63% due 05/01/281,2 | 2,680,000 | 2,763,830 | ||||||
| NCR Corp. | ||||||||
| 5.13% due 04/15/291,2 | 1,983,000 | 2,066,822 | ||||||
| Synaptics, Inc. | ||||||||
| 4.00% due 06/15/291,2 | 1,993,000 | 2,023,273 | ||||||
| Booz Allen Hamilton, Inc. | ||||||||
| 4.00% due 07/01/291,2 | 1,364,000 | 1,408,678 | ||||||
| Alteryx, Inc. | ||||||||
| 1.00% due 08/01/261 | 1,316,000 | 1,219,011 | ||||||
| Total Technology | 18,610,445 | |||||||
| Financial - 2.1% | ||||||||
| NMI Holdings, Inc. | ||||||||
| 7.38% due 06/01/251,2 | 2,972,000 | 3,397,903 | ||||||
| Iron Mountain, Inc. | ||||||||
| 4.88% due 09/15/271,2 | 2,970,000 | 3,086,394 | ||||||
| Credit Acceptance Corp. | ||||||||
| 6.63% due 03/15/261 | 2,512,000 | 2,656,440 | ||||||
| Radian Group, Inc. | ||||||||
| 4.88% due 03/15/271 | 1,647,000 | 1,791,137 | ||||||
| Advisor Group Holdings, Inc. | ||||||||
| 10.75% due 08/01/271,2 | 1,417,000 | 1,569,342 | ||||||
| VistaJet Malta Finance plc / XO Management Holding, Inc. | ||||||||
| 10.50% due 06/01/241,2 | 1,294,000 | 1,408,202 | ||||||
| AG Issuer LLC | ||||||||
| 6.25% due 03/01/281,2 | 764,000 | 803,025 | ||||||
| Total Financial | 14,712,443 | |||||||
| Utilities - 1.1% | ||||||||
| NRG Energy, Inc. | ||||||||
| 5.25% due 06/15/291,2 | 2,598,000 | 2,789,953 | ||||||
| AmeriGas Partners Limited Partnership / AmeriGas Finance Corp. | ||||||||
| 5.75% due 05/20/271 | 2,230,000 | 2,519,153 | ||||||
| Advent Convertible and Income Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | July 31, 2021 |
| Face Amount~ | Value | |||||||
| CORPORATE BONDS†† - 40.6% (continued) | ||||||||
| Utilities - 1.1% (continued) | ||||||||
| Talen Energy Supply LLC | ||||||||
| 7.25% due 05/15/271,2 | 2,248,000 | $ | 2,053,728 | |||||
| 7.63% due 06/01/281,2 | 333,000 | 304,249 | ||||||
| Total Utilities | 7,667,083 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $272,939,087) | 282,734,770 | |||||||
| SENIOR FLOATING RATE INTERESTS††,5 - 0.3% | ||||||||
| Consumer, Cyclical - 0.3% | ||||||||
| Intrawest Resorts Holdings, Inc. | ||||||||
| 2.85% (1 Month USD LIBOR + 2.75%, Rate Floor: 0.00%) due 07/31/24 | 2,357,636 | 2,336,512 | ||||||
| Total Senior Floating Rate Interests | ||||||||
| (Cost $2,355,563) | 2,336,512 | |||||||
| Total Investments - 147.4% | ||||||||
| (Cost $930,910,065) | $ | 1,026,965,590 | ||||||
| Other Assets & Liabilities, net - (47.4)% | (330,382,958 | ) | ||||||
| Total Net Assets - 100.0% | $ | 696,582,632 | ||||||
| Forward Foreign Currency Exchange Contracts†† | ||||||||||||||||||||||
| Counterparty | Contracts to Sell | Currency | Settlement Date | Settlement Value | Value at July 31, 2021 | Unrealized Appreciation | ||||||||||||||||
| Bank of New York Mellon | 25,260,455 | EUR | 09/13/21 | $ | 30,789,193 | $ | 29,980,649 | $ | 808,544 | |||||||||||||
| Bank of New York Mellon | 6,145,123 | CAD | 09/13/21 | 5,084,799 | 4,922,383 | 162,416 | ||||||||||||||||
| Bank of New York Mellon | 2,300,562 | GBP | 09/13/21 | 3,259,496 | 3,198,938 | 60,558 | ||||||||||||||||
| Bank of New York Mellon | 3,050,405 | CHF | 09/13/21 | 3,414,152 | 3,369,668 | 44,484 | ||||||||||||||||
| Bank of New York Mellon | 943,679 | AUD | 09/13/21 | 731,512 | 693,813 | 37,699 | ||||||||||||||||
| Bank of New York Mellon | 1,115,097 | SGD | 09/13/21 | 842,372 | 823,446 | 18,926 | ||||||||||||||||
| Bank of New York Mellon | 527,394,700 | JPY | 09/13/21 | 4,821,577 | 4,807,093 | 14,484 | ||||||||||||||||
| Bank of New York Mellon | 51,968,890 | HKD | 09/13/21 | 6,697,943 | 6,688,038 | 9,905 | ||||||||||||||||
| $ | 1,157,016 | |||||||||||||||||||||
| Counterparty | Contracts to Buy | Currency | Settlement Date | Settlement Value | Value at July 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| Bank of New York Mellon | 695,832 | CHF | 09/13/21 | $ | 761,453 | $ | 768,659 | $ | 7,206 | |||||||||||||
| Bank of New York Mellon | 2,583,192 | EUR | 09/13/21 | 3,062,992 | 3,065,890 | 2,898 | ||||||||||||||||
| Bank of New York Mellon | 137,375 | CAD | 09/13/21 | 109,815 | 110,040 | 225 | ||||||||||||||||
| Bank of New York Mellon | 10,900,000 | HKD | 09/13/21 | 1,404,281 | 1,402,755 | (1,526 | ) | |||||||||||||||
| $ | 8,803 | |||||||||||||||||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| ** | Represents shares. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of these securities have been physically segregated in connection with the borrowings and reverse repurchase agreements. As of July 31, 2021, the total value of securities segregated was $442,168,255. |
| 2 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $402,882,620 (cost $389,454,198), or 57.8% of total net assets. |
| 3 | Rate indicated is the 7-day yield as of July 31, 2021. |
| 4 | Zero coupon rate security. |
| 5 | Variable rate security. Rate indicated is the rate effective at July 31, 2021. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| ADR — American Depositary Receipt | |
| AUD — Australian Dollar | |
| CAD — Canadian Dollar | |
| CHF — Swiss Franc | |
| EUR — Euro | |
| GBP — British Pound | |
| HKD — Hong Kong Dollar | |
| JPY — Japanese Yen | |
| LIBOR — London Interbank Offered Rate | |
| LLC — Limited Liability Company | |
| plc — Public Limited Company | |
| REIT — Real Estate Investment Trust | |
| SARL — Société à Responsabilité Limitée | |
| SGD — Singapore Dollar | |
| See Sector Classification in Other Information section. | |
| The following table summarizes the inputs used to value the Fund's investments at July 31, 2021 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 98,906,725 | $ | — | $ | — | $ | 98,906,725 | ||||||||
| Convertible Preferred Stocks | 115,025,771 | — | — | 115,025,771 | ||||||||||||
| Money Market Fund | 50,221,200 | — | — | 50,221,200 | ||||||||||||
| Convertible Bonds | — | 477,740,612 | — | 477,740,612 | ||||||||||||
| Corporate Bonds | — | 282,734,770 | — | 282,734,770 | ||||||||||||
| Senior Floating Rate Interests | — | 2,336,512 | — | 2,336,512 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | — | 1,167,345 | — | 1,167,345 | ||||||||||||
| Total Assets | $ | 264,153,696 | $ | 763,979,239 | $ | — | $ | 1,028,132,935 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices |
| Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs |
| Total | ||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | — | $ | 1,526 | $ | — | $ | 1,526 | ||||||||
| ** This derivative is reported as unrealized appreciation/depreciation at period end. | |||||
Please refer to the detailed portfolio for the breakdown of investment type by industry category.
| |||||
| The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $156,019,890 are categorized as Level 2 within the disclosure hierarchy — See Note 2. | |||||
The Fund did not hold any Level 3 securities during the period ended July 31, 2021.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) July 31, 2021
Note 1 – Organization and Significant Accounting Policies
Organization
Advent Convertible and Income Fund (the “Fund”) was organized as a Delaware statutory trust on February 19, 2003. The Fund is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income. The Fund pursues its investment objective by investing at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income producing securities.
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Fund. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund's securities and/or other assets.
Valuations of the Fund's securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.
Securities listed on an exchange or on an over-the-counter market will be valued at the last reported sale price on the primary exchange or market on which they are traded; provided, however, that securities listed on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market system will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price.
Equity securities that are traded on an exchange or on the over-the-counter (“OTC”) market and for which there are no transactions on a given day are valued at the mean of the closing bid and asked prices.
Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date.
Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity,
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) July 31, 2021
and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee is authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.
Debt securities are valued based on prices provided by independent pricing services or, if not available or if Advent Capital Management, LLC (“Advent” or the “Investment Adviser”) considers that price to not represent fair value, by 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 services or dealers may utilize proprietary valuation models which may, for example, 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. Short-term debt securities with remaining maturities of 60 days or less at the time of valuation are valued at amortized cost, which approximates market value. Short-term debt securities which have a term-to-maturity greater than 60 days from the date of purchase are valued at their current market quotations until maturity or disposition. Convertible securities are valued in the same manner as debt securities. Repurchase agreements are valued at amortized cost, provided such amounts approximate market value.
Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Valuation Committee.
Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. OTC options are valued using a price provided by an independent pricing service.
Forward foreign currency exchange contracts are valued by pricing services or, if not available or if Advent considers that price to not represent fair value, by dealers using the mid price. Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. Futures contracts are valued using the settlement price established each day on the exchange on which they are traded.
Investments for which market quotations are not readily available are fair-valued as determined in good faith by Advent, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.
Note 2 – Financial Instruments and Derivatives
As part of its investment strategy, the Fund utilizes derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.
The Fund utilized derivatives for the following purposes:
Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.
Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) July 31, 2021
Options Purchased and Written
A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.
The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.
The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.
In conjunction with the use of derivative instruments, the Fund is required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Fund uses margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Fund as collateral.
The Fund has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Fund monitors the counterparty credit risk.
Reverse Repurchase Agreements
The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund's assets. As a result, such transactions may increase fluctuations in the market value of the Fund's assets.
Note 3 – Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) July 31, 2021
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
Note 4 – Federal Income Tax Information
The Fund intends to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. In addition, by distributing substantially all of its ordinary income and long-term capital gains, if any, during each calendar year, the Fund avoids a 4% federal excise tax that is assessed on the amount of the under distribution.
At July 31, 2021, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:
| Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) | |||||||||||
| $ | 933,722,997 | $ | 103,030,691 | $ | (8,622,279 | ) | $ | 94,408,412 | ||||||
Note 5 – COVID-19
The global ongoing crisis caused by the outbreak of COVID-19 and the current recovery underway is causing disruption to consumer demand and economic output and supply chains. There are still travel restrictions and quarantines, and adverse impacts on local and global economies. Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and public health conditions around the world, the Fund’s investments and a shareholder’s investment in the Fund are subject to sudden and substantial losses, increased volatility and other adverse events. Firms through which investors invest with the Fund, the Fund, its service providers, the markets in which it invests and market intermediaries are also impacted by quarantines and similar measures intended to respond to and contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational and other risks.
| OTHER INFORMATION (Unaudited) | July 31, 2021 |
Sector Classification
Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.