Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Shares | Value | ||||||||
COMMON STOCKS† - 11.6% | |||||||||
Financial - 3.1% | |||||||||
Fifth Third Bancorp | 125,000 | $ | 3,616,250 | ||||||
PNC Financial Services Group, Inc. | 25,000 | 3,588,000 | |||||||
Gaming and Leisure Properties, Inc. REIT | 76,735 | 3,156,111 | |||||||
Visa, Inc. — Class A | 15,000 | 2,898,750 | |||||||
Lamar Advertising Co. — Class A REIT | 35,000 | 2,827,300 | |||||||
Citigroup, Inc. | 40,000 | 2,319,600 | |||||||
Ventas, Inc. REIT | 50,000 | 2,303,500 | |||||||
Total Financial | 20,709,511 | ||||||||
Consumer, Cyclical - 2.7% | |||||||||
Caesars Entertainment, Inc.* | 40,000 | 2,815,600 | |||||||
Hanesbrands, Inc. | 175,000 | 2,675,750 | |||||||
Penn National Gaming, Inc.*,1 | 25,000 | 2,593,000 | |||||||
Las Vegas Sands Corp. | 50,000 | 2,404,500 | |||||||
Six Flags Entertainment Corp. | 70,000 | 2,394,000 | |||||||
Live Nation Entertainment, Inc.* | 35,000 | 2,325,750 | |||||||
Bloomin’ Brands, Inc.1 | 75,000 | 1,580,250 | |||||||
Spirit Airlines, Inc.* | 50,000 | 1,297,000 | |||||||
Cedar Fair, LP | 3,875 | 155,387 | |||||||
Total Consumer, Cyclical | 18,241,237 | ||||||||
Consumer, Non-cyclical - 2.1% | |||||||||
Medtronic plc | 45,000 | 5,009,850 | |||||||
Vertex Pharmaceuticals, Inc.* | 15,000 | 3,436,200 | |||||||
Humana, Inc.1 | 8,000 | 3,064,880 | |||||||
United Rentals, Inc.*,1 | 10,000 | 2,430,100 | |||||||
Total Consumer, Non-cyclical | 13,941,030 | ||||||||
Industrial - 1.2% | |||||||||
Union Pacific Corp.1 | 25,000 | 4,936,750 | |||||||
Caterpillar, Inc. | 15,000 | 2,742,600 | |||||||
Total Industrial | 7,679,350 | ||||||||
Technology - 1.0% | |||||||||
Microsoft Corp. | 15,000 | 3,479,400 | |||||||
NVIDIA Corp. | 6,000 | 3,117,540 | |||||||
Total Technology | 6,596,940 | ||||||||
Energy - 0.9% | |||||||||
Valero Energy Corp. | 60,000 | 3,385,800 | |||||||
ConocoPhillips | 60,000 | 2,401,800 | |||||||
Total Energy | 5,787,600 | ||||||||
Communications - 0.6% | |||||||||
Alibaba Group Holding Ltd. ADR* | 16,000 | 4,061,280 | |||||||
Total Common Stocks | |||||||||
(Cost $71,070,226) | 77,016,948 | ||||||||
CONVERTIBLE PREFERRED STOCKS† - 17.6% | |||||||||
Financial - 3.9% | |||||||||
Wells Fargo & Co., 7.50%1 | 6,000 | 8,679,000 | |||||||
KKR & Company, Inc., 6.00% due 09/15/231 | 147,802 | 8,597,642 | |||||||
Bank of America Corp., 7.25%1 | 4,999 | 7,312,437 | |||||||
QTS Realty Trust, Inc., 6.50%1 | 7,844 | 1,147,970 | |||||||
Total Financial | 25,737,049 | ||||||||
Technology - 2.9% | |||||||||
Broadcom, Inc., 8.00% due 09/30/221 | 7,756 | 11,391,625 |
Change Healthcare, Inc., 6.00% due 06/30/221 | 99,769 | 8,063,330 | |||||||
Total Technology | 19,454,955 | ||||||||
Consumer, Non-cyclical - 2.8% | |||||||||
Boston Scientific Corp., 5.50% due 06/01/231 | 59,855 | 6,539,757 | |||||||
Becton Dickinson and Co., 6.00% due 06/01/231 | 75,329 | 4,239,516 | |||||||
Elanco Animal Health, Inc., 5.00% due 02/01/231 | 72,714 | 3,357,206 | |||||||
Danaher Corp., 5.00% due 04/15/231 | 2,281 | 3,128,620 | |||||||
Avantor, Inc., 6.25% due 05/15/22 | 11,070 | 1,025,193 | |||||||
Sabre Corp., 6.50% due 09/01/231 | 2,855 | 410,520 | |||||||
Bunge Ltd., 4.88%1 | 2,941 | 318,657 | |||||||
Total Consumer, Non-cyclical | 19,019,469 | ||||||||
Industrial - 2.4% | |||||||||
Colfax Corp., 5.75% due 01/15/221 | 37,319 | 5,750,111 | |||||||
Energizer Holdings, Inc., 7.50% due 01/15/221 | 42,842 | 3,939,322 | |||||||
Stanley Black & Decker, Inc., 5.25% due 11/15/221 | 26,803 | 2,920,723 | |||||||
Fortive Corp., 5.00% due 07/01/211 | 3,000 | 2,891,359 | |||||||
II-VI, Inc., 6.00% due 07/01/231 | 1,002 | 349,618 | |||||||
Total Industrial | 15,851,133 | ||||||||
Utilities - 1.9% | |||||||||
NextEra Energy, Inc. | |||||||||
5.28% due 03/01/231 | 105,823 | 5,655,181 | |||||||
6.22% due 09/01/231 | 65,148 | 3,467,177 | |||||||
American Electric Power Company, Inc., 6.13% due 08/15/231 | 29,153 | 1,438,700 | |||||||
Dominion Energy, Inc., 7.25% due 06/01/221 | 10,070 | 991,996 | |||||||
DTE Energy Co., 6.25% due 11/01/221 | 19,716 | 914,428 | |||||||
Total Utilities | 12,467,482 | ||||||||
Basic Materials - 1.7% | |||||||||
ArcelorMittal S.A., 5.50% due 05/18/231 | 141,078 | 7,329,002 | |||||||
International Flavors & Fragrances, Inc., 6.00% due 09/15/211 | 102,038 | 4,286,616 | |||||||
Total Basic Materials | 11,615,618 | ||||||||
Consumer, Cyclical - 1.3% | |||||||||
Aptiv plc, 5.50% due 06/15/231 | 53,718 | 8,392,306 | |||||||
Communications - 0.7% | |||||||||
2020 Cash Mandatory Exchangeable Trust, 5.25% due 06/01/23*,1,3 | 3,828 | 4,407,483 | |||||||
Total Convertible Preferred Stocks | |||||||||
(Cost $95,849,333) | 116,945,495 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Shares | Value | ||||||||
MONEY MARKET FUND† - 5.8% | |||||||||
Morgan Stanley Institutional Liquidity Government Portfolio - Institutional Class, 0.03%1,2 | 38,876,553 | $ | 38,876,553 | ||||||
Total Money Market Fund | |||||||||
(Cost $38,876,553) | 38,876,553 |
Face | |||||||||
Amount~ | |||||||||
CONVERTIBLE BONDS†† - 72.3% | |||||||||
Technology - 18.8% | |||||||||
RingCentral, Inc. | |||||||||
due 03/01/251,3,4 | 6,608,000 | 8,317,354 | |||||||
due 03/15/261,3,4 | 1,500,000 | 1,733,041 | |||||||
Splunk, Inc. | |||||||||
1.13% due 06/15/271,3 | 8,461,000 | 8,907,544 | |||||||
Akamai Technologies, Inc. | |||||||||
0.38% due 09/01/271 | 5,193,000 | 5,986,823 | |||||||
0.13% due 05/01/251 | 1,203,000 | 1,558,404 | |||||||
Silicon Laboratories, Inc. | |||||||||
0.63% due 06/15/251,3 | 5,098,000 | 6,610,267 | |||||||
MongoDB, Inc. | |||||||||
0.25% due 01/15/261 | 3,419,000 | 6,316,603 | |||||||
Coupa Software, Inc. | |||||||||
0.38% due 06/15/261,3 | 4,844,000 | 6,276,960 | |||||||
LivePerson, Inc. | |||||||||
due 12/15/261,3,4 | 5,475,000 | 6,127,315 | |||||||
Synaptics, Inc. | |||||||||
0.50% due 06/15/221 | 3,829,000 | 5,335,417 | |||||||
Rapid7, Inc. | |||||||||
2.25% due 05/01/251,3 | 3,050,000 | 4,851,330 | |||||||
Microchip Technology, Inc. | |||||||||
0.13% due 11/15/241 | 2,461,000 | 2,791,377 | |||||||
1.63% due 02/15/27 | 1,005,000 | 2,011,768 | |||||||
Envestnet, Inc. | |||||||||
1.75% due 06/01/231 | 3,041,000 | 3,894,675 | |||||||
0.75% due 08/15/251,3 | 661,000 | 674,664 | |||||||
Inphi Corp. | |||||||||
0.75% due 04/15/251,3 | 3,000,000 | 4,362,782 | |||||||
ON Semiconductor Corp. | |||||||||
1.63% due 10/15/231 | 2,334,000 | 4,157,437 | |||||||
Workday, Inc. | |||||||||
0.25% due 10/01/221 | 2,457,000 | 3,947,833 | |||||||
Lumentum Holdings, Inc. | |||||||||
0.50% due 12/15/261 | 3,082,000 | 3,799,138 | |||||||
Zscaler, Inc. | |||||||||
0.13% due 07/01/251,3 | 2,398,000 | 3,587,913 | |||||||
Zynga, Inc. | |||||||||
due 12/15/261,3,4 | 1,900,000 | 2,033,000 | |||||||
0.25% due 06/01/241 | 1,014,000 | 1,366,973 | |||||||
STMicroelectronics N.V. | |||||||||
due 08/04/274 | 1,800,000 | 2,278,638 | |||||||
due 08/04/254 | 600,000 | 758,676 | |||||||
Medallia, Inc. | |||||||||
0.13% due 09/15/251,3 | 2,187,000 | 2,779,813 | |||||||
CyberArk Software Ltd. | |||||||||
due 11/15/241,4 | 2,133,000 | 2,610,365 | |||||||
Pegasystems, Inc. | |||||||||
0.75% due 03/01/251,3 | 2,000,000 | 2,346,250 | |||||||
Five9, Inc. | |||||||||
0.50% due 06/01/251,3 | 1,340,000 | 1,891,333 | |||||||
RealPage, Inc. | |||||||||
1.50% due 05/15/251 | 1,400,000 | 1,799,278 |
Atos SE | |||||||||
due 11/06/241,4 | EUR 1,200,000 | 1,797,887 | |||||||
Bill.com Holdings, Inc. | |||||||||
due 12/01/251,3,4 | 1,621,000 | 1,775,657 | |||||||
Bentley Systems, Inc. | |||||||||
0.13% due 01/15/261,3 | 1,731,000 | 1,742,731 | |||||||
Lenovo Group Ltd. | |||||||||
3.38% due 01/24/24 | 1,150,000 | 1,715,512 | |||||||
Nuance Communications, Inc. | |||||||||
1.25% due 04/01/251 | 696,000 | 1,641,725 | |||||||
Datadog, Inc. | |||||||||
0.13% due 06/15/251,3 | 1,163,000 | 1,576,592 | |||||||
Health Catalyst, Inc. | |||||||||
2.50% due 04/15/251,3 | 693,000 | 1,242,514 | |||||||
Insight Enterprises, Inc. | |||||||||
0.75% due 02/15/251 | 954,000 | 1,217,437 | |||||||
Teradyne, Inc. | |||||||||
1.25% due 12/15/231 | 256,000 | 916,952 | |||||||
Mail.Ru Group Ltd. | |||||||||
1.63% due 10/01/25 | 800,000 | 806,864 | |||||||
Cloudflare, Inc. | |||||||||
0.75% due 05/15/251,3 | 371,000 | 801,683 | |||||||
Xero Investments Ltd. | |||||||||
due 12/02/251,4 | 609,000 | 626,509 | |||||||
Innolux Corp. | |||||||||
due 01/22/251,4 | 400,000 | 528,600 | |||||||
Total Technology | 125,503,634 | ||||||||
Communications - 15.7% | |||||||||
Liberty Media Corp. | |||||||||
1.38% due 10/15/231 | 3,283,000 | 4,034,137 | |||||||
2.75% due 12/01/493 | 3,500,000 | 3,664,500 | |||||||
2.25% due 12/01/481,3 | 2,181,000 | 2,498,164 | |||||||
0.50% due 12/01/503 | 1,021,000 | 1,050,201 | |||||||
Palo Alto Networks, Inc. | |||||||||
0.38% due 06/01/251,3 | 6,222,000 | 8,238,781 | |||||||
0.75% due 07/01/231 | 1,794,000 | 2,548,116 | |||||||
Wayfair, Inc. | |||||||||
0.63% due 10/01/251,3 | 7,630,000 | 7,813,281 | |||||||
1.00% due 08/15/261 | 1,418,000 | 2,799,067 | |||||||
Booking Holdings, Inc. | |||||||||
0.75% due 05/01/251,3 | 6,798,000 | 9,274,888 | |||||||
Viavi Solutions, Inc. | |||||||||
1.75% due 06/01/231 | 3,000,000 | 3,802,899 | |||||||
1.00% due 03/01/241 | 2,009,000 | 2,659,796 | |||||||
Uber Technologies, Inc. | |||||||||
due 12/15/251,3,4 | 3,780,000 | 3,958,904 | |||||||
Trip.com Group Ltd. | |||||||||
1.50% due 07/01/271 | 3,000,000 | 3,946,800 | |||||||
Proofpoint, Inc. | |||||||||
0.25% due 08/15/241 | 3,534,000 | 3,874,417 | |||||||
Wix.com Ltd. | |||||||||
due 08/15/253,4 | 3,716,000 | 3,813,910 | |||||||
Zillow Group, Inc. | |||||||||
1.50% due 07/01/231 | 1,048,000 | 1,798,682 | |||||||
2.75% due 05/15/251 | 685,000 | 1,436,788 | |||||||
Snap, Inc. | |||||||||
0.75% due 08/01/261 | 1,346,000 | 3,224,754 | |||||||
Pinduoduo, Inc. | |||||||||
due 12/01/251,4 | 2,669,000 | 3,215,686 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Face | |||||||||
Amount~ | Value | ||||||||
CONVERTIBLE BONDS†† - 72.3% (continued) | |||||||||
Communications - 15.7% (continued) | |||||||||
Shopify, Inc. | |||||||||
0.13% due 11/01/251 | 2,432,000 | $ | 2,878,880 | ||||||
DISH Network Corp. | |||||||||
2.38% due 03/15/241 | 1,998,000 | 1,832,064 | |||||||
3.38% due 08/15/26 | 1,057,000 | 977,294 | |||||||
Match Group Financeco 2, Inc. | |||||||||
0.88% due 06/15/261,3 | 1,506,000 | 2,594,661 | |||||||
Zendesk, Inc. | |||||||||
0.63% due 06/15/251,3 | 1,743,000 | 2,582,513 | |||||||
Okta, Inc. | |||||||||
0.38% due 06/15/261,3 | 1,907,000 | 2,494,276 | |||||||
Etsy, Inc. | |||||||||
0.13% due 09/01/271,3 | 1,722,000 | 2,292,887 | |||||||
Twitter, Inc. | |||||||||
0.25% due 06/15/241 | 1,593,000 | 1,886,709 | |||||||
Lyft, Inc. | |||||||||
1.50% due 05/15/251,3 | 1,353,000 | 1,874,305 | |||||||
Delivery Hero SE | |||||||||
0.88% due 07/15/251 | EUR 1,300,000 | 1,810,116 | |||||||
Nice Ltd. | |||||||||
due 09/15/251,3,4 | 1,523,000 | 1,748,059 | |||||||
Yandex N.V. | |||||||||
0.75% due 03/03/25 | 1,400,000 | 1,704,360 | |||||||
RealReal, Inc. | |||||||||
3.00% due 06/15/251,3 | 949,000 | 1,516,581 | |||||||
Bharti Airtel Ltd. | |||||||||
1.50% due 02/17/25 | 1,050,000 | 1,263,990 | |||||||
Kakao Corp. | |||||||||
due 04/28/234 | 900,000 | 1,075,275 | |||||||
Liberty Broadband Corp. | |||||||||
1.25% due 09/30/501,3 | 888,000 | 889,776 | |||||||
21Vianet Group, Inc. | |||||||||
due 02/01/261,3,4 | 654,000 | 673,533 | |||||||
Fiverr International Ltd. | |||||||||
due 11/01/253,4 | 214,000 | 270,820 | |||||||
Xiaomi Best Time International Ltd. | |||||||||
due 12/17/271,4 | 200,000 | 217,700 | |||||||
Total Communications | 104,237,570 | ||||||||
Consumer, Non-cyclical - 13.7% | |||||||||
Square, Inc. | |||||||||
0.25% due 11/01/271,3 | 5,182,000 | 5,872,718 | |||||||
0.13% due 03/01/251,3 | 1,491,000 | 2,819,610 | |||||||
due 05/01/261,3,4 | 1,154,000 | 1,298,326 | |||||||
Teladoc Health, Inc. | |||||||||
1.25% due 06/01/271,3 | 6,630,000 | 9,389,737 | |||||||
DexCom, Inc. | |||||||||
0.25% due 11/15/251,3 | 5,547,000 | 5,669,593 | |||||||
Jazz Investments I Ltd. | |||||||||
2.00% due 06/15/261,3 | 4,156,000 | 5,275,169 | |||||||
Chegg, Inc. | |||||||||
due 09/01/261,3,4 | 4,411,000 | 5,132,199 | |||||||
Exact Sciences Corp. | |||||||||
0.38% due 03/15/271 | 3,155,000 | 4,530,775 | |||||||
Insulet Corp. | |||||||||
0.38% due 09/01/261 | 2,505,000 | 3,453,019 | |||||||
Sarepta Therapeutics, Inc. | |||||||||
1.50% due 11/15/241 | 2,293,000 | 3,380,042 |
Ligand Pharmaceuticals, Inc. | |||||||||
0.75% due 05/15/231 | 3,000,000 | 3,182,354 | |||||||
Herbalife Nutrition Ltd. | |||||||||
2.63% due 03/15/241 | 2,720,000 | 2,977,050 | |||||||
Shift4 Payments, Inc. | |||||||||
due 12/15/251,3,4 | 2,308,000 | 2,652,567 | |||||||
Canopy Growth Corp. | |||||||||
4.25% due 07/15/231,3 | CAD 2,500,000 | 2,446,280 | |||||||
Guardant Health, Inc. | |||||||||
due 11/15/271,3,4 | 1,703,000 | 2,274,829 | |||||||
Ionis Pharmaceuticals, Inc. | |||||||||
0.13% due 12/15/241 | 2,065,000 | 2,174,200 | |||||||
Omnicell, Inc. | |||||||||
0.25% due 09/15/251,3 | 1,521,000 | 2,045,745 | |||||||
Supernus Pharmaceuticals, Inc. | |||||||||
0.63% due 04/01/231 | 2,000,000 | 1,977,967 | |||||||
BioMarin Pharmaceutical, Inc. | |||||||||
1.25% due 05/15/271,3 | 1,822,000 | 1,913,441 | |||||||
Amadeus IT Group S.A. | |||||||||
1.50% due 04/09/251 | EUR 1,000,000 | 1,572,682 | |||||||
China Conch Venture | |||||||||
due 09/05/234 | HKD 10,000,000 | 1,501,512 | |||||||
ORPEA | |||||||||
0.38% due 05/17/271 | 7,756 | ** | 1,458,192 | ||||||
Stride, Inc. | |||||||||
1.13% due 09/01/271,3 | 1,629,000 | 1,449,810 | |||||||
Integra LifeSciences Holdings Corp. | |||||||||
0.50% due 08/15/251,3 | 1,232,000 | 1,387,986 | |||||||
Esperion Therapeutics, Inc. | |||||||||
4.00% due 11/15/251,3 | 1,134,000 | 1,281,949 | |||||||
CONMED Corp. | |||||||||
2.63% due 02/01/241 | 848,000 | 1,192,273 | |||||||
Sabre GLBL, Inc. | |||||||||
4.00% due 04/15/251,3 | 718,000 | 1,190,436 | |||||||
ADM Ag Holding Ltd. | |||||||||
due 08/26/231,4 | 1,000,000 | 1,182,872 | |||||||
Nexi SpA | |||||||||
1.75% due 04/24/271 | EUR 800,000 | 1,121,921 | |||||||
Bridgebio Pharma, Inc. | |||||||||
2.25% due 02/01/291,3 | 1,149,000 | 1,116,009 | |||||||
NeoGenomics, Inc. | |||||||||
0.25% due 01/15/281 | 1,017,000 | 1,097,179 | |||||||
Insmed, Inc. | |||||||||
1.75% due 01/15/251 | 865,000 | 1,050,035 | |||||||
QIAGEN N.V. | |||||||||
1.00% due 11/13/241 | 800,000 | 1,046,168 | |||||||
Repay Holdings Corp. | |||||||||
due 02/01/261,3,4 | 1,031,000 | 1,034,171 | |||||||
Just Eat Takeaway.com N.V. | |||||||||
1.25% due 04/30/261 | EUR 700,000 | 973,360 | |||||||
Neurocrine Biosciences, Inc. | |||||||||
2.25% due 05/15/241 | 607,000 | 913,629 | |||||||
Menicon Company Ltd. | |||||||||
due 01/29/251,4 | JPY 70,000,000 | 729,619 | |||||||
GN Store Nord A/S | |||||||||
due 05/21/241,4 | EUR 500,000 | 704,435 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Face | |||||||||
Amount~ | Value | ||||||||
CONVERTIBLE BONDS†† - 72.3% (continued) | |||||||||
Consumer, Non-cyclical - 13.7% (continued) | |||||||||
Ocado Group plc | |||||||||
0.75% due 01/18/271 | GBP 400,000 | $ | 699,513 | ||||||
Total Consumer, Non-cyclical | 91,169,372 | ||||||||
Consumer, Cyclical - 11.0% | |||||||||
Southwest Airlines Co. | |||||||||
1.25% due 05/01/251 | 7,711,000 | 10,901,426 | |||||||
Royal Caribbean Cruises Ltd. | |||||||||
4.25% due 06/15/231,3 | 7,760,000 | 9,464,124 | |||||||
2.88% due 11/15/231,3 | 1,222,000 | 1,387,572 | |||||||
Burlington Stores, Inc. | |||||||||
2.25% due 04/15/251,3 | 6,103,000 | 8,197,961 | |||||||
Tesla, Inc. | |||||||||
2.00% due 05/15/241 | 627,000 | 8,008,613 | |||||||
NCL Corporation Ltd. | |||||||||
5.38% due 08/01/251,3 | 4,298,000 | 6,657,602 | |||||||
Live Nation Entertainment, Inc. | |||||||||
2.00% due 02/15/251,3 | 4,000,000 | 4,121,823 | |||||||
Carnival Corp. | |||||||||
5.75% due 04/01/233 | 1,500,000 | 3,159,750 | |||||||
NIO, Inc. | |||||||||
0.50% due 02/01/271,3 | 1,315,000 | 1,323,323 | |||||||
due 02/01/261,3,4 | 1,241,000 | 1,281,858 | |||||||
Zhongsheng Group Holdings Ltd. | |||||||||
due 05/21/254 | HKD 13,000,000 | 2,092,698 | |||||||
Marriott Vacations Worldwide Corp. | |||||||||
1.50% due 09/15/221 | 892,000 | 975,492 | |||||||
due 01/15/263,4 | 831,000 | 839,310 | |||||||
Zalando SE | |||||||||
0.05% due 08/06/251 | EUR 1,000,000 | 1,615,537 | |||||||
ANLLIAN Capital Ltd. | |||||||||
due 02/05/251,4 | EUR 1,000,000 | 1,557,502 | |||||||
Harvest International Co. | |||||||||
due 11/21/224 | HKD 7,000,000 | 1,535,701 | |||||||
Huazhu Group Ltd. | |||||||||
3.00% due 05/01/261,3 | 941,000 | 1,278,819 | |||||||
adidas AG | |||||||||
0.05% due 09/12/231 | EUR 800,000 | 1,177,564 | |||||||
Vail Resorts, Inc. | |||||||||
due 01/01/261,3,4 | 1,142,000 | 1,156,275 | |||||||
National Vision Holdings, Inc. | |||||||||
2.50% due 05/15/251,3 | 628,000 | 1,034,945 | |||||||
Deutsche Lufthansa AG | |||||||||
2.00% due 11/17/251 | EUR 700,000 | 955,756 | |||||||
Bloomin’ Brands, Inc. | |||||||||
5.00% due 05/01/251,3 | 424,000 | 835,280 | |||||||
RH | |||||||||
due 09/15/241,3,4 | 358,000 | 822,639 | |||||||
Singapore Airlines Ltd. | |||||||||
1.63% due 12/03/25 | SGD 1,000,000 | 801,028 | |||||||
Sony Corp. | |||||||||
due 09/30/224 | JPY 40,000,000 | 770,715 | |||||||
Dufry One BV | |||||||||
1.00% due 05/04/231 | CHF 400,000 | 698,566 |
Air Canada | |||||||||
4.00% due 07/01/251,3 | 469,000 | 639,013 | |||||||
Total Consumer, Cyclical | 73,290,892 | ||||||||
Industrial - 4.2% | |||||||||
KBR, Inc. | |||||||||
2.50% due 11/01/231 | 3,283,000 | 4,306,886 | |||||||
Kaman Corp. | |||||||||
3.25% due 05/01/24 | 2,500,000 | 2,753,003 | |||||||
Scorpio Tankers, Inc. | |||||||||
3.00% due 05/15/22 | 2,793,000 | 2,716,036 | |||||||
Middleby Corp. | |||||||||
1.00% due 09/01/251,3 | 1,950,000 | 2,458,219 | |||||||
Sika A.G. | |||||||||
0.15% due 06/05/25 | CHF 1,420,000 | 2,173,649 | |||||||
Cellnex Telecom S.A. | |||||||||
1.50% due 01/16/261 | EUR 700,000 | 1,392,715 | |||||||
0.50% due 07/05/281 | EUR 400,000 | 633,796 | |||||||
Chart Industries, Inc. | |||||||||
1.00% due 11/15/241,3 | 944,000 | 2,012,346 | |||||||
Safran S.A. | |||||||||
0.88% due 05/15/271 | 9,870 | ** | 1,595,327 | ||||||
Asia Cement Corp. | |||||||||
due 09/21/234 | 1,227,000 | 1,506,143 | |||||||
Vinci S.A. | |||||||||
0.38% due 02/16/221 | 1,200,000 | 1,327,002 | |||||||
MINEBEA MITSUMI, Inc. | |||||||||
due 08/03/221,4 | JPY 100,000,000 | 1,176,513 | |||||||
Taiwan Cement Corp. | |||||||||
due 12/10/234 | 700,000 | 967,050 | |||||||
Zhen Ding Technology Holding Ltd. | |||||||||
due 06/30/251,4 | 800,000 | 854,000 | |||||||
II-VI, Inc. | |||||||||
0.25% due 09/01/221 | 414,000 | 761,366 | |||||||
Nagoya Railroad Company Ltd. | |||||||||
due 12/11/241,4 | JPY 60,000,000 | 618,081 | |||||||
Prysmian SpA | |||||||||
due 02/02/264 | EUR 400,000 | 488,732 | |||||||
Total Industrial | 27,740,864 | ||||||||
Energy - 3.5% | |||||||||
Pioneer Natural Resources Co. | |||||||||
0.25% due 05/15/251,3 | 6,919,000 | 9,576,680 | |||||||
Sunrun, Inc. | |||||||||
due 02/01/261,3,4 | 6,212,000 | 6,326,069 | |||||||
CNX Resources Corp. | |||||||||
2.25% due 05/01/261,3 | 3,878,000 | 4,848,267 | |||||||
SolarEdge Technologies, Inc. | |||||||||
due 09/15/251,3,4 | 855,000 | 1,136,722 | |||||||
RAG-Stiftung | |||||||||
due 06/17/261,4 | EUR 800,000 | 1,105,336 | |||||||
NextEra Energy Partners, LP | |||||||||
due 11/15/251,3,4 | 477,000 | 550,163 | |||||||
Total Energy | 23,543,237 | ||||||||
Financial - 3.0% | |||||||||
Pebblebrook Hotel Trust | |||||||||
1.75% due 12/15/261 | 2,747,000 | 2,936,766 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Face | |||||||||
Amount~ | Value | ||||||||
CONVERTIBLE BONDS†† - 72.3% (continued) | |||||||||
Financial - 3.0% (continued) | |||||||||
LendingTree, Inc. | |||||||||
0.50% due 07/15/251,3 | 1,624,000 | $ | 1,674,120 | ||||||
0.63% due 06/01/22 | 756,000 | 1,227,028 | |||||||
JPMorgan Chase Bank North America | |||||||||
due 09/18/221,4 | EUR 1,100,000 | 1,630,016 | |||||||
0.13% due 01/01/231,3 | 735,000 | 890,728 | |||||||
SBI Holdings, Inc. | |||||||||
due 07/25/251,4 | JPY 200,000,000 | 2,143,502 | |||||||
AXA S.A. | |||||||||
7.25% due 05/15/211,3 | 1,776,000 | 2,010,390 | |||||||
Redfin Corp. | |||||||||
due 10/15/251,3,4 | 1,178,000 | 1,448,677 | |||||||
Smart Insight International Ltd. | |||||||||
4.50% due 12/05/23 | HKD 8,000,000 | 1,179,285 | |||||||
Deutsche Wohnen SE | |||||||||
0.33% due 07/26/241 | EUR 800,000 | 1,069,705 | |||||||
Summit Hotel Properties, Inc. | |||||||||
1.50% due 02/15/261 | 1,077,000 | 1,064,877 | |||||||
LEG Immobilien AG | |||||||||
0.88% due 09/01/251 | EUR 600,000 | 878,052 | |||||||
ESR Cayman Ltd. | |||||||||
1.50% due 09/30/251 | 714,000 | 800,215 | |||||||
Best Path Global Ltd. | |||||||||
due 05/18/214 | HKD 3,000,000 | 616,517 | |||||||
PRA Group, Inc. | |||||||||
3.50% due 06/01/23 | 281,000 | 287,238 | |||||||
Total Financial | 19,857,116 | ||||||||
Basic Materials - 1.5% | |||||||||
SSR Mining, Inc. | |||||||||
2.50% due 04/01/391 | 3,333,000 | 4,280,822 | |||||||
Allegheny Technologies, Inc. | |||||||||
3.50% due 06/15/251,3 | 3,000,000 | 4,161,131 | |||||||
Osisko Gold Royalties Ltd. | |||||||||
4.00% due 12/31/22 | CAD 1,300,000 | 1,033,426 | |||||||
Brenntag Finance BV | |||||||||
1.88% due 12/02/221 | 750,000 | 830,325 | |||||||
Total Basic Materials | 10,305,704 | ||||||||
Utilities - 0.9% | |||||||||
Electricite de France S.A. | |||||||||
due 09/14/241,4 | 202,000 | ** | 3,413,651 | ||||||
CenterPoint Energy, Inc. | |||||||||
4.57% due 09/15/291 | 41,637 | ** | 2,494,056 | ||||||
Total Utilities | 5,907,707 | ||||||||
Total Convertible Bonds | |||||||||
(Cost $397,368,402) | 481,556,096 | ||||||||
CORPORATE BONDS†† - 42.6% | |||||||||
Consumer, Cyclical - 9.3% | |||||||||
Ford Motor Co. | |||||||||
7.45% due 07/16/311 | 4,055,000 | 5,187,866 | |||||||
QVC, Inc. | |||||||||
4.75% due 02/15/271 | 3,154,000 | 3,387,396 | |||||||
Scientific Games International, Inc. | |||||||||
7.25% due 11/15/291,3 | 2,886,000 | 3,114,542 |
Churchill Downs, Inc. | |||||||||
4.75% due 01/15/281,3 | 1,479,000 | 1,541,584 | |||||||
5.50% due 04/01/271,3 | 1,376,000 | 1,440,053 | |||||||
Hilton Domestic Operating Company, Inc. | |||||||||
4.88% due 01/15/301 | 2,761,000 | 2,981,328 | |||||||
Royal Caribbean Cruises Ltd. | |||||||||
10.88% due 06/01/231,3 | 2,586,000 | 2,920,564 | |||||||
Staples, Inc. | |||||||||
10.75% due 04/15/271,3 | 2,983,000 | 2,896,791 | |||||||
Sally Holdings LLC / Sally Capital, Inc. | |||||||||
5.63% due 12/01/251 | 2,635,000 | 2,715,697 | |||||||
99 Escrow Issuer, Inc. | |||||||||
7.50% due 01/15/261,3 | 2,711,000 | 2,641,531 | |||||||
Wolverine World Wide, Inc. | |||||||||
5.00% due 09/01/261,3 | 2,561,000 | 2,626,626 | |||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | |||||||||
10.50% due 02/15/231,3 | 2,546,000 | 2,603,017 | |||||||
Hanesbrands, Inc. | |||||||||
5.38% due 05/15/251,3 | 2,400,000 | 2,556,000 | |||||||
Delta Air Lines, Inc. | |||||||||
2.90% due 10/28/241 | 2,584,000 | 2,539,616 | |||||||
Tenneco, Inc. | |||||||||
5.00% due 07/15/261 | 1,688,000 | 1,560,345 | |||||||
7.88% due 01/15/291,3 | 647,000 | 729,091 | |||||||
Cooper-Standard Automotive, Inc. | |||||||||
5.63% due 11/15/261,3 | 2,506,000 | 2,287,477 | |||||||
American Airlines, Inc. | |||||||||
11.75% due 07/15/251,3 | 1,937,000 | 2,250,019 | |||||||
Macy’s, Inc. | |||||||||
8.38% due 06/15/251,3 | 1,898,000 | 2,104,768 | |||||||
Six Flags Theme Parks, Inc. | |||||||||
7.00% due 07/01/251,3 | 1,930,000 | 2,083,194 | |||||||
FirstCash, Inc. | |||||||||
4.63% due 09/01/281,3 | 1,968,000 | 2,043,620 | |||||||
American Greetings Corp. | |||||||||
8.75% due 04/15/251,3 | 1,931,000 | 1,991,141 | |||||||
Michaels Stores, Inc. | |||||||||
8.00% due 07/15/271,3 | 1,815,000 | 1,948,203 | |||||||
Ford Motor Credit Company LLC | |||||||||
3.81% due 01/09/241 | 1,792,000 | 1,854,720 | |||||||
NCL Corporation Ltd. | |||||||||
10.25% due 02/01/261,3 | 1,291,000 | 1,494,332 | |||||||
Tempur Sealy International, Inc. | |||||||||
5.63% due 10/15/231 | 1,110,000 | 1,126,650 | |||||||
Golden Nugget, Inc. | |||||||||
6.75% due 10/15/241,3 | 641,000 | 643,276 | |||||||
Burlington Coat Factory Warehouse Corp. | |||||||||
6.25% due 04/15/251,3 | 460,000 | 492,775 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Face | |||||||||
Amount~ | Value | ||||||||
CORPORATE BONDS†† - 42.6% (continued) | |||||||||
Consumer, Cyclical - 9.3% (continued) | |||||||||
PetSmart Inc. | |||||||||
4.75% due 02/15/283 | 163,000 | $ | 165,852 | ||||||
Total Consumer, Cyclical | 61,928,074 | ||||||||
Communications - 7.3% | |||||||||
Twitter, Inc. | |||||||||
3.88% due 12/15/271,3 | 4,000,000 | 4,214,840 | |||||||
Altice France Holding S.A. | |||||||||
10.50% due 05/15/271,3 | 3,069,000 | 3,446,871 | |||||||
CSC Holdings LLC | |||||||||
6.50% due 02/01/291,3 | 2,709,000 | 3,018,842 | |||||||
Photo Holdings Merger Sub, Inc. | |||||||||
8.50% due 10/01/261,3 | 2,808,000 | 2,967,270 | |||||||
Hughes Satellite Systems Corp. | |||||||||
5.25% due 08/01/261 | 1,955,000 | 2,173,813 | |||||||
6.63% due 08/01/261 | 652,000 | 738,631 | |||||||
Embarq Corp. | |||||||||
8.00% due 06/01/36 | 2,306,000 | 2,838,283 | |||||||
Plantronics, Inc. | |||||||||
5.50% due 05/31/231,3 | 2,733,000 | 2,751,762 | |||||||
Avaya, Inc. | |||||||||
6.13% due 09/15/281,3 | 2,516,000 | 2,684,258 | |||||||
Entercom Media Corp. | |||||||||
6.50% due 05/01/271,3 | 2,598,000 | 2,672,199 | |||||||
Nexstar Broadcasting, Inc. | |||||||||
4.75% due 11/01/281,3 | 2,586,000 | 2,668,429 | |||||||
Beasley Mezzanine Holdings LLC | |||||||||
8.63% due 02/01/263 | 2,608,000 | 2,627,560 | |||||||
VeriSign, Inc. | |||||||||
4.63% due 05/01/231 | 2,554,000 | 2,577,127 | |||||||
Sprint Capital Corp. | |||||||||
6.88% due 11/15/281 | 1,955,000 | 2,518,641 | |||||||
Match Group Holdings II LLC | |||||||||
4.63% due 06/01/281,3 | 2,249,000 | 2,369,782 | |||||||
Meredith Corp. | |||||||||
6.88% due 02/01/261 | 2,335,000 | 2,365,413 | |||||||
MDC Partners, Inc. | |||||||||
7.50% due 05/01/241,3 | 2,283,000 | 2,332,107 | |||||||
Urban One, Inc. | |||||||||
7.38% due 02/01/281,3 | 1,956,000 | 1,994,553 | |||||||
Sirius XM Radio, Inc. | |||||||||
5.50% due 07/01/291,3 | 1,392,000 | 1,520,335 | |||||||
Scripps Escrow II, Inc. | |||||||||
3.88% due 01/15/291,3 | 325,000 | 325,609 | |||||||
5.38% due 01/15/311,3 | 162,000 | 163,924 | |||||||
Total Communications | 48,970,249 | ||||||||
Energy - 7.3% | |||||||||
Occidental Petroleum Corp. | |||||||||
3.40% due 04/15/261 | 7,361,000 | 7,119,412 | |||||||
6.13% due 01/01/311 | 1,955,000 | 2,147,421 | |||||||
Parkland Corp. | |||||||||
5.88% due 07/15/271,3 | 3,040,000 | 3,258,500 | |||||||
Genesis Energy Limited Partnership / Genesis Energy Finance Corp. | |||||||||
7.75% due 02/01/281 | 3,148,000 | 2,923,705 | |||||||
8.00% due 01/15/271 | 162,000 | 154,204 |
Indigo Natural Resources LLC | |||||||||
5.38% due 02/01/293 | 2,933,000 | 2,903,670 | |||||||
Endeavor Energy Resources Limited Partnership / EER Finance, Inc. | |||||||||
6.63% due 07/15/251,3 | 2,672,000 | 2,858,198 | |||||||
Hilcorp Energy I Limited Partnership / Hilcorp Finance Co. | |||||||||
6.25% due 11/01/281,3 | 1,948,000 | 2,061,880 | |||||||
6.00% due 02/01/311,3 | 326,000 | 331,501 | |||||||
5.75% due 02/01/291,3 | 326,000 | 329,121 | |||||||
Tallgrass Energy Partners Limited Partnership / Tallgrass Energy Finance Corp. | |||||||||
6.00% due 03/01/271,3 | 2,672,000 | 2,705,400 | |||||||
Comstock Resources, Inc. | |||||||||
9.75% due 08/15/261 | 2,495,000 | 2,660,294 | |||||||
PBF Holding Company LLC / PBF Finance Corp. | |||||||||
9.25% due 05/15/251,3 | 2,607,000 | 2,518,558 | |||||||
ChampionX Corp. | |||||||||
6.38% due 05/01/261 | 2,217,000 | 2,333,526 | |||||||
Harvest Midstream I, LP | |||||||||
7.50% due 09/01/281,3 | 2,202,000 | 2,318,155 | |||||||
Ovintiv, Inc. | |||||||||
7.38% due 11/01/311 | 1,614,000 | 2,056,981 | |||||||
Aethon United BR Limited Partnership / Aethon United Finance Corp. | |||||||||
8.25% due 02/15/263 | 1,956,000 | 2,004,900 | |||||||
Apache Corp. | |||||||||
4.88% due 11/15/271 | 1,931,000 | 1,986,999 | |||||||
Calumet Specialty Products Partners Limited Partnership / Calumet Finance Corp. | |||||||||
11.00% due 04/15/253 | 1,971,000 | 1,956,198 | |||||||
Alliance Resource Operating Partners Limited Partnership / Alliance Resource Finance Corp. | |||||||||
7.50% due 05/01/253 | 1,757,000 | 1,552,749 | |||||||
PBF Logistics Limited Partnership / PBF Logistics Finance Corp. | |||||||||
6.88% due 05/15/231 | 1,536,000 | 1,448,640 | |||||||
Laredo Petroleum, Inc. | |||||||||
10.13% due 01/15/281 | 652,000 | 568,544 | |||||||
9.50% due 01/15/251 | 652,000 | 562,233 | |||||||
Total Energy | 48,760,789 | ||||||||
Consumer, Non-cyclical - 6.6% | |||||||||
Land O’Lakes Capital Trust I | |||||||||
7.45% due 03/15/281,3 | 3,402,000 | 4,031,370 | |||||||
HCA, Inc. | |||||||||
5.63% due 09/01/281 | 1,940,000 | 2,275,513 | |||||||
7.69% due 06/15/251 | 1,112,000 | 1,342,623 | |||||||
Tenet Healthcare Corp. | |||||||||
5.13% due 11/01/271,3 | 3,378,000 | 3,572,235 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Face | |||||||||
Amount~ | Value | ||||||||
CORPORATE BONDS†† - 42.6% (continued) | |||||||||
Consumer, Non-cyclical - 6.6% (continued) | |||||||||
Horizon Therapeutics USA, Inc. | |||||||||
5.50% due 08/01/271,3 | 3,230,000 | $ | 3,445,409 | ||||||
Bausch Health Companies, Inc. | |||||||||
7.25% due 05/30/291,3 | 2,920,000 | 3,260,720 | |||||||
HLF Financing SARL LLC / Herbalife International, Inc. | |||||||||
7.25% due 08/15/261,3 | 2,776,000 | 2,935,620 | |||||||
Herbalife Nutrition Ltd. / HLF Financing, Inc. | |||||||||
7.88% due 09/01/251,3 | 2,635,000 | 2,875,444 | |||||||
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A. | |||||||||
7.25% due 02/01/281,3 | 2,623,000 | 2,811,528 | |||||||
Brink’s Co. | |||||||||
4.63% due 10/15/271,3 | 2,665,000 | 2,785,005 | |||||||
MEDNAX, Inc. | |||||||||
6.25% due 01/15/271,3 | 2,573,000 | 2,756,378 | |||||||
ASGN, Inc. | |||||||||
4.63% due 05/15/281,3 | 2,608,000 | 2,700,871 | |||||||
Emergent BioSolutions, Inc. | |||||||||
3.88% due 08/15/281,3 | 2,382,000 | 2,449,685 | |||||||
United Natural Foods, Inc. | |||||||||
6.75% due 10/15/281,3 | 2,262,000 | 2,395,345 | |||||||
Korn Ferry | |||||||||
4.63% due 12/15/271,3 | 2,109,000 | 2,225,522 | |||||||
Nielsen Finance LLC / Nielsen Finance Co. | |||||||||
5.63% due 10/01/281,3 | 1,931,000 | 2,070,611 | |||||||
Total Consumer, Non-cyclical | 43,933,879 | ||||||||
Financial - 3.1% | |||||||||
Iron Mountain, Inc. | |||||||||
5.25% due 07/15/301,3 | 3,218,000 | 3,423,147 | |||||||
NMI Holdings, Inc. | |||||||||
7.38% due 06/01/251,3 | 2,972,000 | 3,347,794 | |||||||
OneMain Finance Corp. | |||||||||
6.63% due 01/15/281 | 2,618,000 | 3,060,939 | |||||||
Advisor Group Holdings, Inc. | |||||||||
10.75% due 08/01/271,3 | 2,510,000 | 2,793,467 | |||||||
Credit Acceptance Corp. | |||||||||
6.63% due 03/15/261 | 2,512,000 | 2,672,140 | |||||||
GMAC, Inc. | |||||||||
8.00% due 11/01/311 | 1,764,000 | 2,560,165 | |||||||
Radian Group, Inc. | |||||||||
4.88% due 03/15/271 | 1,647,000 | 1,780,819 | |||||||
AG Issuer LLC | |||||||||
6.25% due 03/01/281,3 | 764,000 | 800,206 | |||||||
Total Financial | 20,438,677 | ||||||||
Basic Materials - 3.1% | |||||||||
Alcoa Nederland Holding BV | |||||||||
6.75% due 09/30/241,3 | 4,000,000 | 4,157,500 | |||||||
Commercial Metals Co. | |||||||||
4.88% due 05/15/231 | 3,000,000 | 3,168,435 | |||||||
First Quantum Minerals Ltd. | |||||||||
6.88% due 10/15/273 | 2,837,000 | 3,063,761 | |||||||
Valvoline, Inc. | |||||||||
4.25% due 02/15/303 | 2,818,000 | 2,949,037 |
Compass Minerals International, Inc. | |||||||||
6.75% due 12/01/271,3 | 2,141,000 | 2,299,841 | |||||||
Ingevity Corp. | |||||||||
3.88% due 11/01/281,3 | 2,223,000 | 2,232,970 | |||||||
Alcoa Nederland Holding B.V. | |||||||||
5.50% due 12/15/271,3 | 1,976,000 | 2,129,397 | |||||||
Infrabuild Australia PTY | |||||||||
12.00% due 10/01/243 | 386,000 | 411,329 | |||||||
Total Basic Materials | 20,412,270 | ||||||||
Technology - 2.9% | |||||||||
Seagate HDD Cayman | |||||||||
5.75% due 12/01/341 | 3,272,000 | 3,879,365 | |||||||
Amkor Technology, Inc. | |||||||||
6.63% due 09/15/271,3 | 3,000,000 | 3,270,000 | |||||||
Unisys Corp. | |||||||||
6.88% due 11/01/271,3 | 2,896,000 | 3,214,560 | |||||||
CDK Global, Inc. | |||||||||
4.88% due 06/01/271 | 2,570,000 | 2,706,519 | |||||||
ams AG | |||||||||
7.00% due 07/31/251,3 | 2,447,000 | 2,693,229 | |||||||
Everi Payments, Inc. | |||||||||
7.50% due 12/15/251,3 | 2,530,000 | 2,621,447 | |||||||
Alteryx, Inc. | |||||||||
1.00% due 08/01/261 | 1,036,000 | 1,111,456 | |||||||
Total Technology | 19,496,576 | ||||||||
Industrial - 1.6% | |||||||||
MasTec, Inc. | |||||||||
4.50% due 08/15/281,3 | 3,268,000 | 3,446,269 | |||||||
EnerSys | |||||||||
4.38% due 12/15/271,3 | 2,720,000 | 2,901,016 | |||||||
GFL Environmental, Inc. | |||||||||
3.50% due 09/01/281,3 | 2,598,000 | 2,568,773 | |||||||
Watco Companies LLC / Watco Finance Corp. | |||||||||
6.50% due 06/15/271,3 | 1,619,000 | 1,739,413 | |||||||
Total Industrial | 10,655,471 | ||||||||
Utilities - 1.2% | |||||||||
NRG Energy, Inc. | |||||||||
5.25% due 06/15/291,3 | 2,598,000 | 2,863,814 | |||||||
Talen Energy Supply LLC | |||||||||
7.25% due 05/15/271,3 | 2,248,000 | 2,381,059 | |||||||
7.63% due 06/01/281,3 | 333,000 | 359,432 | |||||||
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp. | |||||||||
5.75% due 05/20/271 | 2,230,000 | 2,542,356 | |||||||
Total Utilities | 8,146,661 | ||||||||
Diversified - 0.2% | |||||||||
VistaJet Malta Finance plc / XO Management Holding, Inc. | |||||||||
10.50% due 06/01/241,3 | 1,294,000 | 1,326,350 | |||||||
Total Corporate Bonds | |||||||||
(Cost $268,428,320) | 284,068,996 |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
Face | |||||||||
Amount~ | Value | ||||||||
SENIOR FLOATING RATE INTERESTS††,5 - 0.4% | |||||||||
Consumer, Cyclical - 0.4% | |||||||||
Intrawest Resorts Holdings, Inc. | |||||||||
2.90% (1 Month USD LIBOR + 2.75%, Rate Floor: 0.00%) due 07/31/24 | 2,369,852 | $ | 2,361,344 | ||||||
Total Senior Floating Rate Interests | |||||||||
(Cost $2,367,515) | 2,361,344 |
Total Investments - 150.3% | ||||||||
(Cost $873,960,349) | $ | 1,000,825,432 | ||||||
Other Assets & Liabilities, net - (50.3)% | (334,794,274 | ) | ||||||
Total Net Assets - 100.0% | $ | 666,031,158 |
Forward Foreign Currency Exchange Contracts†† | ||||||||||||||||||
Counterparty | Contracts to Sell | Currency | Settlement Date | Settlement Value | Value at January 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||
Bank of New York Mellon | 577,621,600 | JPY | 03/11/21 | $ | 5,557,368 | $ | 5,519,196 | $ | 38,172 | |||||||||
Bank of New York Mellon | 2,516,960 | CHF | 03/11/21 | 2,842,099 | 2,832,530 | 9,569 | ||||||||||||
Bank of New York Mellon | 72,451,530 | HKD | 03/11/21 | 9,345,676 | 9,344,355 | 1,321 | ||||||||||||
Bank of New York Mellon | 1,083,340 | SGD | 03/11/21 | 811,070 | 816,297 | (5,227 | ) | |||||||||||
Bank of New York Mellon | 3,806,916 | CAD | 03/11/21 | 2,973,363 | 2,980,396 | (7,033 | ) | |||||||||||
Bank of New York Mellon | 23,710,485 | EUR | 03/11/21 | 28,808,373 | 28,830,486 | (22,113 | ) | |||||||||||
Bank of New York Mellon | 964,926 | GBP | 03/11/21 | 1,299,360 | 1,325,307 | (25,947 | ) | |||||||||||
$ | (11,258 | ) | ||||||||||||||||
Counterparty | Contracts to Buy | Currency | Settlement Date | Settlement Value | Value at January 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||
Bank of New York Mellon | 516,147 | GBP | 03/11/21 | $ | 686,397 | $ | 708,917 | $ | 22,520 | |||||||||
Bank of New York Mellon | 1,222,528 | EUR | 03/11/21 | 1,486,582 | 1,486,519 | (63 | ) | |||||||||||
Bank of New York Mellon | 17,680,490 | HKD | 03/11/21 | 2,280,492 | 2,280,322 | (170 | ) | |||||||||||
$ | 22,287 |
~ | 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 January 31, 2021, the total value of securities segregated was $826,434,022. |
2 | Rate indicated is the 7-day yield as of January 31, 2021. |
3 | 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 $461,281,828 (cost $411,517,531), or 69.3% of total net assets. |
Advent Convertible and Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
4 | Zero coupon rate security. |
5 | Variable rate security. Rate indicated is the rate effective at January 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 | |
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 January 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 | $ | 77,016,948 | $ | — | $ | — | $ | 77,016,948 | ||||||||
Convertible Preferred Stocks | 116,945,495 | — | — | 116,945,495 | ||||||||||||
Money Market Fund | 38,876,553 | — | — | 38,876,553 | ||||||||||||
Convertible Bonds | — | 481,556,096 | — | 481,556,096 | ||||||||||||
Corporate Bonds | — | 284,068,996 | — | 284,068,996 | ||||||||||||
Senior Floating Rate Interests | — | 2,361,344 | — | 2,361,344 | ||||||||||||
Forward Foreign Currency Exchange Contracts** | — | 71,582 | — | 71,582 | ||||||||||||
Total Assets | $ | 232,838,996 | $ | 768,058,018 | $ | — | $ | 1,000,897,014 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Forward Foreign Currency Exchange Contracts** | $ | — | $ | 60,553 | $ | — | $ | 60,553 |
** 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 $156,030,060 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, 2021. |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | January 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 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 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,
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | January 31, 2021 |
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 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. Over-the-counter (“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 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 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) | January 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) | January 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. A significant portion of the Fund’s assets and liabilities are categorized as Level 2, as indicated in this report.
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 January 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) | |||||||||||
$ | 875,906,048 | $ | 128,995,430 | $ | (4,065,017 | ) | $ | 124,930,413 |
Note 5 – COVID-19 and Recent Developments
The global ongoing crisis caused by the outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting 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 health conditions all over 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 contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational risks.
OTHER INFORMATION (Unaudited) | January 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.