January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Advent
Convertible
and
Income
Fund
|
1
a
a
Shares
Value
COMMON
STOCKS
-
6.8%
Consumer,
Non-cyclical
-
1.7%
Merck
&
Co.,
Inc.
a
35,000
$
3,859,450
AbbVie,
Inc.
a
15,000
3,345,150
UnitedHealth
Group,
Inc.
a
10,000
2,869,300
Total
Consumer,
Non-cyclical
10,073,900
Consumer,
Cyclical
-
1.4%
Carnival
Corp.
a
100,000
3,002,000
Home
Depot,
Inc.
a
8,000
2,996,720
United
Airlines
Holdings,
Inc.*
,a
25,000
2,558,000
Total
Consumer,
Cyclical
8,556,720
Technology
-
1.4%
Microsoft
Corp.
a
7,000
3,012,030
Broadcom,
Inc.
a
8,000
2,650,400
ServiceNow,
Inc.*
,a
20,000
2,340,200
Total
Technology
8,002,630
Industrial
-
0.6%
Eaton
Corp.
plc
a
10,000
3,514,200
Communications
-
0.5%
Meta
Platforms,
Inc.
—
Class
A
a
3,900
2,794,350
Financial
-
0.5%
JPMorgan
Chase
&
Co.
a
9,000
2,753,010
Basic
Materials
-
0.4%
Ivanhoe
Mines
Ltd.
—
Class
A*
,a
175,000
2,225,381
Energy
-
0.3%
EQT
Corp.
a
30,000
1,731,900
Total
Common
Stocks
(Cost
$38,454,691)
39,652,091
CONVERTIBLE
PREFERRED
STOCKS
-
10.6%
Industrial
-
2.2%
Boeing
Co.
6.00%
due
10/15/27
a
151,932
11,352,359
Novanta,
Inc.
6.50%
due
11/01/28
a
29,459
1,759,881
Total
Industrial
13,112,240
Financial
-
2.2%
KKR
&
Co.,
Inc.
6.25%
due
03/01/28
a
103,941
5,086,873
Bank
of
America
Corp.
7.25%
a
2,691
3,352,986
Wells
Fargo
&
Co.
7.50%
a
2,077
2,562,935
Apollo
Global
Management,
Inc.
6.75%
due
07/31/26
a
24,604
1,706,779
Total
Financial
12,709,573
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
2
|
a
a
Shares
Value
CONVERTIBLE
PREFERRED
STOCKS
-
10.6%
(continued)
Utilities
-
2.2%
NextEra
Energy,
Inc.
7.30%
due
06/01/27
a
109,443
$
6,070,803
Southern
Company
7.13%
due
12/15/28
a
70,155
3,595,444
PG&E
Corp.
6.00%
due
12/01/27
a
73,979
2,956,201
Total
Utilities
12,622,448
Technology
-
1.9%
Microchip
Technology,
Inc.
7.50%
due
03/15/28
a
95,457
6,380,346
Hewlett
Packard
Enterprise
Co.
7.63%
due
09/01/27
a
56,792
3,439,891
Strategy,
Inc.
8.00%
a
14,100
1,198,359
Total
Technology
11,018,596
Consumer,
Non-cyclical
-
1.6%
Bruker
Corp.
6.38%
due
09/01/28
a
17,024
5,904,775
Shift4
Payments,
Inc.
6.00%
due
05/01/28
a
42,566
3,198,409
BrightSpring
Health
Services,
Inc.
6.75%
due
02/01/27
a
4,060
541,726
Total
Consumer,
Non-cyclical
9,644,910
Consumer,
Cyclical
-
0.4%
QXO,
Inc.
5.50%
due
05/15/28
a
36,306
2,299,985
Basic
Materials
-
0.1%
Albemarle
Corp.
7.25%
due
03/01/27
a
12,195
845,601
Total
Convertible
Preferred
Stocks
(Cost
$55,143,573)
62,253,353
EXCHANGE-TRADED
FUNDS
-
4.5%
Advent
Convertible
Bond
ETF
a,b
990,000
26,677,134
Total
Exchange-Traded
Funds
(Cost
$25,070,691)
26,677,134
MONEY
MARKET
FUND
c
-
4.0%
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio
—
Institutional
Shares,
3.61%
a,d
23,265,037
23,265,037
Total
Money
Market
Fund
(Cost
$23,265,037)
23,265,037
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
3
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
Financial
-
14.3%
Goldman
Sachs
Finance
Corp.
International,
Ltd.
due
04/04/28
a,e
3,400,000
$
6,521,200
due
03/07/30
a,e
2,500,000
2,735,000
due
05/07/30
a,e
EUR
1,600,000
2,676,747
due
03/13/28
a,e
1,000,000
1,081,500
Coinbase
Global,
Inc.
due
10/01/32
a,e,f
10,088,000
8,573,863
Upstart
Holdings,
Inc.
due
02/15/32
a,e,f
3,903,000
3,122,400
2.00%
due
10/01/29
a
2,000,000
2,405,993
Citigroup
Global
Markets
Holdings,
Inc.
0.80%
due
02/05/30
a,f
EUR
2,300,000
2,963,588
due
10/10/28
a,e
1,400,000
1,558,718
3.75%
due
08/06/27
618,000
586,414
Ping
An
Insurance
Group
Co.
of
China
Ltd.
due
06/11/30
a,e
HKD
28,000,000
4,938,730
Welltower
OP
LLC
3.13%
due
07/15/29
a,f
3,175,000
4,845,050
Riot
Platforms,
Inc.
0.75%
due
01/15/30
a
3,314,000
4,379,019
Digital
Realty
Trust
LP
1.88%
due
11/15/29
a,f
3,815,000
3,951,196
Cleanspark,
Inc.
due
06/15/30
a,e
2,922,000
3,332,541
Barclays
Bank
plc
1.00%
due
02/16/29
a
2,966,000
3,044,747
Terawulf,
Inc.
1.00%
due
09/01/31
a,f
1,196,000
1,569,152
due
05/01/32
a,e,f
1,409,000
1,328,828
Galaxy
Digital
Holdings
LP
2.50%
due
12/01/29
a,f
934,000
1,361,772
0.50%
due
05/01/31
a,f
1,233,000
1,064,079
Bitdeer
Technologies
Group
4.88%
due
07/01/31
a,f
2,075,000
2,336,658
Compass,
Inc.
0.25%
due
04/15/31
a,f
1,990,000
2,149,206
Core
Scientific,
Inc.
due
06/15/31
a,e,f
1,628,000
1,904,760
Morgan
Stanley
Finance
LLC
due
03/21/28
a,e
1,200,000
1,791,000
Euronext
N.V.
1.50%
due
05/30/32
a
EUR
1,400,000
1,616,648
PennyMac
Corp.
8.50%
due
06/01/29
a
1,528,000
1,599,510
Vonovia
SE
0.88%
due
05/20/32
a
EUR
1,300,000
1,503,875
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
4
|
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Financial
-
14.3%
(continued)
IREN
Ltd.
0.25%
due
06/01/32
a,f
1,185,000
$
1,464,729
GF
Securities
Co.
Ltd.
due
01/12/27
a,e
HKD
10,000,000
1,370,411
China
Pacific
Insurance
Group
Co.
Ltd.
due
09/18/30
a,e
HKD
9,000,000
1,306,836
Cipher
Mining,
Inc.
due
10/01/31
a,e,f
871,000
1,109,436
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.75%
due
08/15/28
a,f
649,000
880,628
SoFi
Technologies,
Inc.
1.25%
due
03/15/29
a,f
325,000
812,175
SBI
Holdings,
Inc.
due
07/25/31
a,e
JPY
80,000,000
811,617
Ventas
Realty
LP
3.75%
due
06/01/26
a
554,000
785,849
GS
Finance
Corp.
3.36%
due
08/14/28
a
1,154,000
721,827
Total
Financial
84,205,702
Technology
-
13.7%
Snowflake,
Inc.
due
10/01/29
a,e
4,464,000
6,303,168
Cloudflare,
Inc.
due
06/15/30
a,e,f
5,141,000
5,426,839
Western
Digital
Corp.
3.00%
due
11/15/28
a
756,000
5,023,926
Lumentum
Holdings,
Inc.
0.38%
due
03/15/32
a,f
1,370,000
3,108,448
1.50%
due
12/15/29
a
241,000
1,361,897
Super
Micro
Computer,
Inc.
due
06/15/30
a,e,f
2,263,000
1,963,798
3.50%
due
03/01/29
a
2,135,000
1,956,407
Datadog,
Inc.
due
12/01/29
a,e
3,812,000
3,763,397
CoreWeave,
Inc.
1.75%
due
12/01/31
a,f
3,210,000
3,709,236
Strategy,
Inc.
2.25%
due
06/15/32
a
1,891,000
2,121,135
0.88%
due
03/15/31
a
1,347,000
1,394,145
Nutanix,
Inc.
0.25%
due
10/01/27
a
3,403,000
3,510,194
Rubrik,
Inc.
due
06/15/30
a,e,f
3,873,000
3,485,700
Akamai
Technologies,
Inc.
0.25%
due
05/15/33
a,f
2,470,000
3,000,606
Cohu,
Inc.
1.50%
due
01/15/31
a,f
1,910,000
2,459,316
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
5
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Technology
-
13.7%
(continued)
Commvault
Systems,
Inc.
due
09/15/30
a,e,f
2,707,000
$
2,282,001
Box,
Inc.
1.50%
due
09/15/29
a
2,337,000
2,210,802
Nebius
Group
N.V.
2.75%
due
09/15/32
a,f
2,225,000
2,168,263
Guidewire
Software,
Inc.
1.25%
due
11/01/29
a
2,117,000
2,052,432
Workiva,
Inc.
1.13%
due
08/15/26
a
1,865,000
2,030,612
CyberArk
Software
Ltd.
due
06/15/30
a,e,f
1,907,000
2,011,885
Wistron
Corp.
due
10/23/30
a,e
2,000,000
1,864,500
Seagate
HDD
Cayman
3.50%
due
06/01/28
a
361,000
1,792,184
MACOM
Technology
Solutions
Holdings,
Inc.
due
12/15/29
a,e
1,151,000
1,659,098
Alkami
Technology,
Inc.
1.50%
due
03/15/30
a,f
1,619,000
1,591,072
Parsons
Corp.
2.63%
due
03/01/29
a
1,336,000
1,433,238
Check
Point
Software
Technologies
Ltd.
due
12/15/30
a,e,f
1,169,000
1,158,462
Bizlink
Holding,
Inc.
due
09/22/30
a,e
1,000,000
1,127,500
DigitalOcean
Holdings,
Inc.
due
08/15/30
a,e,f
676,000
1,071,122
Xero
Investments
Ltd.
1.63%
due
06/12/31
a
1,100,000
1,044,175
Semtech
Corp.
due
10/15/30
a,e,f
862,000
971,764
Planet
Labs
PBC
0.50%
due
10/15/30
a,f
384,000
876,960
BlackLine,
Inc.
1.00%
due
06/01/29
a
813,000
810,195
Fastly,
Inc.
due
12/15/30
a,e,f
763,000
721,417
Zscaler,
Inc.
due
07/15/28
a,e,f
773,000
720,555
Vobile
Group
Ltd.
due
09/27/26
a,e
HKD
5,000,000
649,833
Evolent
Health,
Inc.
4.50%
due
08/15/31
a,f
989,000
632,342
ON
Semiconductor
Corp.
due
05/01/27
a,e
460,000
581,711
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
6
|
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Technology
-
13.7%
(continued)
Pagaya
Technologies
Ltd.
6.13%
due
10/01/29
a
241,000
$
415,195
Total
Technology
80,465,530
Consumer,
Non-cyclical
-
9.3%
QIAGEN
N.V.
2.00%
due
09/04/32
a
4,400,000
5,051,063
2.50%
due
09/10/31
a
1,600,000
1,863,436
Affirm
Holdings,
Inc.
0.75%
due
12/15/29
a
5,576,000
5,774,227
Bridgebio
Pharma,
Inc.
0.75%
due
02/01/33
a,f
2,243,000
2,299,075
1.75%
due
03/01/31
a,f
677,000
1,179,672
2.25%
due
02/01/29
a
845,000
962,666
Jazz
Investments
I
Ltd.
3.13%
due
09/15/30
a
3,259,000
4,251,366
Halozyme
Therapeutics,
Inc.
0.88%
due
11/15/32
a,f
3,657,000
3,841,679
Ionis
Pharmaceuticals,
Inc.
due
12/01/30
a,e,f
1,895,000
2,098,881
1.75%
due
06/15/28
a
825,000
1,355,901
KalVista
Pharmaceuticals,
Inc.
3.25%
due
10/01/31
a,f
2,582,000
3,274,492
Zoetis,
Inc.
0.25%
due
06/15/29
a,f
2,876,000
2,955,090
Lantheus
Holdings,
Inc.
2.63%
due
12/15/27
a
2,257,000
2,588,215
Tempus
AI,
Inc.
0.75%
due
07/15/30
a,f
1,904,000
2,067,757
Arrowhead
Pharmaceuticals,
Inc.
due
01/15/32
a,e
1,726,000
1,941,465
Oddity
Finance
LLC
due
06/15/30
a,e,f
2,310,000
1,925,709
Alphatec
Holdings,
Inc.
0.75%
due
03/15/30
a,f
1,030,000
1,263,295
XtalPi
Holdings
Ltd.
due
01/26/27
a,e
HKD
9,000,000
1,249,504
Travere
Therapeutics,
Inc.
2.25%
due
03/01/29
a
850,000
1,102,705
Elis
S.A.
2.25%
due
09/22/29
a
EUR
600,000
1,101,837
Euronet
Worldwide,
Inc.
0.63%
due
10/01/30
a,f
1,104,000
991,530
Cytokinetics,
Inc.
1.75%
due
10/01/31
a,f
776,000
981,155
Cogent
Biosciences,
Inc.
1.63%
due
11/15/31
a
758,000
911,867
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
7
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Consumer,
Non-cyclical
-
9.3%
(continued)
Hansoh
Pharmaceutical
Group
Co.
Ltd.
due
02/03/33
e
HKD
7,000,000
$
898,562
Mirum
Pharmaceuticals,
Inc.
4.00%
due
05/01/29
a
269,000
891,399
Repligen
Corp.
1.00%
due
12/15/28
a
738,000
785,498
Stride,
Inc.
1.13%
due
09/01/27
a
324,000
544,158
Guardant
Health,
Inc.
due
05/15/33
a,e,f
331,000
394,332
Total
Consumer,
Non-cyclical
54,546,536
Communications
-
8.4%
Alibaba
Group
Holding
Ltd.
due
09/15/32
a,e
5,257,000
5,894,491
0.50%
due
06/01/31
a
1,900,000
3,333,529
Uber
Technologies,
Inc.
0.88%
due
12/01/28
a
4,433,000
5,689,892
due
05/15/28
a,e,f
789,000
787,028
AST
SpaceMobile,
Inc.
2.38%
due
10/15/32
a,f
2,000,000
3,633,500
2.00%
due
01/15/36
a,f
1,756,000
2,398,608
BlackSky
Technology,
Inc.
8.25%
due
08/01/33
a,f
4,947,000
5,706,365
DoorDash,
Inc.
due
05/15/30
a,e,f
4,389,000
4,402,167
Trip.com
Group
Ltd.
0.75%
due
06/15/29
a
2,942,000
3,339,170
MakeMyTrip
Ltd.
due
07/01/30
a,e,f
2,807,000
2,589,640
ADTRAN
Holdings,
Inc.
3.75%
due
09/15/30
a,f
2,191,000
2,444,061
Grab
Holdings
Ltd.
due
06/15/30
a,e
2,350,000
2,371,808
Spotify
USA,
Inc.
due
03/15/26
a,e
1,759,000
1,779,228
Wayfair,
Inc.
3.25%
due
09/15/27
a
1,000,000
1,713,900
Baidu,
Inc.
due
03/12/32
a,e
1,200,000
1,174,800
Q2
Holdings,
Inc.
0.75%
due
06/01/26
a
871,000
864,467
Etsy,
Inc.
1.00%
due
06/15/30
a,f
867,000
864,133
Total
Communications
48,986,787
Industrial
-
8.2%
Exail
Technologies
S.A.
4.00%
a,g
EUR
3,700,000
5,738,853
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
8
|
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Industrial
-
8.2%
(continued)
Bloom
Energy
Corp.
due
11/15/30
a,e,f
3,520,000
$
3,991,680
Schneider
Electric
SE
1.97%
due
11/27/30
a
EUR
2,200,000
3,367,793
Tetra
Tech,
Inc.
2.25%
due
08/15/28
a
2,521,000
2,931,293
BWX
Technologies,
Inc.
due
11/01/30
a,e,f
2,682,000
2,771,847
AeroVironment,
Inc.
due
07/15/30
a,e
2,328,000
2,743,548
Fluor
Corp.
1.13%
due
08/15/29
a
1,960,000
2,422,756
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
0.70%
due
02/05/31
CNY
16,000,000
2,348,708
Mirion
Technologies,
Inc.
0.25%
due
06/01/30
a,f
1,725,000
2,231,719
Legrand
S.A.
1.50%
due
06/23/33
a
EUR
1,600,000
2,093,646
INFRONEER
Holdings,
Inc.
due
03/30/29
a,e
JPY
220,000,000
1,997,520
Vinci
S.A.
0.70%
due
02/18/30
a
EUR
1,500,000
1,860,476
Itron,
Inc.
1.38%
due
07/15/30
a
1,710,000
1,821,150
CTF
Services
Ltd.
0.75%
due
10/03/28
a
HKD
14,000,000
1,813,258
MTU
Aero
Engines
AG
due
07/15/33
a,e
EUR
1,500,000
1,800,806
Hon
Hai
Precision
Industry
Co.
Ltd.
due
08/05/26
a,e
1,100,000
1,552,650
Rocket
Lab
USA,
Inc.
4.25%
due
02/01/29
a,f
78,000
1,217,482
Enovix
Corp.
4.75%
due
09/15/30
a,f
1,206,000
1,128,965
Bolt
Innovation
Ltd.
due
02/05/33
e
HKD
9,000,000
1,116,400
SPIE
S.A.
2.00%
due
01/17/28
a
EUR
600,000
1,025,745
WT
Microelectronics
Co.
Ltd.
due
11/24/27
a,e
1,000,000
1,004,750
Joby
Aviation,
Inc.
0.75%
due
02/15/32
644,000
657,685
Applied
Optoelectronics,
Inc.
2.75%
due
01/15/30
a
346,000
461,737
Total
Industrial
48,100,467
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
9
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Consumer,
Cyclical
-
7.6%
NCL
Corp.
Ltd.
0.88%
due
04/15/30
a,f
7,741,000
$
8,580,898
Live
Nation
Entertainment,
Inc.
3.13%
due
01/15/29
a
4,051,000
5,971,579
2.88%
due
01/15/30
a
2,370,000
2,514,570
GameStop
Corp.
due
06/15/32
a,e,f
4,304,000
4,646,168
TUI
AG
1.95%
due
07/26/31
a
EUR
2,300,000
3,391,003
Meritage
Homes
Corp.
1.75%
due
05/15/28
a
3,004,000
3,063,345
Accor
S.A.
0.70%
due
12/07/27
a
2,199,084
3,029,282
Rivian
Automotive,
Inc.
3.63%
due
10/15/30
a
1,388,000
1,314,299
4.63%
due
03/15/29
a
770,000
814,275
Daiwa
House
Industry
Co.
Ltd.
due
03/29/30
a,e
JPY
230,000,000
1,604,304
Chow
Tai
Fook
Jewellery
Group
Ltd.
0.38%
due
06/30/30
a
HKD
10,000,000
1,380,975
Flight
Centre
Travel
Group
Ltd.
2.50%
due
09/03/32
a
AUD
1,500,000
1,246,016
International
Consolidated
Airlines
Group
S.A.
1.13%
due
05/18/28
a
EUR
600,000
1,076,896
Nissan
Motor
Co.
Ltd.
1.00%
due
07/15/31
a
JPY
140,000,000
1,058,894
Anllian
Capital
2
Ltd.
due
12/05/29
a,e
EUR
900,000
1,058,372
ANA
Holdings,
Inc.
due
12/10/31
a,e
JPY
130,000,000
954,922
DraftKings
Holdings,
Inc.
due
03/15/28
a,e
1,001,000
908,337
Freshpet,
Inc.
3.00%
due
04/01/28
a
647,000
801,956
Peloton
Interactive,
Inc.
5.50%
due
12/01/29
a
416,000
649,462
Lucid
Group,
Inc.
5.00%
due
04/01/30
a,f
836,000
488,131
Total
Consumer,
Cyclical
44,553,684
Energy
-
3.1%
Northern
Oil
&
Gas,
Inc.
3.63%
due
04/15/29
a
3,507,000
3,561,007
Array
Technologies,
Inc.
2.88%
due
07/01/31
a,f
1,794,000
3,053,388
Sunrun,
Inc.
4.00%
due
03/01/30
a
2,086,000
3,035,130
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
10
|
a
a
Face
Amount
~
Value
CONVERTIBLE
BONDS
-
68.5%
(continued)
Energy
-
3.1%
(continued)
Saipem
S.p.A.
2.88%
due
09/11/29
a
EUR
1,200,000
$
2,672,299
Solaris
Energy
Infrastructure,
Inc.
0.25%
due
10/01/31
a
2,053,000
2,533,915
XPLR
Infrastructure
LP
2.50%
due
06/15/26
a,f
2,381,000
2,342,428
RAG-Stiftung
1.88%
due
11/16/29
a
EUR
1,000,000
1,189,473
Total
Energy
18,387,640
Utilities
-
2.1%
PPL
Capital
Funding,
Inc.
2.88%
due
03/15/28
a
3,582,000
4,028,854
CMS
Energy
Corp.
3.38%
due
05/01/28
a
3,198,000
3,460,236
FirstEnergy
Corp.
3.88%
due
01/15/31
a,f
1,648,000
1,822,688
Duke
Energy
Corp.
4.13%
due
04/15/26
a
1,154,000
1,199,872
UGI
Corp.
5.00%
due
06/01/28
a
556,000
841,784
CenterPoint
Energy,
Inc.
4.25%
due
08/15/26
a
697,000
778,898
Total
Utilities
12,132,332
Basic
Materials
-
1.8%
Jinkai
Investment
Holdings
Ltd.
due
02/05/31
e
2,400,000
2,448,576
KCC
Corp.
1.75%
due
07/10/30
a
1,700,000
1,955,850
Gold
Pole
Capital
Co.
Ltd.
1.00%
due
06/25/29
a
600,000
1,316,550
MP
Materials
Corp.
3.00%
due
03/01/30
a,f
404,000
1,152,208
MMG
Ltd.
due
10/08/30
a,e
800,000
1,122,000
CMOC
Capital
Ltd.
due
01/24/27
a,e
1,000,000
1,044,173
Centrus
Energy
Corp.
due
08/15/32
a,e,f
554,000
801,776
LG
Chem
Ltd.
1.75%
due
06/16/28
a
600,000
748,571
Total
Basic
Materials
10,589,704
Total
Convertible
Bonds
(Cost
$365,421,405)
401,968,382
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
11
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
Consumer,
Non-cyclical
-
15.7%
CHS/Community
Health
Systems,
Inc.
5.25%
due
05/15/30
a,f
2,336,000
$
2,204,382
6.13%
due
04/01/30
a,f
1,355,000
1,115,979
6.88%
due
04/15/29
a,f
1,074,000
988,510
Kedrion
S.p.A.
6.50%
due
09/01/29
a,f
4,072,000
4,022,715
Post
Holdings,
Inc.
4.63%
due
04/15/30
a,f
2,778,000
2,713,678
6.38%
due
03/01/33
a,f
1,084,000
1,093,241
GEO
Group,
Inc.
8.63%
due
04/15/29
a
3,591,000
3,757,543
Land
O'Lakes
Capital
Trust
I
7.45%
due
03/15/28
a,f
3,437,000
3,551,415
Pediatrix
Medical
Group,
Inc.
5.38%
due
02/15/30
a,f
3,502,000
3,514,770
1261229
BC
Ltd.
10.00%
due
04/15/32
a,f
3,382,000
3,477,105
Viking
Baked
Goods
Acquisition
Corp.
8.63%
due
11/01/31
a,f
3,356,000
3,330,425
TriNet
Group,
Inc.
3.50%
due
03/01/29
a,f
3,457,000
3,277,359
Charles
River
Laboratories
International,
Inc.
3.75%
due
03/15/29
a,f
3,206,000
3,095,273
Covista,
Inc.
5.50%
due
03/01/28
a,f
2,999,000
2,994,887
Service
Corp.
International
3.38%
due
08/15/30
a
3,089,000
2,890,975
Veritiv
Operating
Co.
10.50%
due
11/30/30
a,f
2,624,000
2,812,366
Insulet
Corp.
6.50%
due
04/01/33
a,f
2,648,000
2,757,198
Albertsons
Companies,
Inc.
/
Safeway,
Inc.
/
New
Albertsons,
LP
/
Albertsons
LLC
5.50%
due
03/31/31
a,f
1,620,000
1,622,263
5.75%
due
03/31/34
a,f
1,080,000
1,063,523
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.38%
due
04/30/29
a,f
2,664,000
2,606,479
LifePoint
Health,
Inc.
11.00%
due
10/15/30
a,f
1,893,000
2,066,749
5.38%
due
01/15/29
a,f
541,000
525,670
Genmab
A/S
6.25%
due
12/15/32
a,f
2,463,000
2,527,922
Prime
Healthcare
Services,
Inc.
9.38%
due
09/01/29
a,f
2,379,000
2,478,942
AdaptHealth
LLC
5.13%
due
03/01/30
a,f
2,350,000
2,280,184
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
12
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Consumer,
Non-cyclical
-
15.7%
(continued)
Coty
Inc
/HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
4.75%
due
01/15/29
a,f
2,277,000
$
2,254,710
DaVita,
Inc.
4.63%
due
06/01/30
a,f
2,292,000
2,206,396
AMN
Healthcare,
Inc.
6.50%
due
01/15/31
a,f
2,152,000
2,182,152
Graham
Holdings
Co.
5.63%
due
12/01/33
a,f
2,163,000
2,178,708
Tenet
Healthcare
Corp.
5.50%
due
11/15/32
a,f
1,081,000
1,092,205
4.38%
due
01/15/30
a
1,036,000
1,018,556
Edgewell
Personal
Care
Co.
4.13%
due
04/01/29
a,f
2,182,000
2,090,355
Varex
Imaging
Corp.
7.88%
due
10/15/27
a,f
1,954,000
1,994,327
Central
Garden
&
Pet
Co.
4.13%
due
04/30/31
a,f
1,922,000
1,819,346
Brink’s
Co.
6.75%
due
06/15/32
a,f
1,699,000
1,769,870
Deluxe
Corp.
8.13%
due
09/15/29
a,f
1,496,000
1,571,629
United
Rentals
North
America,
Inc.
3.75%
due
01/15/32
a
1,622,000
1,517,107
RR
Donnelley
&
Sons
Co.
9.50%
due
08/01/29
a,f
1,409,000
1,467,437
Surgery
Center
Holdings,
Inc.
7.25%
due
04/15/32
a,f
1,354,000
1,361,934
Encompass
Health
Corp.
4.63%
due
04/01/31
a
1,346,000
1,318,785
Global
Medical
Response,
Inc.
7.38%
due
10/01/32
a,f
1,073,000
1,109,549
BioMarin
Pharmaceutical,
Inc.
5.50%
due
02/15/34
f
1,084,000
1,088,065
ION
Platform
Finance
US,
Inc.
7.88%
due
09/30/32
a,f
1,062,000
932,886
TEAM
Services
Holding,
Inc.
9.00%
due
02/15/33
f
407,000
407,763
Total
Consumer,
Non-cyclical
92,151,333
Communications
-
12.3%
Sirius
XM
Radio
LLC
4.13%
due
07/01/30
a,f
3,180,000
3,000,799
4.00%
due
07/15/28
a,f
2,156,000
2,110,149
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.75%
due
03/01/30
a,f
4,752,000
4,542,492
Rakuten
Group,
Inc.
9.75%
due
04/15/29
a,f
3,685,000
4,132,016
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
13
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Communications
-
12.3%
(continued)
Viasat,
Inc.
7.50%
due
05/30/31
a,f
2,406,000
$
2,339,428
5.63%
due
04/15/27
a,f
1,698,000
1,699,666
Neptune
Bidco
US,
Inc.
9.29%
due
04/15/29
a,f
1,932,000
1,985,389
10.38%
due
05/15/31
a,f
1,081,000
1,142,399
9.50%
due
02/15/33
a,f
542,000
552,803
Match
Group
Holdings
II
LLC
4.13%
due
08/01/30
a,f
3,578,000
3,379,907
Directv
Financing
LLC
/
Directv
Financing
Company-Obligor,
Inc.
5.88%
due
08/15/27
a,f
3,328,000
3,345,861
DISH
Network
Corp.
11.75%
due
11/15/27
a,f
3,228,000
3,342,429
Gray
Media,
Inc.
10.50%
due
07/15/29
a,f
1,512,000
1,624,859
7.25%
due
08/15/33
a,f
1,078,000
1,104,382
9.63%
due
07/15/32
a,f
540,000
557,412
Nexstar
Media,
Inc.
4.75%
due
11/01/28
a,f
3,302,000
3,283,926
Ciena
Corp.
4.00%
due
01/31/30
a,f
3,138,000
3,028,015
McGraw-Hill
Education,
Inc.
7.38%
due
09/01/31
a,f
2,491,000
2,620,393
Connect
Finco
SARL
/
Connect
US
Finco
LLC
9.00%
due
09/15/29
a,f
2,218,000
2,356,763
Vmed
O2
UK
Financing
I
plc
7.75%
due
04/15/32
a,f
1,187,000
1,221,906
6.75%
due
01/15/33
a,f
1,078,000
1,052,570
Univision
Communications,
Inc.
8.00%
due
08/15/28
a,f
2,163,000
2,233,479
Lumen
Technologies,
Inc.
10.00%
due
10/15/32
a,f
2,164,000
2,164,000
Directv
Financing
LLC
8.88%
due
02/01/30
a,f
2,131,000
2,159,351
Getty
Images,
Inc.
10.50%
due
11/15/30
a,f
1,618,000
1,640,628
11.25%
due
02/21/30
a,f
542,000
485,052
ION
Platform
Finance
US,
Inc.
/
ION
Platform
Finance
SARL
9.00%
due
08/01/29
a,f
2,178,000
2,093,286
Stagwell
Global
LLC
5.63%
due
08/15/29
a,f
2,086,000
2,024,405
Sable
International
Finance
Ltd.
7.13%
due
10/15/32
a,f
1,997,000
2,020,553
Versant
Media
Group,
Inc.
7.25%
due
01/30/31
a,f
1,759,000
1,803,295
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
14
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Communications
-
12.3%
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.50%
due
06/01/41
a
2,216,000
$
1,589,792
EchoStar
Corp.
10.75%
due
11/30/29
a
1,347,000
1,477,312
Cipher
Compute
LLC
7.13%
due
11/15/30
a,f
1,352,000
1,394,887
Level
3
Financing,
Inc.
7.00%
due
03/31/34
a,f
538,000
557,738
3.75%
due
07/15/29
a,f
538,000
498,323
6.88%
due
06/30/33
a,f
268,000
276,305
WULF
Compute
LLC
7.75%
due
10/15/30
a,f
811,000
846,505
C&W
Senior
Finance
Ltd.
9.00%
due
01/15/33
a,f
530,000
551,098
Total
Communications
72,239,573
Consumer,
Cyclical
-
7.6%
Latam
Airlines
Group
S.A.
7.88%
due
04/15/30
a,f
2,943,000
3,091,415
7.63%
due
01/07/31
a,f
268,000
282,196
SeaWorld
Parks
&
Entertainment,
Inc.
5.25%
due
08/15/29
a,f
3,022,000
2,955,875
NCL
Corp.
Ltd.
6.25%
due
09/15/33
a,f
2,689,000
2,703,491
Six
Flags
Entertainment
Corp.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
5.38%
due
04/15/27
a
1,081,000
1,081,676
5.25%
due
07/15/29
a
813,000
781,076
6.50%
due
10/01/28
a
540,000
541,735
Phinia,
Inc.
6.75%
due
04/15/29
a,f
2,305,000
2,386,376
Champ
Acquisition
Corp.
8.38%
due
12/01/31
a,f
2,169,000
2,317,895
LBM
Acquisition
LLC
9.50%
due
06/15/31
a,f
2,155,000
2,272,189
Caesars
Entertainment,
Inc.
6.50%
due
02/15/32
a,f
1,354,000
1,385,160
6.00%
due
10/15/32
a,f
812,000
790,407
Penn
Entertainment,
Inc.
5.63%
due
01/15/27
f
2,169,000
2,167,438
Brightstar
Lottery
plc/
Brightstar
Global
Solutions
Corp.
5.75%
due
01/15/33
a,f
2,172,000
2,159,971
Kontoor
Brands,
Inc.
4.13%
due
11/15/29
a,f
2,255,000
2,146,801
Michaels
Companies,
Inc.
5.25%
due
05/01/28
a,f
1,355,000
1,341,132
7.88%
due
05/01/29
a,f
812,000
791,990
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
15
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Consumer,
Cyclical
-
7.6%
(continued)
Discovery
Global
Holdings,
Inc.
4.05%
due
03/15/29
a
2,150,000
$
2,089,308
Ferrellgas,
LP
/
Ferrellgas
Finance
Corp.
5.88%
due
04/01/29
a,f
1,464,000
1,409,115
9.25%
due
01/15/31
a,f
542,000
560,255
Azul
Secured
Finance
LLP
9.88%
due
02/15/31
f
1,924,000
1,925,472
White
Cap
Supply
Holdings
LLC
7.38%
due
11/15/30
a,f
1,623,000
1,686,766
Staples,
Inc.
10.75%
due
09/01/29
a,f
1,613,000
1,586,538
Kingpin
Intermediate
Holdings
LLC
7.25%
due
10/15/32
a,f
1,622,000
1,556,164
S&S
Holdings
LLC
8.38%
due
10/01/31
a,f
1,606,000
1,531,764
Six
Flags
Entertainment
Corp./Canada's
Wonderland
Company/Millennium
Operations
LLC
8.63%
due
01/15/32
a,f
1,490,000
1,521,534
Bloomin'
Brands,
Inc.
/
OSI
Restaurant
Partners
LLC
5.13%
due
04/15/29
a,f
1,614,000
1,434,967
Six
Flags
Entertainment
Corp.
5.50%
due
04/15/27
a,f
538,000
539,525
Total
Consumer,
Cyclical
45,038,231
Financial
-
6.8%
Iron
Mountain,
Inc.
4.50%
due
02/15/31
a,f
3,550,000
3,394,876
4.88%
due
09/15/29
a,f
1,081,000
1,067,775
Acrisure
LLC
/
Acrisure
Finance,
Inc.
7.50%
due
11/06/30
a,f
3,215,000
3,328,718
6.75%
due
07/01/32
a,f
134,000
137,475
Jane
Street
Group
/
JSG
Finance,
Inc.
7.13%
due
04/30/31
a,f
2,675,000
2,813,362
6.75%
due
05/01/33
a,f
533,000
554,128
SBA
Communications
Corp.
3.88%
due
02/15/27
a
1,624,000
1,612,769
3.13%
due
02/01/29
a
1,616,000
1,543,772
Enova
International,
Inc.
11.25%
due
12/15/28
a,f
2,663,000
2,821,579
Osaic
Holdings,
Inc.
8.00%
due
08/01/33
a,f
2,420,000
2,514,204
6.75%
due
08/01/32
a,f
269,000
279,505
Stonex
Escrow
Issuer
LLC
6.88%
due
07/15/32
a,f
2,685,000
2,772,295
Burford
Capital
Global
Finance
LLC
7.50%
due
07/15/33
a,f
1,335,000
1,291,586
6.88%
due
04/15/30
a,f
1,060,000
1,037,490
8.50%
due
01/15/34
a,f
300,000
301,383
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
16
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Financial
-
6.8%
(continued)
Freedom
Mortgage
Corp.
12.25%
due
10/01/30
a,f
2,287,000
$
2,522,165
Planet
Financial
Group
LLC
10.50%
due
12/15/29
a,f
2,410,000
2,506,183
Armor
Holdco,
Inc.
8.50%
due
11/15/29
a,f
2,267,000
2,291,477
PRA
Group,
Inc.
5.00%
due
10/01/29
a,f
2,145,000
1,961,459
OneMain
Finance
Corp.
6.63%
due
01/15/28
a
1,758,000
1,805,176
Asurion
LLC
and
Asurion
Company-Issuer,
Inc.
8.38%
due
02/01/34
a,f
1,084,000
1,094,798
8.00%
due
12/31/32
a,f
542,000
566,133
Freedom
Mortgage
Holdings
LLC
6.88%
due
05/01/31
a,f
1,625,000
1,613,629
Total
Financial
39,831,937
Energy
-
6.5%
Venture
Global
Plaquemines
LNG
LLC
6.50%
due
01/15/34
a,f
3,267,000
3,388,294
6.13%
due
12/15/30
a,f
542,000
558,123
Alliance
Resource
Operating
Partners,
LP
/
Alliance
Resource
Finance
Corp.
8.63%
due
06/15/29
a,f
3,321,000
3,508,829
Tallgrass
Energy
Partners,
LP
/
Tallgrass
Energy
Finance
Corp.
7.38%
due
02/15/29
a,f
3,156,000
3,273,381
Venture
Global
LNG,
Inc.
8.38%
due
06/01/31
a,f
2,902,000
2,969,910
CNX
Resources
Corp.
7.38%
due
01/15/31
a,f
2,711,000
2,816,786
Howard
Midstream
Energy
Partners
LLC
7.38%
due
07/15/32
a,f
2,378,000
2,510,155
6.63%
due
01/15/34
a,f
269,000
276,234
Sunoco,
LP
4.63%
due
05/01/30
a,f
2,822,000
2,753,391
SM
Energy
Co.
8.75%
due
07/01/31
a,f
2,448,000
2,574,229
Harvest
Midstream
I
LP
7.50%
due
09/01/28
a,f
2,432,000
2,466,699
Genesis
Energy,
LP
/
Genesis
Energy
Finance
Corp.
7.88%
due
05/15/32
a
2,238,000
2,336,723
HilCorp.
Energy
I,
LP
/
HilCorp.
Finance
Co.
6.25%
due
04/15/32
a,f
2,330,000
2,236,676
Kodiak
Gas
Services
LLC
6.75%
due
10/01/35
a,f
1,612,000
1,666,635
6.50%
due
10/01/33
a,f
538,000
551,265
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
17
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Energy
-
6.5%
(continued)
Vermilion
Energy,
Inc.
6.88%
due
05/01/30
a,f
2,197,000
$
2,197,001
Calumet
Specialty
Products
Partners,
LP
/
Calumet
Finance
Corp.
9.75%
due
07/15/28
a,f
1,856,000
1,913,406
Total
Energy
37,997,737
Industrial
-
4.7%
FTAI
Aviation
Investors
LLC
5.50%
due
05/01/28
a,f
2,135,000
2,138,285
7.00%
due
06/15/32
a,f
1,733,000
1,825,242
GFL
Environmental,
Inc.
4.00%
due
08/01/28
a,f
3,180,000
3,131,417
Beacon
Mobility
Corp.
7.25%
due
08/01/30
a,f
2,955,000
3,097,800
Maxam
Prill
SARL
7.75%
due
07/15/30
a,f
2,390,000
2,491,142
Quikrete
Holdings,
Inc.
6.38%
due
03/01/32
a,f
2,126,000
2,204,377
Axon
Enterprise,
Inc.
6.25%
due
03/15/33
a,f
1,065,000
1,104,072
6.13%
due
03/15/30
a,f
1,065,000
1,097,457
Energizer
Holdings,
Inc.
4.38%
due
03/31/29
a,f
2,196,000
2,110,567
Mauser
Packaging
Solutions
Holding
Co.
7.88%
due
04/15/30
a,f
1,084,000
1,105,208
9.25%
due
04/15/30
f
813,000
800,462
Rand
Parent
LLC
8.50%
due
02/15/30
a,f
1,608,000
1,680,867
Standard
Building
Solutions,
Inc.
5.88%
due
03/15/34
a,f
1,624,000
1,623,477
GFL
Environmental
Holdings
US,
Inc.
5.50%
due
02/01/34
a,f
1,355,000
1,359,771
TransDigm,
Inc.
6.75%
due
01/31/34
a,f
538,000
557,116
6.25%
due
01/31/34
a,f
538,000
556,199
Advanced
Drainage
Systems,
Inc.
5.00%
due
09/30/27
a,f
759,000
760,918
Total
Industrial
27,644,377
Technology
-
4.0%
Open
Text
Corp.
3.88%
due
12/01/29
a,f
3,536,000
3,283,985
ASGN,
Inc.
4.63%
due
05/15/28
a,f
3,013,000
2,969,740
Playtika
Holding
Corp.
4.25%
due
03/15/29
a,f
3,388,000
2,945,358
Cloud
Software
Group,
Inc.
6.50%
due
03/31/29
a,f
2,690,000
2,678,267
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
18
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Technology
-
4.0%
(continued)
6.63%
due
08/15/33
a,f
269,000
$
258,124
Seagate
Data
Storage
Technology
Pte
Ltd.
4.09%
due
06/01/29
a,f
2,135,000
2,095,160
Unisys
Corp.
10.63%
due
01/15/31
a,f
2,155,000
2,045,794
Diebold
Nixdorf,
Inc.
7.75%
due
03/31/30
a,f
1,824,000
1,936,357
Pagaya
US
Holdings
Co.
LLC
8.88%
due
08/01/30
a,f
1,945,000
1,740,612
Crane
NXT
Co.
4.20%
due
03/15/48
a
2,236,000
1,452,855
CoreWeave,
Inc.
9.00%
due
02/01/31
a,f
1,080,000
1,047,612
McAfee
Corp.
7.38%
due
02/15/30
a,f
1,129,000
895,161
Total
Technology
23,349,025
Basic
Materials
-
2.8%
Mineral
Resources
Ltd.
9.25%
due
10/01/28
a,f
2,314,000
2,432,808
7.00%
due
04/01/31
a,f
1,077,000
1,133,034
Fortescue
Treasury
Pty
Ltd.
5.88%
due
04/15/30
a,f
2,673,000
2,752,842
Ingevity
Corp.
3.88%
due
11/01/28
a,f
2,378,000
2,314,557
Alumina
Pty
Ltd.
6.13%
due
03/15/30
a,f
2,129,000
2,197,515
First
Quantum
Minerals
Ltd.
7.25%
due
02/15/34
a,f
1,745,000
1,834,395
Cleveland-Cliffs,
Inc.
7.50%
due
09/15/31
a,f
1,583,000
1,671,563
Solstice
Advanced
Materials,
Inc.
5.63%
due
09/30/33
a,f
1,481,000
1,489,570
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
9.00%
due
07/01/28
a,f
487,000
489,326
Total
Basic
Materials
16,315,610
Utilities
-
1.9%
NRG
Energy,
Inc.
5.75%
due
01/15/34
a,f
2,155,000
2,170,382
3.63%
due
02/15/31
a,f
1,927,000
1,805,992
Talen
Energy
Supply
LLC
8.63%
due
06/01/30
a,f
2,694,000
2,843,697
6.25%
due
02/01/34
a,f
1,080,000
1,094,265
Vistra
Operations
Co.
LLC
7.75%
due
10/15/31
a,f
1,084,000
1,147,439
6.88%
due
04/15/32
a,f
1,084,000
1,139,542
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
19
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
62.3%
(continued)
Utilities
-
1.9%
(continued)
VoltaGrid
LLC
7.38%
due
11/01/30
a,f
1,081,000
$
1,095,132
Total
Utilities
11,296,449
Total
Corporate
Bonds
(Cost
$358,069,465)
365,864,272
SENIOR
FLOATING
RATE
INTERESTS
-
2.1%
Consumer,
Non-cyclical
-
0.6%
Hopper
Merger
Sub,
Inc.
5.92%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.00%)
due
01/14/33
◊
2,439,000
2,420,415
BioMarin
Pharmaceutical,
Inc.
5.42%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
0.00%)
due
01/29/33
◊
1,084,000
1,084,000
Total
Consumer,
Non-cyclical
3,504,415
Industrial
-
0.5%
TransDigm,
Inc.
6.41%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.00%)
due
08/24/28
◊
2,862,908
2,859,702
Technology
-
0.4%
Boxer
Parent
Co,
Inc.
6.66%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.00%)
due
07/30/31
◊
2,233,125
2,143,800
Financial
-
0.3%
Asurion
LLC
7.92%
(1
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.00%)
due
09/19/30
◊
1,351,604
1,352,564
9.03%
(1
Month
Term
SOFR
+
5.36%,
Rate
Floor:
0.00%)
due
01/31/28
◊
542,000
541,322
Total
Financial
1,893,886
Consumer,
Cyclical
-
0.3%
American
Greetings
Corp.
9.42%
(1
Month
Term
SOFR
+
5.75%,
Rate
Floor:
0.00%)
due
10/30/29
◊
1,900,421
1,879,041
Total
Senior
Floating
Rate
Interests
(Cost
$12,366,131)
12,280,844
ASSET-BACKED
SECURITIES
-
1.5%
Collateralized
Loan
Obligations
-
1.5%
Dryden
49
Senior
Loan
Fund
2017-49A,
7.33%
(3
Month
Term
SOFR
+
3.66%,
Rate
Floor:
3.66%)
due
07/18/30
◊,a,f
4,000,000
4,028,640
OZLM
XXIV
Ltd.
2019-24A,
7.33%
(3
Month
Term
SOFR
+
3.66%,
Rate
Floor:
3.66%)
due
07/20/32
◊,a,f
2,500,000
2,503,998
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
20
|
a
a
Face
Amount
~
Value
ASSET-BACKED
SECURITIES
-
1.5%
(continued)
Collateralized
Loan
Obligations
-
1.5%
(continued)
Sound
Point
CLO
XXVII
Ltd.
2020-2A,
7.28%
(3
Month
Term
SOFR
+
3.61%,
Rate
Floor:
3.61%)
due
10/25/34
◊,a,f
2,500,000
$
2,455,437
Total
Collateralized
Loan
Obligations
8,988,075
Total
Asset-Backed
Securities
(Cost
$8,557,685)
8,988,075
Total
Investments
-
160.3%
(Cost
$886,348,678)
$
940,949,188
Other
Assets
&
Liabilities,
net
-
(60.3)%
(353,790,137)
Total
Net
Assets
-
100%
$
587,159,051
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
January
31,
2026.
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.
a
All
or
a
portion
of
these
securities
have
been
physically
segregated
in
connection
with
the
borrowings
and
reverse
repurchase
agreements.
As
of
January
31,
2026,
the
total
value
of
securities
segregated
was
$894,373,101.
b
Affiliated
issuer.
c
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
d
Rate
indicated
is
the
7-day
yield
as
of
January
31,
2026.
e
Zero
coupon
rate
security.
f
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)
liquid
securities
is
$505,162,040
(cost
$486,757,824),
or
86.0%
of
total
net
assets.
g
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
AUD
—
Australian
Dollar
CNY
—
Chinese
Yuan
EUR
—
Euro
HKD
—
Hong
Kong
Dollar
JPY
—
Japanese
Yen
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
|
21
Advent
Convertible
and
Income
Fund
See
Sector
Classification
in
Other
Information
section.
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currenc
y
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Bank
of
New
York
Mellon
CAD
Buy
4,748,059
3,434,483
USD
03/09/26
$
77,389
Bank
of
New
York
Mellon
EUR
Buy
4,063,940
4,768,414
USD
03/09/26
75,019
Bank
of
New
York
Mellon
AUD
Buy
1,867,600
1,253,507
USD
03/09/26
54,730
Bank
of
New
York
Mellon
HKD
Sell
109,357,400
14,067,370
USD
03/09/26
46,229
Bank
of
New
York
Mellon
JPY
Buy
158,909,511
1,015,126
USD
03/09/26
18,310
Bank
of
New
York
Mellon
HKD
Buy
6,850,650
880,099
USD
03/09/26
(1,750)
Bank
of
New
York
Mellon
JPY
Sell
1,087,297,355
7,066,136
USD
03/09/26
(4,882)
Bank
of
New
York
Mellon
CAD
Sell
8,039,809
5,826,230
USD
03/09/26
(120,365)
Bank
of
New
York
Mellon
AUD
Sell
3,558,578
2,365,486
USD
03/09/26
(127,265)
Bank
of
New
York
Mellon
EUR
Sell
36,171,986
42,354,158
USD
03/09/26
(755,878)
$
(738,463)
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
EUR
—
Euro
HKD
—
Hong
Kong
Dollar
JPY
—
Japanese
Yen
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
22
|
Please
refer
to
the
detailed
Schedule
of
Investments
for
a
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
$192,055,697
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
January
31,
2026. 
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
January
31,
2026
(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
$
39,652,091
$
—
$
—
$
39,652,091
Convertible
Preferred
Stocks
62,253,353
—
—
62,253,353
Exchange-Traded
Funds
26,677,134
—
—
26,677,134
Money
Market
Fund
23,265,037
—
—
23,265,037
Convertible
Bonds
—
401,968,382
—
401,968,382
Corporate
Bonds
—
365,864,272
—
365,864,272
Senior
Floating
Rate
Interests
—
12,280,844
—
12,280,844
Asset-Backed
Securities
—
8,988,075
—
8,988,075
Forward
Foreign
Currency
Exchange
Contracts
a
—
271,677
—
271,677
Total
Assets
$
151,847,615
$
789,373,250
$
—
$
941,220,865
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Forward
Foreign
Currency
Exchange
Contracts
a
$
—
$
1,010,140
$
—
$
1,010,140
a
Reported
as
unrealized
appreciation/depreciation
at
period
end.
January
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
|
23
Advent
Convertible
and
Income
Fund
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Advent
Capital
Management
(“Advent”),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
certain
investment
companies
managed
by
Advent.
Additional
information
about
the
affiliated
fund,
including
the
most
recent
annual
report
and
prospectus,
is
available
at
https://
www.adventetf.com/#literature.
Transactions
during
the
period
ended
January
31,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
10/31/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
1/31/26
Shares
1/31/26
Investment
Income
Exchange-
Traded
Funds
Advent
Convertible
Bond
ETF
$
26,552,097
$
—
$
—
$
—
$
125,037
$
26,677,134
990,000
$
179,850
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Advent
Convertible
and
Income
Fund
24
|
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”) adopted
policies
and
procedures
for
the
valuation
of
the
Fund’s
investments
(the
“Fund
Valuation
Procedures”).
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
Rule
2a-5
under
the
1940
Act
(“Rule
2a-5”)
which
establishes
requirements
for
determining
fair
value
in
good
faith
and
became
effective
September
8,
2022.
Rule
2a-5
also
defines
“readily
available
market
quotations”
for
purposes
of
the
1940
Act
and
establishes
requirements
for
determining
whether
a
fund
must
fair
value
a
security
in
good
faith.
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
designated
Advent
Capital
Management,
LLC
("Advent" or
the
“Adviser”)
as
the
valuation
designee
to
perform
fair
valuation
determinations
for
the Fund
with
respect
to
all Fund
investments
and/or
other
assets.
As
the
Fund’s
valuation
designee
pursuant
to
Rule
2a-5,
the
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
25
Adviser
has
adopted
separate
procedures
(the
“Valuation
Designee
Procedures”
and
collectively
with
the Fund
Valuation
Procedures,
the
“Valuation
Procedures”)
reasonably
designed
to
prevent
violations
of
the
requirements
of
Rule
2a-5
and
Rule
31a-4.
The
Adviser,
in
its
role
as
valuation
designee,
utilizes
the
assistance
of
a
valuation
committee (the
“Valuation
Committee”),
in 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
independent
third-party
pricing
services
appointed
pursuant
to
the
processes
set
forth
in
the
Valuation
Procedures. The
Adviser,
consistent
with
the
monitoring
and
review
responsibilities
set
forth
in
the
Valuation
Procedures,
regularly
reviews
the
appropriateness
of
the
inputs,
methods,
models
and
assumptions
employed
by
the
independent
third-party
pricing
services.
If
the
independent
third-party
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
Adviser.
Equity
securities
listed
or
traded
on
a
recognized
U.S.
securities
exchange
or
the
Nasdaq
Stock
Market
(“NASDAQ”)
will
generally
be
valued
on
the
basis
of
the
last
sale
price
on
the
primary
U.S.
exchange
or
market
on
which
the
security
is
listed
or
traded;
provided,
however,
that
securities
listed
on
NASDAQ
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
(“NAV”)
as
of
the
close
of business,
on
the
valuation
date.
Exchange-traded
funds
and
closed-
end
investment
companies
are
generally
valued
at
the
last
quoted
sale
price.
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.
E.T.
Investments
in
foreign
securities
may
involve
risks
not
present
in
domestic
investments.
The
Adviser
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,
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
26
|
among
others:
the
value
of
the
securities
traded
on
other
foreign
markets,
American
Depositary
Receipts
(“ADRs”)
trading,
closed-end
fund
trading,
foreign
currency
exchange
activity,
and
the
trading
prices
of
financial
products
that
are
tied
to
foreign
securities.
In
addition,
under
the
Valuation
Procedures,
the
Adviser
is
authorized
to
use
prices
and
other
information
supplied
by
an
independent
third-party
pricing
service
in
valuing
foreign
securities.
Commercial
paper
and
discount
notes
are
valued
based
on
prices
provided
by
independent
third-party
pricing
services
or,
if
not
available
or
if
the
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.
Commercial
paper
and
discount
notes
with
remaining
maturities
of
60
days
or
less
at
the
time
of
valuation
are
valued
at
amortized
cost,
unless
the
Adviser
concludes
that
amortized
cost
does
not
represent
the
fair
value
of
the
applicable
asset
in
which
case
it
will
be
valued
using
an
independent
third-party
pricing
service.
Commercial
paper
and
discount
notes
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
generally
valued
at
amortized
cost,
provided
such
amounts
approximate
market
value.
Asset-back
securities
(“ABS”)
and
other
structured
finance
securities
are
generally
valued
using
an
independent
third-party
pricing
service. 
Typically,
loans
are
valued
using
information
provided
by
an
independent
third-party
pricing
service
which uses
broker
quotes,
among
other
inputs.
If
the
independent
third-party
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
Adviser.
Forward
foreign
currency
exchange
contracts
are
valued
daily
based
on
the
applicable
exchange
rate
of
the
underlying
currency.
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
27
Investments
for
which
market
quotations
are
not
readily
available
are
fair
valued
as
determined
in
good
faith
by
the
Adviser.
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
‒ Derivatives
As
part
of
its
investment
strategy,
the Fund
utilizes
a
variety
of
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
seek
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.
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.
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
28
|
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
rated/identified
as
investment
grade
or
better.
The Fund
monitors
the
counterparty
credit
risk
associated
with
each
such
financial
institution.
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
between
market
participants
at
the
measurement
date.
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
—
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities.
Note
2
‒ Derivatives
(continued)
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
|
29
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.
Rule
2a-5
sets
forth
a
definition
of
“readily
available
market
quotations,”
which
is
consistent
with
the
definition
of
a
Level
1
input
under
U.S.
GAAP.
Rule
2a-5
provides
that
“a
market
quotation
is
readily
available
only
when
that
quotation
is
a
quoted
price
(unadjusted)
in
active
markets
for
identical
investments
that
the
fund
can
access
at
the
measurement
date,
provided
that
a
quotation
will
not
be
readily
available
if
it
is
not
reliable.”
Securities
for
which
market
quotations
are
not
readily
available
must
be
valued
at
fair
value
as
determined
in
good
faith.
Accordingly,
any
security
priced
using
inputs
other
than
Level
1
inputs
will
be
subject
to
fair
value
requirements.
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
third-party
pricing
services
are
used
to
value
a
majority
of
the
Fund’s
investments.
When
values
are
not
available
from
an
independent
third-party
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.
A
significant
portion
of
the
Fund’s
assets
and
liabilities
are
categorized
as
Level
2,
as
indicated
in
this
report.
The
inputs
or
methodologies
selected
and
applied
for
valuing
securities
or
other
assets
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
suitability,
appropriateness
and
accuracy
of
the
techniques,
methodologies
and
sources
employed
to
determine
fair
valuation
are
periodically
reviewed
and
subject
to
change.
Note
4
‒
Market
Risks
The
value
of,
or
income
generated
by,
the
investments
held
by
the Fund
are
subject
to
the
possibility
of
rapid
and
unpredictable
fluctuation,
and
loss
that
may
result
from
various
factors.
These
factors
include,
among
others,
developments
affecting
(or
perceived
to
affect)
individual
companies,
or
issuers
or
particular
industries,
or
from
Note
3
‒
Fair
Value
Measurement
(continued)
January
31,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Advent
Convertible
and
Income
Fund
30
|
broader
influences,
including
real
or
perceived
changes
in
prevailing
interest
rates
(which
may
change
at
any
time
based
on
changes
in
monetary
policies
and
various
market
and
other
economic
conditions),
changes
in
inflation
rates
or
expectations
about
inflation
rates,
deflation,
adverse
investor
confidence
or
sentiment,
general
outlook
for
corporate
earnings,
changing
economic,
political
(including
geopolitical),
social
or
financial
market
conditions,
bank
failures,
increased
instability
or
general
uncertainty,
extreme
weather,
environmental
or
man-made
disasters,
or
geological
events,
governmental
actions,
actual
or
threatened
imposition
of
tariffs
(which
may
be
imposed
by
U.S.
and
foreign
governments)
and
trade
disruptions,
public
health
emergencies
(such
as
the
spread
of
infectious
diseases,
pandemics
and
epidemics),
debt
crises,
terrorism,
actual
or
threatened
wars
or
other
armed
conflicts
(such
as
the
conflict
in
the
Middle
East
and
the
ongoing
Russia-Ukraine
conflict
and
its
collateral
economic
and
other
effects,
including,
but
not
limited
to,
sanctions
and
other
international
trade
barriers)
or
ratings
downgrades,
and
other
similar
events,
each
of
which
may
be
temporary
or
last
for
extended
periods.
Different
sectors,
industries
and
security
types
may
react
differently
to
such
developments.
Moreover,
changing
economic,
political,
geopolitical,
social,
financial
market
or
other
conditions
in
one
country,
geographic
region
or
industry
could
adversely
affect
the
value,
yield
and
return
of
the
investments
held
by
the Fund
in
a
different
country,
geographic
region,
economy,
industry
or
market
because
of
the
increasingly
interconnected
global
economies
and
financial
markets.
The
duration
and
extent
of
the
foregoing
types
of
factors
or
conditions
are
highly
uncertain
and
difficult
to
predict
and
have
in
the
past,
and
may
in
the
future,
cause
volatility
and
distress
in
economies
and
financial
markets
or
other
adverse
circumstances,
which
may
negatively
affect
the
value of
the
Fund’s
investments
and
performance
of
the
Fund.
Note
4
‒
Market
Risks
(continued)
January
31,
2026
OTHER
INFORMATION
(Unaudited)
|
31
Sector
Classification
Information
in
the
“Schedule
of
Investments”
is
categorized
by
sectors
using
sector-level
classifications
used
by
Bloomberg
Industry
Classification
System,
a
widely
recognized
industry
classification
system
provider.
In
the
Fund’s
registration
statement,
the
Fund
has
investment
policies
relating
to
concentration
in
specific
industries.
For
purposes
of
these
investment
policies,
the
Fund
usually
classifies
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.