<SEC-DOCUMENT>0001528621-20-001361.txt : 20200702
<SEC-HEADER>0001528621-20-001361.hdr.sgml : 20200702
<ACCEPTANCE-DATETIME>20200702153810
ACCESSION NUMBER:		0001528621-20-001361
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20200430
FILED AS OF DATE:		20200702
DATE AS OF CHANGE:		20200702
EFFECTIVENESS DATE:		20200702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT CONVERTIBLE & INCOME FUND
		CENTRAL INDEX KEY:			0001219120
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21309
		FILM NUMBER:		201008990

	BUSINESS ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
		DATE OF NAME CHANGE:	20030219
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>gug80030-ncsr.htm
<DESCRIPTION>AVK
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION<br>
      Washington, D.C. 20549</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FORM N-CSR</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',Times,serif;">Investment Company Act file number</font><u>&#160; </u><font style="font-family: 'Times New Roman',Times,serif;"><u>811-21309</u></font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;"><u>&#160;Advent Convertible and Income Fund</u></font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        (Exact name of registrant as specified in charter)</font></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><br>
      <u></u></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><u> 888 Seventh Ave, 31st Floor, New York, NY 10019</u><br>
      (Address of principal executive offices) (Zip code)</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Robert White, Treasurer</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>888 Seventh Ave, 31st Floor, New York, NY 10019</u></font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        (Name and address of agent for service)</font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',Times,serif;">Registrant's telephone number, including area code:</font><font style="font-family: 'Times New Roman',Times,serif;"><u>&#160;&#160; (212) 482-1600</u></font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Date of fiscal year end:<u>&#160; October 31</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Date of reporting period:<u> November 1, 2019 - April 30, 2020</u></div>
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        <div style="margin-bottom: 12pt; font-weight: bold;">Item 1.&#160; Reports to Stockholders.</div>
        <div style="margin-bottom: 12pt;">The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), is as follows:</div>
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    <div style="margin-bottom: 6pt; font-family: Arial; font-size: 18pt;">GUGGENHEIMINVESTMENTS.COM/AVK</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-size: 14pt;">...YOUR BRIDGE TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT THE ADVENT</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-size: 14pt;">CONVERTIBLE AND INCOME FUND</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The shareholder report you are reading right now is just the beginning of the story.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Online at <font style="font-weight: bold;">guggenheiminvestments.com/avk</font>, you will find:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48449681728742cfb98c31933c006b9d">

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              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Daily, weekly and monthly data on share prices, net asset values, dividends and more</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z829968d55b044f228d168855258eda97">

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              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
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              <div style="margin-bottom: 6pt;">Portfolio overviews and performance analyses</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f270657a8bc468bbb16244307fc900f">

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              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
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              <div style="margin-bottom: 6pt;">Announcements, press releases and special notices</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2210e16275e54aaab6e71a61f8c07128">

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              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
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              <div style="margin-bottom: 6pt;">Fund and adviser contact information</div>
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    </div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent Capital Management and Guggenheim Investments are continually updating and expanding shareholder information services on the Fund&#8217;s website in an ongoing effort to provide you with the most
      current information about how your Fund&#8217;s assets are managed and the results of our efforts. It is just one more small way we are working to keep you better informed about your investment in the Fund.</div>
    <div style="margin-bottom: 6pt;"><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za5e6cbc3c9cd4a86b2f12804a8c285d3">

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          <td style="width: 51.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">(Unaudited)</font>&#160;</div>
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          <td style="width: 48.49%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">DEAR SHAREHOLDER</div>
    <div style="margin-bottom: 6pt;"><img src="image_002.jpg" alt=""></div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Tracy V. Maitland</font><br>
      <font style="font-style: italic;">President and Chief Executive Officer</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">We thank you for your investment in the Advent Convertible and Income Fund (the &#8220;Fund&#8221; or &#8220;AVK&#8221;). This report covers the Fund&#8217;s performance for the six months ended April 30, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent Capital Management, LLC (&#8220;Advent&#8221; or the &#8220;Investment Adviser&#8221;) serves as the Fund&#8217;s Investment Adviser. Based in New York, New York, with additional investment personnel in London, England,
      Advent is a credit-oriented firm specializing in the management of global convertible, high-yield and equity securities across three lines of business&#8212;long-only strategies, hedge funds and closed-end funds. As of April 30, 2020, Advent managed
      approximately $7.9 billion in assets.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Guggenheim Funds Distributors, LLC (the &#8220;Servicing Agent&#8221;) serves as the servicing agent to the Fund. The Servicing Agent is an affiliate of Guggenheim Partners, LLC, a global diversified financial
      services firm.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund&#8217;s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal market conditions, the Fund invests at least 80% of its
      managed assets in a diversified portfolio of convertible securities and non-convertible income securities. Under normal market conditions, the Fund will invest at least 30% of its managed assets in convertible securities and may invest up to 70% of
      its managed assets in non-convertible income securities. The Fund may invest without limitation in foreign securities. The Fund also uses a strategy of writing (selling) covered call options on up to 25% of the securities held in the portfolio, thus
      generating option writing premiums.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">All AVK returns cited&#8212;whether based on net asset value (&#8220;NAV&#8221;) or market price&#8212;assume the reinvestment of all distributions. For the six-month period ended April 30, 2020, the Fund generated a total
      return based on market price of -11.80% and a total return of -12.39% based on NAV. As of April 30, 2020, the Fund&#8217;s market price of $12.39 represented a discount of 9.43% to NAV of $13.68.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Past performance is not a guarantee of future results. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. The market price of the Fund&#8217;s shares
      fluctuates from time to time, and may be higher or lower than the Fund&#8217;s NAV.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund paid a distribution each month of the semi-annual period. The most recent monthly distribution paid on April 30, 2020 of $0.1172, represents an annualized distribution rate of 11.35% based
      upon the last closing market price of $12.39 on April 30, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">There is no guarantee of any future distribution or that the current returns and distribution rate will be maintained. The Fund&#8217;s distribution rate is not constant and the amount of distributions,
      when declared by the Fund&#8217;s Board of Trustees, is subject to change based on the performance of the Fund. Please see the Questions and Answers on page 5 for more information on distributions for the period.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 3</div>
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          <td style="width: 71.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DEAR SHAREHOLDER (Unaudited) continued</font>&#160;</div>
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          <td style="width: 28.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">We encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan (&#8220;DRIP&#8221;), which is described in detail on page 67 of this
      report. When shares trade at a discount to NAV, the DRIP takes advantage of the discount by reinvesting the monthly dividend distribution in common shares of the Fund purchased in the market at a price less than NAV. Conversely, when the market price
      of the Fund&#8217;s common shares is at a premium above NAV, the DRIP reinvests participants&#8217; dividends in newly issued common shares at the greater of NAV per share or 95% of the market price per share. The DRIP provides a cost-effective means to
      accumulate additional shares and enjoy the benefits of compounding returns over time.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund is managed by a team of experienced and seasoned professionals led by myself in my capacity as Chief Investment Officer (as well as President and Founder) of Advent Capital Management, LLC.
      We encourage you to read the following Questions &amp; Answers section, which provides additional information regarding the factors that influenced the Fund&#8217;s performance.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">We thank you for your investment in the Fund and we are honored that you have chosen the Advent Convertible and Income Fund as part of your investment portfolio. For the most up-to-date information
      regarding your investment, including related investment risks, please visit the Fund&#8217;s website at guggenheiminvestments.com/avk.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Sincerely,</div>
    <div style="margin-bottom: 6pt;"><img src="image_003.jpg" alt=""></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Tracy V. Maitland<br>
      <font style="font-style: italic;">President and Chief Executive Officer of the</font><font style="font-style: italic;"><br>
      </font><font style="font-style: italic;">Advent Convertible and Income Fund</font><br>
      May 31, 2020</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">4 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
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            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited)</font>&#160;</div>
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          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">The individuals who are primarily responsible for the day-to-day management of the portfolio (the &#8220;Portfolio Managers&#8221;) of Advent Convertible and Income Fund (the &#8220;Fund&#8221; or &#8220;AVK&#8221;)
      include Tracy Maitland (President and Chief Investment Officer of Advent), Paul Latronica (Managing Director of Advent) and Tony Huang (Director of Advent). Mr. Maitland and Mr. Latronica are portfolio managers and Mr. Huang is an associate portfolio
      manager. The Portfolio Managers are supported by teams of investment professionals who make investment decisions for the Fund&#8217;s core portfolios of convertible bonds, the Fund&#8217;s high yield securities investments and the Fund&#8217;s leverage allocation,
      respectively. In the following interview, the management team discusses the convertible securities and high yield markets and Fund performance for the six-month period ended April 30, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Please describe the Fund&#8217;s objective and management strategies.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund&#8217;s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal market conditions, the Fund invests at least 80% of its
      managed assets in a diversified portfolio of convertible securities and non-convertible income producing securities. Under normal market conditions, the Fund must invest at least 30% of its managed assets in convertible securities and may invest up
      to 70% of its managed assets in nonconvertible income securities. The Fund may invest without limitation in foreign securities.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund also uses a strategy of writing (selling) covered call options on up to 25% of the securities held in the portfolio. The objective of this strategy is to generate current gains from option
      premiums to enhance distributions payable to the holders of common shares. In addition, the Fund may invest in other derivatives, such as put options, forward foreign currency exchange contracts, futures contracts, and swaps.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund uses financial leverage to finance the purchase of additional securities. Although financial leverage may create an opportunity for increased return for shareholders, it also results in
      additional risks and can magnify the effect of any losses. There is no assurance that the strategy will be successful. If income and gains earned on securities purchased with the financial leverage proceeds are greater than the cost of the financial
      leverage, shareholders&#8217; return will be greater than if financial leverage had not been used. Conversely, if the income or gains from the securities purchased with the proceeds of financial leverage are less than the cost of the financial leverage,
      shareholders&#8217; return will be less than if financial leverage had not been used.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Discuss Advent&#8217;s investment approach.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent&#8217;s approach involves core portfolios of convertible bonds that are managed, subject to the Fund&#8217;s investment policies and restrictions, in a manner similar to that of Advent&#8217;s Balanced
      Convertible Strategy and Global Balanced Convertible Strategy, which seek high total returns by investing in a portfolio of U.S.-dollar convertible securities and global convertible securities, respectively, that provide equity-like returns while
      seeking to limit downside risk.</div>
    <div style="font-family: Arial;">
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      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 5</div>
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          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">These core portfolios are supplemented by investments in high yield securities selected in a manner similar to that of Advent&#8217;s High Yield Strategy, which seeks income and total return by investing
      primarily in high yielding corporate credit using fundamental and relative value analysis to identify undervalued securities.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent uses a separate portion of the Fund&#8217;s portfolio to increase or decrease relative overall exposure to convertible securities, high yield securities, and equities. This portion of the Fund&#8217;s
      portfolio incorporates leverage and operates as an asset-allocation tool reflecting Advent&#8217;s conservative management philosophy and its views on the relative value of these three asset classes under changing market conditions.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Please describe the economic and market environment over the last six months.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The period from October 2019 through April 2020 saw two disparate capital markets situations. In the first three months, a continuation of the long bull market appeared at hand as U.S. Gross Domestic
      Product (&#8220;GDP&#8221;) grew 2.1% in the fourth calendar quarter of 2019, similar to the other three quarters of the year. The U.S. Federal Reserve (the &#8220;Fed&#8221;) rate cuts helped boost the economy as industrial production, home construction, and employment all
      showed upside, staving off a manufacturing slowdown that was imported from weakness that began abroad. A Phase One trade deal between the U.S. and China as well as an orderly British exit from the European Union improved sentiment. Rebounding
      purchasing manager indices (&#8220;PMI&#8221;) in Europe and China and an apparent successful soft landing in the U.S. economy gave optimism that 2020 could be a year of accelerating growth. Equity and corporate bond markets marched higher, briefly correcting in
      January as the Chinese government instituted restrictions to contain a novel corona-virus, named coronavirus disease 2019 (&#8220;COVID-19&#8221;), which was first identified in Wuhan, China.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The second three months saw the largest sell-off in over a decade as COVID-19 became a global pandemic with mushrooming cases in February, March, and April, principally in Europe and the U.S. while
      more broadly contained in Asian nations. Civil restrictions on movement curtailed working life and social gatherings in most of the Western world and took economic activity in any industry not deemed essential to a standstill. The interruption of
      global business caused great fear of liquidity seizures among corporations and consumers, leading to plunging equity valuations and panic in corporate bond markets of both capital market liquidity and borrower solvency. Into the fourth week of March,
      selling pressure predominated in virtually every fixed-income market except risk-free developed-market government bonds. At that point, government responses kicked in with central banks promising trillions of market support, led by the Fed's $2.3
      trillion of various bond-buying and loan programs but also an impressive $1 trillion plus of stimulus in Japan. The breadth of the U.S. programs (reaching into new markets such as high-yield exchange traded funds and direct loans to small and medium
      businesses) and containment of COVID-19&#8217;s spread before it overwhelmed health care facilities helped markets recover into the end of April.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Returns for the various asset classes are discussed in sections below, but the six-month period overall was characterized by a four-to-five-week period of plunging securities prices starting in
      mid-February that was deeper than the gradually rising prices in the weeks around it.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">6 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z44e093679e454462affc7a275ad589a7">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">How did the Fund perform in this environment?</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">All AVK returns cited&#8212;whether based on net asset value (&#8220;NAV&#8221;) or market price&#8212;assume the reinvestment of all distributions. For the six-month period ended April 30, 2020, the Fund generated a total
      return based on market price of -11.80% and a total return of -12.39% based on NAV. As of April 30, 2020, the Fund&#8217;s market price of $12.39 represented a discount of 9.43% to NAV of $13.68. As of October 31, 2019, the Fund&#8217;s market price of $14.79
      represented a discount of 9.49% to NAV of $16.34.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Past performance is not a guarantee of future results. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. The market price of the Fund&#8217;s shares
      fluctuates from time to time, and may be higher or lower than the Fund&#8217;s NAV.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">How did other markets perform in this environment for the six-month period ended April 30, 2020?</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z734d5649b868419ba96b049e81ef495c">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Index</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total Return</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bloomberg Barclays U.S. Aggregate Bond Index&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4.86%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ICE Bank of America (&#8220;BofA&#8221;) Merrill Lynch U.S. Convertible Index&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.44%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ICE BofA Merrill Lynch U.S. High Yield Index&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-7.69%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Refinitiv Global Focus Convertible U.S. Dollar Hedged Index&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.85%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Standard &amp; Poor&#8217;s 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174; </sup>(&#8220;S&amp;P 500&#8221;) Index&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-3.17%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">What contributed to performance?</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Various markets listed above had mixed performance in the six-month period ended April 30, 2020. The U.S. equity market performed well relative to its counterparts in foreign countries and the U.S.
      high yield bond market. The U.S. equity strength was particularly noteworthy in growth sectors such as technology and health care and in large-capitalization companies. More value-oriented sectors underperformed, and this trend intensified during the
      COVID-19 pandemic sell-off as investors bemoaned the economic effect on the yield curve, commodities and levered companies in general. This led to negative relative performance in the financial, natural resources, and real estate sectors. The U.S.
      markets continued to outperform in the April rebound as the extent of fiscal and monetary stimulus was not replicated in foreign markets compared to the U.S., with the exception of Japan.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The U.S. convertible market performed better than the S&amp;P 500 Index of U.S. stocks, as its larger exposure to innovative growth companies helped in the context of growth sectors leading the
      market. Offsetting this advantage was the impact of corporate bond spread widening, as markets feared the disruption to earnings streams. This effect was further illustrated by the negative returns in the U.S. high-yield market, which has a greater
      duration than the convertible market and more exposure to cyclical and natural resource segments that suffered in recessionary economic conditions.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In the global convertibles index, foreign returns did not keep up with U.S. ones as there was less in the way of central bank stimulus both before and after the COVID-19 pandemic to catalyze
      securities</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 7</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8c3d811301084773b4fbbe6a24a29f93">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">markets. European returns in particular lagged those of the U.S. equity markets, but all regions with notable issuance of convertible securities (Europe, Asia ex-Japan, Japan) had negative returns,
      while the U.S. market returns were positive.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The five-year U.S. Treasury note, which has a duration most closely matching the high-yield bond universe, fell in yield from 1.52% at October 2019 to 0.36% at April 2020, as the COVID-19 pandemic
      led the Fed to reduce short-term interest rates to zero. The high-yield corporate bond index&#8217;s spread widened from 4.15% to 7.61% as investors priced in more default risk. The greater effect of spread widening than risk-free rate compression led to
      negative returns in the high-yield market.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Please discuss the Fund&#8217;s distributions.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund paid a distribution each month of the semi-annual period. The most recent monthly distribution paid on April 30, 2020 of $0.1172, represents an annualized distribution rate of 11.35% based
      upon the last closing market price of $12.39 on April 30, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund currently anticipates that some of the 2020 distributions will consist of income and some will be a return of capital. A final determination of the tax character of distributions paid by the
      Fund in 2020 will be reported to shareholders in January 2021 on form 1099-DIV.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za215c1cfe12b4a20856373701055a779">

        <tr>
          <td style="width: 85%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Payable Date</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>November 29, 2019&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$0.1172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>December 31, 2019&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$0.1172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>January 31, 2020&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$0.1172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>February 28, 2020&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$0.1172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>March 31, 2020&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$0.1172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>April 30, 2020&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$0.1172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">$0.7032</font>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">There is no guarantee of any future distribution or that the current returns and distribution rate will be maintained. The Fund&#8217;s distribution rate is not constant and the amount of distributions,
      when and if declared by the Fund&#8217;s Board of Trustees, is subject to change based on the performance of the Fund.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">While the Fund generally seeks to pay distributions that will consist primarily of investment company taxable income and net capital gain, because of the nature of the Fund&#8217;s investments and changes
      in market conditions from time to time, or in order to maintain a more stable distribution level over time, the distributions paid by the Fund for any particular period may be more or less than the amount of net investment income from that period. If
      the Fund&#8217;s total distributions in any year exceed the amount of its investment company taxable income and net capital gain for the year, any such excess would generally be characterized as a return of capital for U.S. federal income tax purposes.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">A return of capital distribution is in effect a partial return of the amount a shareholder invested in the Fund. A return of capital does not necessarily reflect the Fund&#8217;s investment performance and
      should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; A return of capital distribution decreases the</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">8 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z97279d3bb6344bcdac558079e49f3d86">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Fund&#8217;s total assets and, therefore, could have the effect of increasing the Fund&#8217;s expense ratio. Please see Note 2(g) on page 44 for more information on distributions for the period.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">How has the Fund&#8217;s leverage strategy affected performance?</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">As part of its investment strategy, the Fund utilizes leverage to finance the purchase of additional securities that provide increased income and potentially greater appreciation potential to common
      shareholders than could be achieved from a portfolio that is not leveraged.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund had $324 million in leverage outstanding as of April 30, 2020, approximately 41% of the Fund&#8217;s total managed assets; $188 million is in the form of borrowings with Soci&#233;t&#233; G&#233;n&#233;rale, and $136
      million was in a reverse repurchase agreement with Soci&#233;t&#233; G&#233;n&#233;rale. Both forms of leverage have tranches that expire in December 2020 and December 2022, and the borrowings has a floating tranche that varies with 3-month London Interbank Offered
      Rates (LIBOR). The average interest rate of the combined leverage for the period ended April 30, 2020 was 3.34%, a decline from the 3.55% average discussed in the 2019 annual report. The decline is due to reductions in 3-month LIBOR.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">There is no guarantee that the Fund&#8217;s leverage strategy will be successful, and the Fund&#8217;s use of leverage may cause the Fund&#8217;s NAV and market price of common shares to be more volatile. The NAV
      return for the Fund was negative and below the cost of leverage for the six months. Although Advent looks at funds deployed from borrowings differently than funds which use the shareholder equity base, on this simple metric, the Fund&#8217;s leverage was
      not beneficial to shareholders for the fiscal period given the negative aggregate security returns in the portfolio. Positively, the drop in short-term rates as the Fed cut its monetary policy target to zero, and the reset of some of the Fund's
      leverage to short-term floating tranches after ending some of the fixed swaps, has helped lower borrowing costs going forward. Advent continues to seek attractive and relatively lower-risk opportunities to invest borrowings that provide income above
      the cost of borrowing and the asymmetry of returns against equity scenarios provided by the convertible asset class.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">What was the impact of the Fund&#8217;s covered call strategy?</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The income generated from writing covered call equity options depends on the volatility perceived in the markets at the time of writing the contracts. The CBOE VIX Volatility Index, or &#8220;VIX&#8221; for its
      ticker, which averaged 16.8 during the 2019 fiscal year, spiked during the COVID-19 pandemic, closing April at 34.2 and averaging 26.7 for the half-year. Given the tremendous changes in equity prices in the period, the Fund focused on capital
      preservation and overall equity allocation rather than income-generation from call options. The VIX has remained at elevated levels as spring 2020 has progressed, but the economic and market environment remains highly unpredictable with steep
      outcomes either in appreciation or depreciation quite possible. The rebound from the lows in mid-March have been steeper than most rallies in recent years and capping upside in equity positions by writing options may have a worse outcome in total
      return than not writing at all. The Investment Adviser will continue to judge individual equity positions and the income possible from writing options based on the stock-specific volatility in coming to an optimal solution.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 9</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1e4bf5414bd0439d9caadfab072b622f">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">How were the Fund&#8217;s total investments allocated among asset classes during the six months ended April 30, 2020, and what did this mean for performance?</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">On April 30, 2020, the Fund&#8217;s total investments were invested approximately 55.2% in convertible bonds, convertible preferred securities, and mandatory convertibles; 31.9% in corporate bonds; 6.2% in
      equities; 5.8% in cash and cash equivalents; and 0.9% in senior floating rate interests.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">On October 31, 2019, the Fund&#8217;s total investments were invested approximately 47.6% in convertible bonds, convertible preferred securities, and mandatory convertibles; 42.8% in corporate bonds; 5.2%
      in equities; 3.4% in cash and cash equivalents; and 1.0% in senior floating rate interests.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The changes in asset allocation for the six months reflects the new opportunities available in the Fund's primary asset classes at the end of the reporting period. The Fed's Primary Market Corporate
      Credit Facility and Secondary Market Corporate Credit Facility have provided a crucial backstop for investors to return to the broader fixed-income markets with confidence. Higher equity volatility and desires for liquidity have made convertible
      securities more attractive for corporate issuance. As a result, convertible issuance ramped tremendously after the Fed's moves. With corporate spreads wider, the coupons and asymmetry characteristics of this new issuance were highly attractive to the
      Fund and led to a larger allocation to the convertible asset class.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">International investments declined from 22.8% at October 2019 to 19.8% ending April 2020. The Fund&#8217;s exposure to foreign issuers remained relatively constant in the early part of the reporting
      period. A greater level of opportunities in the U.S. compared to foreign ones both in terms of economic opportunity with the Fed&#8217;s interest rate cuts and greater growth potential along with greater new issuance resulted in the slight fall in foreign
      allocation. Returns of domestic securities being higher than foreign ones also led to some of the fall in the international exposure.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Which investments had the greatest effect on the Fund&#8217;s performance?</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">With the positive returns in the convertible market and outperformance of growth sectors over value, it comes as no surprise the top contributors were all convertible issuers in growth companies. The
      greatest positive contributor for the six month period was electric vehicle maker Tesla, Inc. (0.6% of long-term investments at period end). The company reported strong fourth quarter 2019 and first quarter 2020 results with units exceeding
      expectations and a second and third quarter of GAAP operating profits. Optimism over the successful ramp of the Gigafactory in China, the upcoming Model Y, and the lack of meaningful competition from traditional automakers more than offset slowdown
      in production given California&#8217;s COVID-19 pandemic restrictions. Medical device maker Wright Medical (not held in portfolio at period end) announced it would be acquired by fellow device company Stryker, which invoked the valuable takeover make-whole
      provisions in the convertible bond. Online retailer Etsy, Inc. (0.2% of long-term investments at period end) advanced as the company continued to take share of online shopping and to grow 20% organically. The company like many online companies
      received a boost from the COVID-19 pandemic as more commerce took place from home. Finally, glucose monitoring device maker DexCom, Inc. (0.2% of long-term investments at period end) continued to appreciate as results showed continued growth
      especially internationally and adoption was only moderately affected by the spread of COVID-19.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">10 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8481dd62398547b0943881a65f6085cf">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Among detractors, mandatory convertibles in Stanley Black &amp; Decker, Inc. (0.5% of long-term investments at period end) were hurt by aggressive inventory reduction of its products at retailers.
      Equity of hospital provider HCA (not held in portfolio at period end), originally bought after the Democratic primary race concluded without a fear of a Medicare-for-all push, fell after COVID-19 reduced near-term hospital capability to perform
      profitable elective surgeries. High-yield bonds of HCA, Inc. (0.4% of long-term investments at period end) also fell given HCA's leverage and profits being hobbled. High-yield bonds of Canadian oil sands producer MEG Energy (not held in portfolio at
      period end) fell as global oil supply became obvious with COVID-19 locking up the world's economy. The Fund did not have a noteworthy allocation to energy in its high-yield sleeve, and energy's bottom sector performance have led most portfolios to
      list some oil producers as among the largest detractors. Finally, colon cancer screener Exact Sciences (0.8% of long-term investments at period end) fell, especially in March as the company's services were curtailed during the COVID-19 pandemic as
      elective procedures were reduced to focus hospital resources on the virus. However, declines are abating as recent weeks pass and hospitals resume normal screenings.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 11</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeb07903d019146d98fcf13fdeb6f51ea">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Index Definitions</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following indices are referenced throughout this report. It is not possible to invest directly in an index. These indices are intended as measures of broad market returns. The Fund&#8217;s mandate
      differs materially from each of the individual indices. The Fund also maintains leverage and incurs transaction costs, advisory fees, and other expenses, while these indices do not.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Bloomberg Barclays U.S. Aggregate Bond Index </font>is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate
      taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or &#8220;MBS&#8221; (agency fixed-rate and hybrid adjustable-rate mortgage, or &#8220;ARM&#8221;, pass-throughs), asset-backed securities (&#8220;ABS&#8221;), and
      commercial mortgage-backed securities (&#8220;CMBS&#8221;) (agency and non-agency).</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">VIX is the ticker symbol for the <font style="font-weight: bold;">Chicago Board Options Exchange Market Volatility Index</font>, a popular measure of the implied volatility of S&amp;P 500 Index
      options. It is a weighted blend of prices for a range of options on the S&amp;P 500 Index.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">ICE BofA Merrill Lynch U.S. Convertible Index </font>consists of convertible bonds traded in the U.S. dollar denominated investment grade and noninvestment grade
      convertible securities sold into the U.S. market and publicly traded in the United States. The Index constituents are market-value weighted based on the convertible securities prices and outstanding shares, and the underlying index is rebalanced
      daily.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">ICE BofA Merrill Lynch U.S High Yield Index </font>includes USD-denominated, high yield, fixed-rate corporate securities. Securities are classified as high yield if
      the rating of Moody&#8217;s, Fitch, or S&amp;P is Ba1/BB +/BB + or below.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Refinitiv Global Focus Convertible U.S. Dollar Hedged Index (formerly Thomson Reuters Convertible Global Focus USD Hedged Index) </font>is a market-weighted index
      with a minimum size for inclusion of $500 million (US), &#8364;375 million (Europe), &#165;22 billion (Japan), and $275 million (Other) of Convertible Bonds with an Equity Link. A rebranding earlier in 2020 resulted in a change to the name of the benchmark.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">S&amp;P 500</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#174; </sup><font style="font-weight: bold;">Index </font>is a capitalization-weighted index of 500 stocks designed to
      measure the performance of the broad economy, representing all major industries and is considered a representation of U.S. stock market.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">AVK Risks and Other Considerations</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The views expressed in this report reflect those of the Investment Adviser only through the report period as stated on the cover. These views are subject to change at any time, based on market and
      other conditions and should not be construed as a recommendation of any kind. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass. There can be no assurance that
      the Fund will achieve its investment objectives or avoid losses. The value of the Fund will fluctuate with the value of the underlying securities.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">12 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd1c00f42c483488bb59ff42ff2870466">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Historically, closed-end funds often trade at a discount to their net asset value. In the normal course of business, the Fund trades financial instruments and enters into financial transactions where
      risk of potential loss exists due to, among other things, changes in the market (market risk) or the potential inability of a counterparty to meet the terms of an agreement (counterparty risk). The Fund is also exposed to other risks such as, but not
      limited to, concentration, interest rate, credit and financial leverage risks.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">A new respiratory disease spreading from person-to-person and caused by a novel coronavirus was first identified in Wuhan, China in December 2019. The disease has been named coronavirus disease 2019
      (&#8220;COVID-19&#8221;) and has since spread world-wide. The rapid and uncontrolled spread of COVID-19 has significantly overwhelmed existing healthcare infrastructure in many locations and prompted governmental responses and economic shutdowns of unprecedented
      scale. It is anticipated that the COVID-19 pandemic may result in a significant and prolonged reduction in global economic activity, significant increases in unemployment and financial instability across most of the world, which will exacerbate
      existing vulnerabilities in local, state and global economies and cause vulnerabilities and acute stresses in areas that were not previously apparent or identifiable. The COVID-19 pandemic could materially disrupt the business of the Investment
      Adviser and service providers that perform certain critical functions for the Investment Adviser or the Fund, have a material adverse effect on the Investment Adviser&#8217;s provision of services to the Fund, and may ultimately cause a partial or complete
      loss of capital attributable to one or more investments in the Fund.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Please see Note 2(i) beginning on page 45 for a discussion of certain Fund risks and considerations.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic; font-weight: bold;">This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions.
      Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided
      for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 13</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zae808d3f89174e88afd133a99eb4bc3c">

        <tr>
          <td style="width: 61.63%; vertical-align: middle;">&#160;</td>
          <td style="width: 38.37%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.63%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 38.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z65bad917e34a418f9e518e80b07a0603">

        <tr>
          <td style="width: 54.55%; vertical-align: middle;">&#160;</td>
          <td style="width: 45.45%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 54.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Fund Statistics</font>&#160;</div>
          </td>
          <td style="width: 45.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Share Price&#160;</div>
          </td>
          <td style="width: 45.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$12.39&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net Asset Value&#160;</div>
          </td>
          <td style="width: 45.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$13.68&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Discount to NAV&#160;</div>
          </td>
          <td style="width: 45.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-9.43%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net Assets ($000)&#160;</div>
          </td>
          <td style="width: 45.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$472,165&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z77b32258db6e4c14b937532b387b3a22">

        <tr>
          <td style="width: 30.92%; vertical-align: middle;">&#160;</td>
          <td style="width: 22.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 14.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.34%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 53.6%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS</font>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 53.6%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">FOR THE PERIOD ENDED APRIL 30, 2020</font>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Six Month</font>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">(non-</font>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">One</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Three</font>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Five</font>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ten</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">annualized)</font>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Advent Convertible and&#160;</div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Income Fund&#160;</div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt">
              <div>NAV&#160;</div>
            </div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(12.39%)&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(11.23%)&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.50%&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.21%&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3.85%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.92%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Market&#160;</div>
          </td>
          <td style="width: 22.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(11.80%)&#160;</div>
          </td>
          <td style="width: 14.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(8.70%)&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.07%&#160;</div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2.21%&#160;</div>
          </td>
          <td style="width: 8.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.58%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za6e099f82edf422c9bcc7780e0ef2c6c">

        <tr>
          <td style="width: 56.56%; vertical-align: middle;">&#160;</td>
          <td style="width: 43.44%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Portfolio Breakdown</font>&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">% of Net Assets</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Convertible Bonds&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">55.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Convertible Preferred Stocks&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12.7%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Money Market Fund&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Investments</font>&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">173.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Other Assets &amp; Liabilities, net</font>&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">-73.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Net Assets</font>&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100.0%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Past performance does not guarantee future results and does not reflect the deductions of taxes that a shareholder would pay on Fund distributions. All NAV returns include the deduction of management
      fees, operating expenses and all other Fund expenses. All portfolio data is subject to change daily. For more information, please visit guggenheiminvestments.com/avk.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The above summaries are provided for informational purposes only and should not be viewed as recommendations.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">14 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z84d9769c83994772a7b0e82aa8486a32">

        <tr>
          <td style="width: 67.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 32.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 32.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-bottom: 6pt; font-family: Arial"><img src="image_004.jpg" alt="">&#160;</div>
    <div style="text-align: center;">
      <div><br>
      </div>
      <div style="text-align: center"><img src="image_005.jpg" alt=""></div>
    </div>
    <div><br>
    </div>
    <br>
    <div style="margin-bottom: 6pt; font-family: Arial;">All or a portion of the above distributions may be characterized as a return of capital. For the year ended October 31, 2019, 60% of the distributions were characterized as return of capital. As of
      April 30, 2020, 77% of the distributions were estimated to be characterized as return of capital. The final determination of the tax character of the distributions paid by the Fund in 2020 will be reported to shareholders in January 2021.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc4370ef6b3f9484f9437f91020a262d3">

        <tr>
          <td style="width: 29.28%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.4%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Country Diversification</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Country</font>&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">% of Long-Term Investments</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United States&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">80.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cayman Islands&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Canada&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Netherlands&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>France&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bermuda&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Luxembourg&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Virgin Islands (UK)&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Panama&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hong Kong&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ireland&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>United Kingdom&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Japan&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Marshall Islands&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>China&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Australia&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Spain&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Taiwan, Province of China&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sweden&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Switzerland&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Austria&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Germany&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>India&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Denmark&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Belgium&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Israel&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Total Long-Term Investments&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100.0%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 15</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb644bac454c485daa38264f8120dc2c">

        <tr>
          <td style="width: 69.7%; vertical-align: middle;">&#160;</td>
          <td style="width: 30.3%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 69.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 30.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdfe0257eb7de46f294650b10e869281c">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">COMMON STOCKS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 10.8%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 2.4%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Home Depot, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">20,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,396,600&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Lear Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">25,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,441,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Brinker International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,328,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>MGM Resorts International<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">119,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,002,770&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,168,620&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 2.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Merck &amp; Company, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">56,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,482,710&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Medtronic plc<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">40,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,905,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Cigna Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,957,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,345,710&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 2.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Morgan Stanley<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">120,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,731,600&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JPMorgan Chase &amp; Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">30,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,872,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Gaming and Leisure Properties, Inc. REIT<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">91,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,569,840&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,174,240&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 2.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Honeywell International, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">40,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,676,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>United Parcel Service, Inc. &#8212; Class B<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">45,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,259,700&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,935,700&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 1.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Walt Disney Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">30,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,244,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>AT&amp;T, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">75,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,285,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Communications</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,529,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 0.8%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Lam Research Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,829,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Common Stocks</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $49,750,280)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">50,983,220&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE PREFERRED STOCKS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 12.7%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 4.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Wells Fargo &amp; Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.50%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,396,044&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,295&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,319,808&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Crown Castle International Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.88% due 08/01/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,235&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,720,355&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>QTS Realty Trust, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.50%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,712&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">943,304&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">16 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z86e35fef7b954c2d96760d8df30d1ce6">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc41fd537c5814cedb261cf5e964bf216">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE PREFERRED STOCKS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 12.7% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 4.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Assurant, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50% due 03/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,678&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 822,314&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">19,201,825&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 2.7%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Change Healthcare, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% due 06/30/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">147,857&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,839,865&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Broadcom, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.00% due 09/30/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,750&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,850,280&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,690,145&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 2.3%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Elanco Animal Health, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 02/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">108,420&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,987,320&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Danaher Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% due 04/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,515&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,990,637&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bunge Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">20,506&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,918,541&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Avantor, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% due 05/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19,355&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,114,461&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,010,959&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 1.9%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dominion Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 06/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">30,757&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,042,790&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NextEra Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.28% due 03/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">54,469&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,352,516&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.87% due 09/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">23,854&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,143,561&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Electric Power Company, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.13% due 03/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">18,997&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">965,048&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Southern Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.75% due 08/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19,892&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">941,687&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sempra Energy&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.75% due 07/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,770&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">483,845&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Utilities</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,929,447&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 1.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Stanley Black &amp; Decker, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% due 11/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">45,712&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,634,561&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Energizer Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.50% due 01/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12,842&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,094,781&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,729,342&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 17</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zea7d962efdbd45faa2beb9daef84041d">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z088552e4330740f896fea6b94b849bd0">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE PREFERRED STOCKS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 12.7% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 0.7%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>International Flavors &amp; Fragrances, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% due 09/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">70,888&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 3,370,724&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Convertible Preferred Stocks</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $59,406,930)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">59,932,442&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">MONEY MARKET FUND</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 10.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Institutional Liquidity Government Portfolio &#8211;&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Institutional Class, 0.12%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,2</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">47,070,882&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">47,070,882&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Money Market Fund</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $47,070,882)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">47,070,882&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 21.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Rapid7, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.25% due 08/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,014,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,525,017&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.25% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,203,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,269,062&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Splunk, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.50% due 09/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,164,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,256,489&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Lenovo Group Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.38% due 01/24/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,541,812&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Microchip Technology, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.63% due 02/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,132,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,426,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Synaptics, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.50% due 06/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,482,612&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LivePerson, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 03/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,031,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,696,823&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Talend S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.75% due 09/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 4,180,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,026,965&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pegasystems, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,887,155&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>New Relic, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.50% due 05/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,622,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Silicon Laboratories, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.38% due 03/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,612,516&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Akamai Technologies, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.13% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,774,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,114,106&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.38% due 09/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,321,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,381,669&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Health Catalyst, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.50% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,053,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,344,575&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Workday, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.25% due 10/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,707,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,324,968&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Western Digital Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 02/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,769,006&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">18 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z73f8913a99364e53ad495c9d89dd6606">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeaededcda3e4406c8ef4b11a4e5e936f">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 21.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MongoDB, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.25% due 01/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,639,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 2,768,783&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Lumentum Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.50% due 12/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,508,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,660,637&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Insight Enterprises, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.75% due 02/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,917,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,928,790&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Alteryx, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.00% due 08/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,945,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,844,054&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ON Semiconductor Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.63% due 10/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,465,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,600,154&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>STMicroelectronics N.V.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 07/03/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,561,212&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Slack Technologies, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.50% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,316,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,464,479&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Coupa Software, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.13% due 06/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,133,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,446,324&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nuance Communications, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.25% due 04/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,171,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,416,910&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Workiva, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.13% due 08/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,721,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,392,363&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Verint Systems, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 06/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,382,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,344,736&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Atos SE&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 11/06/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,309,015&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Envestnet, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.75% due 06/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,283,688&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>J2 Global, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.25% due 06/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">510,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">654,335&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.75% due 11/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">517,317&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CSG Systems International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.25% due 03/15/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">999,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,077,222&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Twilio, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.25% due 06/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">620,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,031,709&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ServiceNow, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 06/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">373,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">979,646&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Innolux Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 01/22/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">887,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Teradyne, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.25% due 12/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">414,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">845,192&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tabula Rasa HealthCare, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.75% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">566,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">626,002&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CyberArk Software Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 11/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">493,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">460,208&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 19</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf319efcef6824cee874f5c6846d2a514">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7d3d84ea22544dc2a50786a0f080191e">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 21.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Inphi Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.75% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">217,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 229,451&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">99,611,090&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 19.5%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Liberty Media Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.25% due 12/01/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,571,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,550,466&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.75% due 12/01/49<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,927,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,490,309&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.38% due 10/15/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,669,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,890,852&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Booking Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,207,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,301,001&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.35% due 06/15/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">360,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">410,697&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>IAC Financeco 2, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.88% due 06/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,348,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,599,228&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Viavi Solutions, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.00% due 03/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,386,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,811,366&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.75% due 06/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,313,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Proofpoint, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.25% due 08/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,293,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,547,687&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Zillow Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 09/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,399,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,155,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 07/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,048,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">981,871&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JOYY, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.38% due 06/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,657,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 06/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,673,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,530,477&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Farfetch Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.75% due 05/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,818,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,179,073&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>DISH Network Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.38% due 08/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,198,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,039,594&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Palo Alto Networks, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 07/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,086,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,196,322&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Snap, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 08/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,006,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,120,949&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Vonage Holdings Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.75% due 06/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,704,340&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GCI Liberty, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.75% due 09/30/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,036,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,432,974&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Etsy, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.13% due 10/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,365,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,389,879&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bharti Airtel Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.50% due 02/17/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,050,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,172,955&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Yandex N.V.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.75% due 03/03/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,135,949&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">20 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z79996790abec4510ac85efd071be8798">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc9edf64cb1f045e0b790c218aefd1677">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 19.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SBI Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 09/14/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY 90,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,106,024&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pinduoduo, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 10/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">775,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">983,176&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Twitter, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.25% due 06/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">923,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">862,808&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>InterDigital, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.00% due 06/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">739,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">748,201&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Q2 Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.75% due 06/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">403,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">434,167&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Liberty Latin America Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.00% due 07/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">411,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">318,642&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Communications</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">92,064,820&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 14.7%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Southwest Airlines Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.25% due 05/01/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,368,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,378,880&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sabre GLBL, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.00% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,731,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,821,976&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Burlington Stores, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,691,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,059,180&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Huazhu Group Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.38% due 11/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,635,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,703,747&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tesla, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.25% due 03/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,275,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,817,609&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.00% due 05/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">673,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,746,132&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ANLLIAN Capital Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 02/05/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 4,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,434,605&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Callaway Golf Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.75% due 05/01/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,719,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,866,068&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Winnebago Industries, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 04/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,792,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dufry One BV&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.00% due 05/04/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">CHF 3,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,688,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Copa Holdings S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.50% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,460,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,522,119&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Carnival Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 04/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,911,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,226,857&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Zhongsheng Group Holdings Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 05/23/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">HKD 17,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,493,630&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Marriott Vacations Worldwide Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 09/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,542,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,340,229&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Caesars Entertainment Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 10/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,355,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,927,849&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 21</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb82808885714451ba23e1b22ae3081f0">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z17791f4e601743f2baab0bf6ae5bc600">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 14.7% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dick&#8217;s Sporting Goods, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,391,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,489,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sony Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 09/30/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY 95,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,231,259&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Adidas AG&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.05% due 09/12/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">959,710&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>RH&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 09/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,048,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">956,959&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Harvest International Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 11/21/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">HKD 6,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">775,998&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">69,232,407&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 14.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Herbalife Nutrition Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.63% due 03/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,440,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,526,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Horizon Pharma Investment Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.50% due 03/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,557,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,006,695&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Exact Sciences Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.38% due 03/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,627,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,514,173&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.38% due 03/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,392,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,274,719&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ligand Pharmaceuticals, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.75% due 05/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,285,766&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Heska Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.75% due 09/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,814,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,256,433&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Square, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.50% due 05/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,134,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,529,668&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ionis Pharmaceuticals, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.13% due 12/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,605,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,461,686&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Supernus Pharmaceuticals, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.63% due 04/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,435,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Insulet Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.38% due 09/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,526,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,846,486&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BioMarin Pharmaceutical, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 10/15/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,165,124&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Illumina, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.50% due 06/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,382,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,859,295&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Coherus Biosciences, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 04/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,748,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,856,542&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Integra LifeSciences Holdings Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.50% due 08/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,609,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,519,345&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sarepta Therapeutics, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 11/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">775,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,368,650&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ORPEA&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.38% due 05/17/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,756*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,205,453&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">22 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c50cc3780c349fdaf94e78506d2d599">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zafb76579cf4e4d14af0416e68c4ddc65">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right; text-indent: 21.65pt;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 14.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>DexCom, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.75% due 12/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">554,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,168,342&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Intercept Pharmaceuticals, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.00% due 05/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,048,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,076,841&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WuXi AppTec Company Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 09/17/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,069,001&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Insmed, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.75% due 01/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,059,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">999,431&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CONMED Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.63% due 02/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">899,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">954,626&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Neurocrine Biosciences, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.25% due 05/15/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">675,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">949,146&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Flexion Therapeutics, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.38% due 05/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,169,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">876,327&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>China Conch Venture&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 09/05/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">HKD 6,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">870,030&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Almirall S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.25% due 12/14/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">852,231&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Korian S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.88% due 03/06/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,020*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">804,638&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>GN Store Nord A/S&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 05/21/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">754,343&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NuVasive, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.38% due 03/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">813,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">751,537&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Biocartis N.V.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.00% due 05/09/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 900,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">636,127&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Anthem, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.75% due 10/15/42<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">128,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">501,197&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Revance Therapeutics, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.75% due 02/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">515,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">433,118&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ocado Group plc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.88% due 12/09/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP 200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">284,647&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Just Eat Takeaway.com N.V.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.25% due 04/30/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">116,819&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">67,209,936&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 5.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>KBR, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.50% due 11/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,713,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,938,101&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Scorpio Tankers, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.00% due 05/15/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,437,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,344,199&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>SMART Global Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.25% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,637,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,330,448&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Asia Cement Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 09/21/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,627,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,851,532&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="text-align: right; font-family: Arial;">
      <div style="text-align: left;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      </div>
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 23</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze8cc1c7c3c2c412a8491a808d4479338">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcda83b6f8d9a460cac20856a5bace2b7">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 5.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Safran S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 06/21/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,672*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,599,423&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sika A.G.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.15% due 06/05/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">CHF 1,320,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,524,944&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>OSI Systems, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.25% due 09/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,545,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,488,091&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MINEBEA MITSUMI, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 08/03/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY 120,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,209,489&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cellnex Telecom S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 01/16/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,173,338&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Chart Industries, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.00% due 11/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,225,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,102,124&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Taiwan Cement Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 12/10/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,100,996&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>China Railway Construction Corporation Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 01/29/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,016,318&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Vinci S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.38% due 02/16/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">913,024&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Akka Technologies&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.50% due 07/01/68&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 1,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">818,715&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">23,410,742&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 3.3%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AXA S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 05/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,358,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,957,139&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Poseidon Finance 1 Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 02/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,424,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,323,707&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Smart Insight International Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.50% due 12/05/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">HKD 10,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,424,282&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>IMMOFINANZ AG&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.50% due 01/24/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 1,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,419,661&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>PRA Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.50% due 06/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,604,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,369,353&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank North America&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 09/18/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 1,100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,277,767&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Blackstone Mortgage Trust, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.75% due 03/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,263,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,111,440&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Deutsche Wohnen SE&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.33% due 07/26/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">910,991&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Extra Space Storage, LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.13% due 10/01/35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">764,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">819,529&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LEG Immobilien AG&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.88% due 09/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">781,305&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BofA Finance LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.25% due 05/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">738,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">723,300&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;"><font style="font-style: italic;">See notes to financial statements.</font><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">24 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z74cc0c4af178490db97e5b784bd76eb6">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4756c2e47927453684f4ecd8859a0742">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CONVERTIBLE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 83.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 3.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>IH Merger Sub LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.50% due 01/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">596,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 690,615&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">15,809,089&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 2.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>SSR Mining, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.50% due 04/01/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,675,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Brenntag Finance BV&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.88% due 12/02/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,416,577&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cleveland-Cliffs, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.50% due 01/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,856,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,098,951&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Osisko Gold Royalties Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.00% due 12/31/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">CAD 1,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">917,942&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Symrise AG&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.24% due 06/20/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">389,767&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Basic Materials</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,498,237&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 1.7%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CNX Resources Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.25% due 05/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,900,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,936,193&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NextEra Energy Partners, LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.50% due 09/15/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,229,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,307,278&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BP Capital Markets plc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.00% due 04/28/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP 700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">910,198&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Helix Energy Solutions Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.13% due 09/15/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">865,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">647,149&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Energy</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,800,818&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 1.3%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NRG Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.75% due 06/01/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,962,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,999,744&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CenterPoint Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.57% due 09/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">41,637*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,201,764&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>China Yangtze Power International BVI 1 Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 11/09/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">975,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">992,228&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Utilities</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,193,736&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Convertible Bonds</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $374,027,026)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">391,830,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 11.8%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ford Motor Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">9.00% due 04/22/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,361,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.35% due 12/08/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,338,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,070,400&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 25</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z30b9693daf5a49a3ae057a275644dd90">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8b0b9bae78a74a4f93305c572bd792e0">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 11.8% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Wolverine World Wide, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 09/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,220,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 4,072,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Airlines Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 06/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,691,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,225,943&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.75% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,037,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">482,516&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>QVC, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.13% due 07/02/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,807,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,784,413&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% due 02/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,177,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,065,067&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hanesbrands, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.38% due 05/15/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,677,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,710,462&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Truck Hero, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.50% due 04/21/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,968,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,484,216&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TRI Pointe Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88% due 07/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,425,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,394,081&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dana Financing Luxembourg SARL&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50% due 06/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,491,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,272,415&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Starbucks Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.55% due 08/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,004,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,203,027&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Enterprise Development Authority&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">12.00% due 07/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,312,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,103,458&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Tempur Sealy International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 10/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,984,600&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Marriott International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.00% due 04/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,317,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,241,818&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.65% due 12/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">693,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">673,074&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Staples, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.50% due 04/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,770,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,406,619&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">10.75% due 04/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">770,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">442,480&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Churchill Downs, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% due 01/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,479,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,383,826&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% due 04/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">428,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">413,803&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ford Motor Credit Company LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.81% due 09/01/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,004,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,791,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Scientific Games International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 11/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,469,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,770,643&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Scotts Miracle-Gro Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% due 12/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,716,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,753,066&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Downstream Development Authority of the Quapaw Tribe of Oklahoma&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">10.50% due 02/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,546,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,546,186&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hilton Domestic Operating Company, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.88% due 01/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,528,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,468,103&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Delta Air Lines, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.75% due 10/28/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,038,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,429,731&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">26 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf819cb97af9f40b494f84d2ad35edf33">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z12e0c74b6d4a42638420905780426fc8">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 11.8% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Six Flags Entertainment Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88% due 07/31/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,336,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,182,895&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Michaels Stores, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.00% due 07/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,397,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">970,426&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Tupperware Brands Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% due 06/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,364,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">957,420&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Tenneco, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 07/15/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,031,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">921,464&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>William Carter Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 03/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">703,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">716,751&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Levi Strauss &amp; Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">693,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">704,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Burlington Coat Factory Warehouse Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">460,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">469,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Six Flags Theme Parks, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.00% due 07/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">173,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">179,885&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">55,637,638&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 10.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Encompass Health Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% due 09/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,309,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,382,791&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 11/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,170,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,181,934&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Land O&#8217;Lakes Capital Trust I&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.45% due 03/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,881,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Magellan Health, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.90% due 09/22/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,556,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,488,614&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>HCA, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 09/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,940,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,158,599&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.69% due 06/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,112,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,275,798&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tenet Healthcare Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.75% due 06/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,352,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,366,078&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Molina Healthcare, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.38% due 11/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,860,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,969,252&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Horizon Therapeutics USA, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% due 08/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,511,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,623,116&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bausch Health Companies, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 05/30/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,349,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,517,611&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cardtronics Incorporated / Cardtronics USA Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,569,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,459,304&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>HLF Financing SARL LLC / Herbalife International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 08/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,443,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Capitol Investment Merger Sub 2 LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">10.00% due 08/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,278,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,135,169&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nielsen Company Luxembourg SARL&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% due 02/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,096,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,035,740&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 27</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5d7f0c63c0a84f9ba36de69cb717bfde">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za66de0ea847841748eb69b12a337a101">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 10.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ortho-Clinical Diagnostics Incorporated / Ortho-Clinical Diagnostics S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.25% due 02/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,164,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,983,566&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MEDNAX, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% due 01/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,128,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,940,183&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Spectrum Brands, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 07/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,758,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,764,593&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Central Garden &amp; Pet Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.13% due 11/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,419,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,443,549&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.13% due 02/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">254,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">258,343&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Constellation Brands, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.15% due 08/01/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,356,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,410,224&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Korn Ferry&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.63% due 12/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,351,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,276,019&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Centene Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.75% due 05/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,110,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,126,039&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LifePoint Health, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.38% due 02/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">748,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">707,795&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Service Corporation International&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.00% due 11/15/21&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">159,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">168,103&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Land O&#8217; Lakes, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% due 11/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">45,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">46,553&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">48,043,848&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 9.4%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sprint Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.88% due 09/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,130,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,533,927&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 09/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,731,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,823,262&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sirius XM Radio, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.38% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,626,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% due 07/01/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,392,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,474,963&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>VeriSign, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.63% due 05/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,054,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,101,432&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AMC Networks, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% due 12/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,977,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Altice France Holding S.A.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">10.50% due 05/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,594,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,900,245&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CommScope, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.25% due 03/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,006,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,895,229&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CCO Holdings LLC / CCO Holdings Capital Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% due 05/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,689,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,812,452&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MDC Partners, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50% due 05/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,285,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,566,406&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Photo Holdings Merger Sub, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.50% due 10/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,808,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,444,504&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">28 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zda4aedbe62cd44668acd33701e70d087">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4d26bdb1159d4b3daf7b38e193713726">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 9.4% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>T-Mobile USA, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.38% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,353,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 2,427,002&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CenturyLink, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.13% due 12/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,342,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,233,682&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Netflix, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% due 02/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,092,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Telefonaktiebolaget LM Ericsson&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.13% due 05/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,638,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,707,615&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Meredith Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.88% due 02/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,621,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,398,599&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Plantronics, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% due 05/31/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,496,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,194,631&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Communications</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">44,211,124&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 5.6%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alcoa Nederland Holding BV&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.75% due 09/30/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,984,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.13% due 05/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,430,375&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Commercial Metals Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88% due 05/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,007,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% due 04/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,019,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,006,773&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>New Gold, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.38% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,357,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,247,226&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Valvoline, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.25% due 02/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,818,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,753,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Freeport-McMoRan, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.55% due 03/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,243,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,270,252&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>First Quantum Minerals Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 04/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,454,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,240,011&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>FMG Resources August 2006 Pty Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.13% due 03/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,031,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Compass Minerals International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.75% due 12/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,741,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,731,686&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Basic Materials</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">26,702,773&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 5.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Amkor Technology, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.63% due 09/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,149,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,346,691&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PTC, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% due 05/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,142,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Infor US, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50% due 05/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,021,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Seagate HDD Cayman&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 12/01/34<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,272,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,325,515&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 29</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za7f79568c73c41c39ab322ea68741ffc">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5c078091936e4c19b5e0c436f8340160">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 5.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Western Digital Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,519,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 2,581,169&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Rackspace Hosting, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.63% due 11/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,241,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,221,660&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dell, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.10% due 04/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,338,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,478,490&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">24,116,925&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 5.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sealed Air Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.88% due 12/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,160,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.88% due 07/15/33<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">805,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">895,241&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MasTec, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88% due 03/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,970,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,947,131&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Louisiana-Pacific Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88% due 09/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,779,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,703,133&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Clean Harbors, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.88% due 07/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,307,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,393,513&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Trident TPI Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">9.25% due 08/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,708,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,389,268&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Boeing Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.81% due 05/01/50&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,004,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,004,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Covanta Holding Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% due 01/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,043,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,975,785&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mueller Water Products, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% due 06/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,899,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,956,730&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EnerSys&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.38% due 12/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,120,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,087,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TTM Technologies, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 10/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">167,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">160,704&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">23,673,555&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 4.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Iron Mountain, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.88% due 09/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,962,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,919,940&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>SBA Communications Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.00% due 10/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,710,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,741,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ardonagh Midco 3 plc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.63% due 07/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,836,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,687,110&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Springleaf Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.75% due 10/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,347,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,345,944&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Credit Acceptance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.63% due 03/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,512,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,273,360&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GMAC, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.00% due 11/01/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,764,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,164,692&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">30 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0f146e0b29104ea1836e01abf21c012d">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za543f203d5e14652803c82eca63ec95d">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 55.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 4.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Advisor Group Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">10.75% due 08/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,510,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,921,154&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CoreCivic, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.63% due 05/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,512,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,438,290&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AG Issuer LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% due 03/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">764,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">679,517&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">19,171,307&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 3.4%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Parkland Fuel Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.88% due 07/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,040,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,932,536&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Calumet Specialty Products Partners Limited Partnership / Calumet Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">11.00% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,628,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,053,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Indigo Natural Resources LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.88% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,154,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,016,790&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>PBF Holding Company LLC / PBF Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 06/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,207,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,666,726&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tallgrass Energy Partners Limited Partnership / Tallgrass Energy Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% due 01/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,369,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,636,505&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>PBF Logistics Limited Partnership / PBF Logistics Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.88% due 05/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,565,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,214,753&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alliance Resource Operating Partners Limited Partnership / Alliance Resource Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.50% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,757,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,150,835&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Genesis Energy Limited Partnership / Genesis Energy Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.25% due 05/15/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">774,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">651,786&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.75% due 02/01/28&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">195,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">166,364&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Canadian Natural Resources Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.85% due 06/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">806,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">742,585&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Diamondback Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.50% due 12/01/29&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">806,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">696,090&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Parsley Energy LLC / Parsley Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 10/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">742,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">637,860&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ascent Resources Utica Holdings LLC / ARU Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.00% due 11/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">535,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">303,399&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Energy</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">15,869,354&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 0.8%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AmeriGas Partners, LP / AmeriGas Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% due 05/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,977,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,023,064&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Talen Energy Supply LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">10.50% due 01/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,143,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,780,555&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Utilities</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,803,619&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Corporate Bonds</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $269,995,948)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">261,230,143&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 31</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdb08faaa4ebf444398c54047c1f552c5">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2d850aa90f5f41d0aa12aec8bd248bec">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,5 </sup><font style="font-weight: bold;">&#8211; 1.4%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 1.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PetSmart, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.66% (3 Month USD LIBOR + 3.00%, Rate Floor: 1.00%) due 03/11/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,857,868&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 3,754,998&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Intrawest Resorts Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.74% (1 Month USD LIBOR + 2.75%, Rate Floor: 0.00%) due 07/31/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,388,175&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,225,481&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,980,479&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 0.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Refinitiv US Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.24% (3 Month USD LIBOR + 3.75%, Rate Floor: 0.00%) due 10/01/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">987,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">968,678&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Senior Floating Rate Interests</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $7,239,638)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,949,157&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Investments &#8211; 173.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $807,490,704)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 817,996,719&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Other Assets &amp; Liabilities, net &#8211; (73.2)%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(345,832,025)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Net Assets &#8211; 100.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 472,164,694&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbe4dc7e5d31c4b9cba91542bdaa3f8ea">

        <tr>
          <td style="width: 22%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value at</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts to Sell</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">April 30, 2020</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">25,016,344&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$28,412,579&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$27,425,045&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 987,534&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,298,951,900&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,415,841&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,154,984&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">260,857&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,202,255&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">CHF&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,366,266&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,284,582&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">81,684&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,574,546&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,328,092&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,248,003&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">80,089&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,297,918&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">CAD&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">946,758&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">934,583&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12,175&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">87,503,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">05/07/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">811,993&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">818,598&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(6,605)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">242,948&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">252,317&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(9,369)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">56,412,400&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">HKD&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,261,189&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,272,390&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(11,201)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,690,840&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,020,272&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,046,213&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(25,941)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,391,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">CHF&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,483,767&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,517,766&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(33,999)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,335,224&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">32 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2836444405734cae80136ae1be336ffa">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd12348eef92c4464a8d51d4f4d3a4a88">

        <tr>
          <td style="width: 22%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
          <td style="width: 13%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value at</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts to Buy</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">April 30, 2020</font>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,892,133&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$2,255,423&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$2,387,082&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$131,659&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">790,540,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,284,514&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,397,503&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">112,989&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,588,300&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,118,256&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,222,655&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">104,399&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">725,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">CHF&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">743,040&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">752,103&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,063&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14,300,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">HKD&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,842,761&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,843,481&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">720&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">996,574&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">986,657&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(9,917)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">185,162,500&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/12/20&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,772,791&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,732,664&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(40,127)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 308,786&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z335f4a61fe2a4c56921f891931210626">

        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">&#160;</td>
          <td style="width: 94.94%; vertical-align: middle;">
            <div style="margin-left: 10pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">~&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">The face amount is denominated in U.S. dollars unless otherwise indicated.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">*&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Represents shares.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">&#8224;&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Value determined based on Level 1 inputs &#8212; See Note 6.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">&#8224;&#8224;&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Value determined based on Level 2 inputs &#8212; See Note 6.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">1&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">All or a portion of these securities have been physically segregated in connection with the borrowings and reverse repurchase agreements. As of April 30, 2020, the total value of securities
              segregated was $641,384,727.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">2&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Rate indicated is the 7-day yield as of April 30, 2020.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">3&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">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 $290,310,999 (cost $291,299,701), or 61.5% of total net assets.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">4&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Zero coupon rate security.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">5&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Variable rate security. Rate indicated is the rate effective at April 30, 2020. 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.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z60f1862dda0e4c59aebf067d50f32780">

        <tr>
          <td style="width: 5.06%; vertical-align: middle;">&#160;</td>
          <td style="width: 94.94%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">CAD&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Canadian Dollar&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">CHF&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Swiss Franc&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">EUR&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Euro&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">GBP&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">British Pound&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">HKD&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Hong Kong Dollar&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">JPY&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Japanese Yen&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">LIBOR&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">London Interbank Offered Rate&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">LLC&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Limited Liability Company&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">plc&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Public Limited Company&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">REIT&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Real Estate Investment Trust&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">SARL&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic; margin-left: 10pt;">Soci&#233;t&#233; &#224; Responsabilit&#233; Limit&#233;e&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">See Sector Classification in Other Information section.<br>
      <br>
      <br>
      <font style="font-style: italic;">See notes to financial statements.</font></div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 33</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5400f832d5f04295b7baf0f00fbbb189">

        <tr>
          <td style="width: 75.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PORTFOLIO OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following table summarizes the inputs used to value the Fund&#8217;s investments at April 30, 2020 (See Note 6 in the Notes to Financial Statements):</div>
    <table cellspacing="0" cellpadding="0" id="zd45cebe97f18422d8717aa6b8154f3df" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 2</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 3</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 1</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Quoted</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Observable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unobservable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div><font style="font-weight: bold;">Investments in Securities (Assets)</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Prices</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>50,983,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>50,983,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Convertible Preferred Stocks&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>59,932,442</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>59,932,442</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Money Market Fund&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>47,070,882</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>47,070,882</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Convertible Bonds&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>391,830,875</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>391,830,875</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>261,230,143</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>261,230,143</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>6,949,157</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>6,949,157</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Forward Foreign Currency&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Exchange Contracts*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>1,781,169</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>1,781,169</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total Assets&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>157,986,544</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>661,791,344</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>819,777,888</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="16" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 2</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 3</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 1</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Quoted</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Observable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unobservable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Investments in Securities (Liabilities)</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Prices</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Forward Foreign Currency&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Exchange Contracts*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>137,159</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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            <div>&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>137,159</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">*&#160;&#160; This derivative is reported as unrealized appreciation/depreciation at period end.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Please refer to the detailed portfolio for the breakdown of investment type by industry category.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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
      $136,013,555 are categorized as Level 2 within the disclosure hierarchy &#8211; See Note 7.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund did not hold any Level 3 securities during the period ended April 30, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">34 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
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        <tr>
          <td style="width: 75.77%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">STATEMENT OF ASSETS AND LIABILITIES (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 24.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z28f5fa40ba674482b57d4991b2977d4c" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">ASSETS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Investments, at value (cost $807,490,704)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>817,996,719</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Cash&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>14,805</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Unrealized appreciation on forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>1,781,169</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Receivables:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments sold&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>26,616,642</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Interest&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>5,666,486</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Dividends&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>172,857</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Tax reclaims&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>54,040</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other assets&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>116,498</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total assets</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>852,419,216</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">LIABILITIES:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>188,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Reverse repurchase agreements (Note 7)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>136,013,555</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Unrealized depreciation on forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>137,159</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Interest payable on the borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>19,405</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Payable for:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>55,186,508</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Investment advisory fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>311,431</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Professional fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>258,516</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Servicing fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>121,193</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other liabilities&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>206,755</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total liabilities</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>380,254,522</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>472,164,694</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">NET ASSETS CONSIST OF:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Common stock, $0.001 par value per share; unlimited number of shares authorized,&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">34,525,222 shares issued and outstanding&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>34,525</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Additional paid-in capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>574,932,410</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total distributable earnings (loss)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(102,802,241</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>472,164,694</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Shares outstanding ($0.001 par value with unlimited amount authorized)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>34,525,222</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net asset value&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>13.68</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 35</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zffb4d65073f64dd181a37fac810f3553">

        <tr>
          <td style="width: 69.7%; vertical-align: middle;">&#160;</td>
          <td style="width: 30.3%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 69.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">STATEMENT OF OPERATIONS (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 30.3%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 69.7%; vertical-align: bottom;">
            <div>For the Six Months Ended April 30, 2020&#160;</div>
          </td>
          <td style="width: 30.3%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc0d70820ec714ca3a6c54af9c2ba771b" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">INVESTMENT INCOME:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Interest (net of foreign taxes withheld $14,885)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>14,198,859</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Dividends (net of foreign taxes withheld $137)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3,092,839</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Total investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>17,291,698</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">EXPENSES:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Interest expense&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>7,378,762</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Investment advisory fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,420,281</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Servicing fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>941,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Trustees&#8217; fees and expenses*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>269,996</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Professional fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>210,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Administration fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>86,902</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Fund accounting fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>83,706</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Insurance&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>69,544</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Printing fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>58,159</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Custodian fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>30,031</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Registration and filing fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>16,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Transfer agent fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>10,457</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other expenses&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>12,487</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Total expenses&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>11,588,625</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>5,703,073</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">NET REALIZED AND UNREALIZED GAIN (LOSS):</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Net realized gain (loss) on:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(58,715,063</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Foreign currency transactions&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(991,259</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>317,281</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(336,852</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(364,305</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net realized loss&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(60,090,198</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation (depreciation) on:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(15,354,781</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Foreign currency translations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>454</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>1,898,792</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>137,230</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation (depreciation)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(13,318,305</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net realized and unrealized loss&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(73,408,503</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Net decrease in net assets resulting from operations</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(67,705,430</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">* Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 Act.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"> <br>
    </div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-left: auto; margin-right: auto; border: medium none;">36 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL
      REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
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        <tr>
          <td style="width: 69.7%; vertical-align: middle;">&#160;</td>
          <td style="width: 30.3%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 69.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">STATEMENTS OF CHANGES IN NET ASSETS</font>&#160;</div>
          </td>
          <td style="width: 30.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2b233354ed94445f9dae65ff6bf76678" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Six Months Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">April 30, 2020</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Unaudited)</font> </div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31, 2019</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>5,703,073</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>16,281,602</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div>Net realized loss on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(60,090,198</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(4,020,434</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation (depreciation)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(13,318,305</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>41,003,343</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net increase (decrease) in net assets resulting from operations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(67,705,430</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>53,264,511</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div>Distributions to shareholders&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(24,278,136</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(19,250,159</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Return of capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(29,306,113</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div>Net increase (decrease) in net assets&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(91,983,566</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>4,708,239</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Beginning of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>564,148,260</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>559,440,021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>End of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>472,164,694</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>564,148,260</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 37</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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        <tr>
          <td style="width: 69.69%; vertical-align: middle;">&#160;</td>
          <td style="width: 30.31%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 69.69%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">STATEMENT OF CASH FLOWS (Unaudited)</font>&#160;</div>
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          <td style="width: 30.31%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 69.69%; vertical-align: bottom;">
            <div>For the Six Months Ended April 30, 2020&#160;</div>
          </td>
          <td style="width: 30.31%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z3d828992b791446fbbfd8db22d32bd95" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net decrease in net assets resulting from operations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(67,705,430</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Net Cash Provided by Operating and Investing Activities:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>15,354,781</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on forward foreign&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 20pt;">currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(1,898,792</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(137,230</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net realized loss on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>58,715,063</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net realized loss on options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>336,852</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net realized loss on options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>364,305</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Purchase of long-term investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(1,028,605,829</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Proceeds from sale of long-term investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,080,196,957</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net proceeds from sale of short-term investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>6,074,606</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net accretion of discount and amortization of premium&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(85,411</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Corporate actions and other payments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>16,961</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Premiums received on options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>47,385</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Cost of closing options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(587,006</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase investments sold receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(16,673,530</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Decrease in interest receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2,249,828</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in dividends receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>40,997</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Decrease in tax reclaims receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>9,740</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in other assets&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>69,545</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in investments purchased payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>39,129,369</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in interest payable on the borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(4,326</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Decrease in professional fees payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(7,723</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in servicing fees payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(47,860</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Decrease in investment advisory fees payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(123,069</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in other liabilities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(90,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net Cash Provided by Operating and Investing Activities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>86,639,813</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Distributions to common shareholders&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(24,278,136</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Proceeds from borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>37,000,000</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Payments made on borrowings&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(59,000,000</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Proceeds from reverse repurchase agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>13,000,000</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Payments made on reverse repurchase agreements&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(54,002,872</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 20pt;">Net Cash Used in Financing Activities&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(87,281,008</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net decrease in cash&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(641,195</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash at Beginning of Period</font>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>656,000</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Cash at End of Period</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>14,805</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Supplemental Disclosure of Cash Flow Information:</font>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;"><font style="font-weight: bold;">Cash paid during the year for interest</font>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>7,385,960</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">38 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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          <td style="width: 43.44%; vertical-align: middle;">&#160;</td>
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            <div><font style="font-weight: bold;">FINANCIAL HIGHLIGHTS</font>&#160;</div>
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          <td style="width: 43.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
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    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Six Months Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">April 30, 2020</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Unaudited)</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2019</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2018</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2017</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2016</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2015</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="24" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Per Share Data:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net asset value, beginning of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.34</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>17.63</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.26</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>17.11</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>19.00</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div>Income from investment operations:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Net investment income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>0.17</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>0.47</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>0.51</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>0.69</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>0.75</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>0.65</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net gain (loss) on investments (realized and unrealized)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2.13</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1.08</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.54</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1.86</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.47</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1.41</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total from investment operations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.96</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>1.55</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(0.03</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>2.55</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>0.28</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(0.76</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div>Less distributions from:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.70</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.56</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.58</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.75</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.74</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.76</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Return of capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.85</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.82</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.49</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.39</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.37</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total distributions to shareholders&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(0.70</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.41</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.40</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.24</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.13</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.13</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Increase resulting from tender offer and repurchase of Common Shares&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.06</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net asset value, end of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>13.68</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.34</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>17.63</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.26</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>17.11</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Market value, end of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>12.39</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>14.79</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>13.93</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>16.09</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>14.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>14.13</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Return</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(b)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div>Net asset value&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(12.39</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>9.94</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(0.34</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>16.55</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1.94</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(4.20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Market value&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(11.80</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>17.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(5.22</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>24.20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>7.57</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(12.57</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Ratios/Supplemental Data:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net assets, end of period (in thousands)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>472,165</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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            <div>564,148</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>559,440</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>353,389</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>383,513</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>403,555</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 39</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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          <td style="width: 39.39%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
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            <div><font style="font-weight: bold;">FINANCIAL HIGHLIGHTS continued</font>&#160;</div>
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          <td style="width: 39.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
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          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Six Months Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">April 30, 2020</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">October 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Unaudited)</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2019</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2018</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2017</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2016</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2015</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ratio to average net assets of:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Net investment income, including interest expense&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2.27</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2.90</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2.93</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>4.04</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>4.66</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>3.56</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total expenses, including interest expense<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(c),(d)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>4.16</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>4.11</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3.87</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.72</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.92</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.48</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Portfolio turnover rate&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>131</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>123</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>121</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>110</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>117</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Senior Indebtedness:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Borrowings outstanding (in thousands)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(f)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>188,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>210,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>235,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>227,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>262,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>262,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div>Asset Coverage per $1,000 of indebtedness<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(g)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,512</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,686</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,381</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,557</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,464</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,540</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3075493f4c004beaa4d82feeeb1950c1">

        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 97%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(a)&#160;</div>
          </td>
          <td style="width: 97%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Based on average shares outstanding.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(b)&#160;</div>
          </td>
          <td colspan="1" style="width: 97%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Total return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at the net asset value (&#8220;NAV&#8221;) or market price per share.
              Dividends and distributions are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund&#8217;s Dividend Reinvestment Plan for market value returns. Total return does not reflect brokerage commissions.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(c)&#160;</div>
          </td>
          <td colspan="1" style="width: 97%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Expense ratio does not reflect the fees and expenses incurred directly by the Fund as a result of its investment in shares of business development companies. If these fees were included in the expense ratio,
              the increase to the expense ratio would be 0.01% and 0.01% for the years ended October 31, 2016 and 2015.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(d)&#160;</div>
          </td>
          <td style="width: 97%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Excluding interest expense, the operating expense ratios for the six months ended April 30, 2020 and the years ended October 31 would be:&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td colspan="7" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">(Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">April 30, 2020</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2019</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2018</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2017</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2016</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2015</font>&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.57%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.57%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.62%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.49%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.52%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.42%&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(e)&#160;</div>
          </td>
          <td style="width: 97%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Annualized.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(f)&#160;</div>
          </td>
          <td colspan="1" style="width: 97%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Commencing on October 31, 2018, as a result of the Fund having earmarked or segregated cash to collateralize the reverse repurchase agreement transactions or otherwise having covered the transactions, in
              accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the &#8220;SEC&#8221;), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the
              1940 Act.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>(g )&#160; <br>
            </div>
          </td>
          <td style="width: 97%; vertical-align: bottom;">Calculated by subtracting the Fund&#8217;s total liabilities (not including the borrowings) from the Fund&#8217;s total assets and dividing by the borrowings.</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-style: italic;">See notes to financial statements.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">40 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8364fc1d65a44f528fd66ef84084acc9">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 1 <font style="font-weight: bold;">&#8211; Organization</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent Convertible and Income Fund (the &#8220;Fund&#8221;) 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 &#8220;1940 Act&#8221;).</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund&#8217;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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 2 <font style="font-weight: bold;">&#8211; Significant Accounting Policies</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards
      Codification Topic 946 Financial Services &#8211; Investment Companies.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) 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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(a) Valuation of Investments</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Board of Trustees of the Fund (the &#8220;Board&#8221;) has adopted policies and procedures for the valuation of the Fund&#8217;s investments (the &#8220;Valuation Procedures&#8221;). 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 &#8220;Valuation Committee&#8221;), the day-to-day responsibility for implementing the Valuation
      Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund&#8217;s securities and/or other assets.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Valuations of the Fund&#8217;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&#8217;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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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 (&#8220;NASDAQ&#8221;) National Market system will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 41</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf8fd738bc12744ae94350aff87366ca6">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Open-end investment companies are valued at their net asset value per share (&#8220;NAV&#8221;) as of the close of business, on the valuation date.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange (&#8220;NYSE&#8221;). The values of foreign securities are
      determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S.
      business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may
      include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, 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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Debt securities are valued based on prices provided by pricing services or, if not available or if Advent Capital Management, LLC (&#8220;Advent&#8221; or the &#8220;Investment Adviser&#8221;) 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&#8217;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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Typically, loans are valued using information provided by an independent third party pricing service that 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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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 (&#8220;OTC&#8221;) options are valued using a price provided by a
      pricing service.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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. Futures</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">42 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9b78de062de44c7f9d9194ff42e93018">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">contracts are valued using the settlement price established each day on the exchange on which they are traded.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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&#8217;s (or asset&#8217;s or liability&#8217;s) &#8220;fair value&#8221;. 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. Treasuries, and other information analysis.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(b) Investment Transactions and Investment Income</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable
      withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the
      effective interest method.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(c) Convertible Securities</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund invests in convertible securities, preferred stocks and fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or
      rate within a specified period of time into a specified number of shares of common stock. Most commonly, convertible securities have paid dividends or interest greater than on the related common stocks, but less than fixed income non-convertible
      securities. By investing in a convertible security, the Fund may participate in any capital appreciation or depreciation of a company&#8217;s stock, but to a lesser degree than if it had invested in that company&#8217;s common stock. Convertible securities rank
      senior to common stock in a corporation&#8217;s capital structure and, therefore, entail less risk than the corporation&#8217;s common stock.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(d) Senior Floating Rate Interests and Loan Investments</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Senior floating rate interests in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base
      lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (&#8220;LIBOR&#8221;), (ii) the prime rate offered by one or more major United States banks, or
      (iii) the bank&#8217;s certificate of deposit rate. Senior floating rate interests often require repayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As
      a result, the actual remaining maturity may be substantially less than the stated maturities shown on the Schedule of Investments. The interest rate indicated is the rate in effect at April 30, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund invest in loans and other similar debt obligations (&#8220;obligations&#8221;). A portion of the Fund&#8217;s investments in these obligations is sometimes referred to as &#8220;covenant lite&#8221; loans or obligations
      (&#8220;covenant lite obligations&#8221;), which are obligations that lack covenants or possess fewer or less</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 43</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze966880f93fe4fd088d069cf5187b19d">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles
      and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a
      borrower&#8217;s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of
      default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or
      exposure to) obligations, including that obligations may not be considered &#8220;securities&#8221; and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law
      and direct claims.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(e) Currency Translations</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates.
      Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies
      to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation, or other political, social or
      economic developments, all of which could affect the market and/or credit risk of the investments.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of
      securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions.
      Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(f) Forward Foreign Currency Exchange Contracts</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Forward foreign currency exchange contracts are agreements between two parties to buy and sell currencies at a set price on a future date. Fluctuations in the value of open forward foreign currency
      exchange contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Fund until the contracts are closed. When the contracts are closed, realized gains and losses are recorded, and included on the
      Statement of Operations in forward foreign currency exchange contracts.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(g) Distributions to Shareholders</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund declares and pays monthly distributions to common shareholders. These distributions consist of investment company taxable income, which generally includes qualified dividend income,</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">44 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4986b44593164253b24681f121f483a0">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">ordinary income and short-term capital gains. Any net realized long-term capital gains are distributed annually to common shareholders. To the extent distributions exceed taxable income, the excess
      will be deemed a return of capital.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from
      U.S. GAAP.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(h) Covered Call Options and Put Options</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current market value of the option written. These
      liabilities are reflected as options written on the Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium
      received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss.
      If an option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">When a call option is purchased, the Fund obtains the right (but not the obligation) to buy the underlying instrument at the strike price at anytime during the option period. When a put option is
      purchased, the Fund obtains the right (but not the obligation) to sell the option&#8217;s underlying instrument at the strike price at anytime during the option period. When the Fund purchases an option, an amount equal to the premium paid by the Fund is
      reflected as an asset and subsequently marked-to-market to reflect the current market value of the option purchased. Purchased options are included with Investments on the Statement of Assets and Liabilities.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(i) Certain Risks and Other Considerations</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to, among other things, changes in the market
      (market risk) or the potential inability of a counterparty to meet the terms of an agreement (counterparty risk). The Fund is also exposed to other risks such as, but not limited to, convertible securities, equity securities, illiquid securities,
      leverage concentration, interest rate and credit risks.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Investment and Market Risk. </font>An investment in the Fund&#8217;s common shares is subject to investment risk, including the possible loss of the entire principal
      amount that you invest. An investment in the Fund&#8217;s common shares represents an indirect investment in the securities owned by the Fund. The value of the securities owned by the Fund may fluctuate, sometimes rapidly and unpredictably, which will
      affect the NAV and may affect the market price of the common shares. The value of securities owned by the Fund may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived economic
      conditions, changes in interest or currency rates or changes in investor sentiment or market outlook generally. At any point in time, your common shares may be worth less than your original investment, including the reinvestment of the Fund&#8217;s
      dividends and distributions.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Convertible Securities Risk. </font>The market value of a convertible security is a function of its &#8220;investment value&#8221; and its &#8220;conversion value.&#8221; A security&#8217;s
      &#8220;investment value&#8221; represents the value of the security</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 45</div>
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            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">without its conversion feature (i.e., a nonconvertible fixed income security). The investment value may be determined by reference to its credit quality and the current value of its yield to maturity
      or probable call date. At any given time, investment value is dependent upon such factors as the general level of interest rates, the yield of similar nonconvertible securities, the financial strength of the issuer, and the seniority of the security
      in the issuer&#8217;s capital structure. A security&#8217;s &#8220;conversion value&#8221; is determined by multiplying the number of shares the holder is entitled to receive upon conversion or exchange by the current price of the underlying security. If the conversion
      value of a convertible security is significantly below its investment value, the convertible security will trade like nonconvertible debt or preferred stock and its market value will not be influenced greatly by fluctuations in the market price of
      the underlying security. In that circumstance, the convertible security takes on the characteristics of a bond, and its price moves in the opposite direction from interest rates. Conversely, if the conversion value of a convertible security is near
      or above its investment value, the market value of the convertible security will be more heavily influenced by fluctuations in the market price of the underlying security. In that case, the convertible security&#8217;s price may be as volatile as that of
      common stock. Because both interest rates and market movements can influence its value, a convertible security generally is not as sensitive to interest rates as a similar fixed income security, nor is it as sensitive to changes in share price as its
      underlying equity security. Convertible securities are often rated below investment grade or are not rated.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Although all markets are prone to change over time, the generally high rate at which convertible securities are retired (through mandatory or scheduled conversions by issuers or through voluntary
      redemptions by holders) and replaced with newly issued convertibles may cause the convertible securities market to change more rapidly than other markets. For example, a concentration of available convertible securities in a few economic sectors
      could elevate the sensitivity of the convertible securities market to the volatility of the equity markets and to the specific risks of those sectors. Moreover, convertible securities with innovative structures, such as mandatory-conversion
      securities and equity-linked securities, have increased the sensitivity of the convertible securities market to the volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
      greater than, those associated with traditional convertible securities. A convertible security may be subject to redemption at the option of the issuer at a price set in the governing instrument of the convertible security.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">If a convertible security held by the Fund is subject to such redemption option and is called for redemption, the Fund must allow the issuer to redeem the security, convert it into the underlying
      common stock, or sell the security to a third party.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">As a result of the conversion feature, convertible securities typically offer lower interest rates than if the securities were not convertible. During periods of rising interest rates, it is possible
      that the potential for capital gain on convertible securities may be less than that of a common stock equivalent if the yield on the convertible security is at a level that would cause it to sell at discount.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Also, in the absence of adequate anti-dilution provisions in a convertible security, dilution in the value of the Fund&#8217;s holding may occur in the event the underlying stock is subdivided, additional
      securities are issued, a stock dividend is declared, or the issuer enters into another type of corporate transaction which increases its outstanding securities.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">46 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
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            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Equity Securities Risk. </font>Equity securities risk is the risk that the value of the securities held by the Fund will fall due to general market and economic
      conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate or factors relating to specific companies in which the Fund invests. Stock of an issuer in the Fund&#8217;s portfolio may decline in price if
      the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. Common stock in which the Fund may invest is structurally subordinated to preferred
      stock, bonds and other debt instruments in a company&#8217;s capital structure, in terms of priority to corporate income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition, while
      common stock has historically generated higher average returns than fixed income securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the
      value of common stock of an issuer held by the Fund. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor
      perceptions are based on various and unpredictable factors including expectations regarding: government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political,
      economic and banking crises.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Illiquid Securities Risk. </font>Illiquid securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The
      market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of illiquid securities. Illiquid securities are also more
      difficult to value and the manager&#8217;s judgment may play a greater role in the valuation process. Investment of the Fund&#8217;s assets in illiquid securities may restrict the Fund&#8217;s ability to take advantage of market opportunities. The risks associated
      with illiquid securities may be particularly acute in situations in which the Fund&#8217;s operations require cash and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid securities. Although many of
      the Rule 144A Securities in which the Fund invests may be, in the view of the manager, liquid, if qualified institutional buyers are unwilling to purchase these Rule 144A Securities, they may become illiquid.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Leverage Risk. </font>The use of leverage may result in higher income to common shareholders over time; however, there can be no assurance that these expectations
      will be realized or that a leveraging strategy will be successful in any particular time period. Use of leverage creates an opportunity for increased income and capital appreciation but, at the same time, creates special risks. Leverage is a
      speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. There can be no assurance that a leveraging strategy will be utilized or will be successful.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The use of leverage by the Fund will cause the NAV, and possibly the market price, of the Fund&#8217;s common shares to fluctuate significantly in response to changes in interest rates and other economic
      indicators. As a result, the NAV and market price and dividend rate of the common shares of the Fund is likely to be more volatile than those of a closed-end management investment company that is not exposed to leverage. In a declining market the use
      of leverage may result in a greater decline in the NAV of the common shares than if the Fund were not leveraged.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Leverage will increase operating costs, which may reduce total return. The Fund will have to pay interest on its indebtedness, if any, which may reduce the Fund&#8217;s return. This interest expense may</div>
    <div style="text-align: right; font-family: Arial;">
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            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">be greater than the Fund&#8217;s return on the underlying investment, which would negatively affect the performance of the Fund. Increases in interest rates that the Fund must pay on its indebtedness will
      increase the cost of leverage and may reduce the return to common shareholders. This risk may be greater in the current market environment because interest rates are near historically low levels.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Certain types of indebtedness, including the Fund&#8217;s credit agreement, subject the Fund to covenants relating to asset coverage and portfolio composition requirements. Certain indebtedness issued by
      the Fund also may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for such indebtedness. These guidelines may impose asset coverage or portfolio composition requirements
      that are more stringent than those imposed by the 1940 Act. Failure to comply with these requirements, or failure to cure any non-compliance within applicable cure periods, may limit certain activities of the Fund, including the declaration and
      payment of dividends or other distributions to common shareholders. Any reduction in outstanding borrowings by the Fund in order to comply with such requirements would reduce any leverage applicable to the Common Shares. To comply with such
      requirements the Fund may be required to dispose of holdings at times or on terms that the Fund would otherwise consider undesirable. Additionally, the Fund may be unable to sell a sufficient amount of portfolio securities in order to comply with
      applicable tests or covenants, which could cause an event of default on such borrowings. Upon a default, the Fund&#8217;s outstanding borrowings may become immediately due and payable and, to the extent that the Fund has pledged assets as collateral for
      borrowings, such as pursuant to the Fund&#8217;s credit agreement, upon a default the lender may be permitted to take possession of such collateral. Adverse or volatile market conditions may in the future make it difficult to maintain, extend or refinance
      the Fund&#8217;s existing borrowing facilities and any failure to do so could have a material adverse effect on the Fund.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated with the
      repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such securities and that the securities may not be returned to the Fund. There is no assurance
      that reverse repurchase agreements can be successfully employed. In connection with reverse repurchase agreements, the Fund will also be subject to counterparty risk with respect to the purchaser of the securities. If the broker/dealer to whom the
      Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or repurchase securities may be restricted.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund may have leverage outstanding during a shorter-term period during which such leverage may not be beneficial to the Fund if it believes that the long-term benefits to common shareholders of
      such leverage would outweigh the costs and portfolio disruptions associated with redeeming and reissuing such leverage. However, there can be no assurance that the Fund&#8217;s judgment in weighing such costs and benefits will be correct.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">During the time in which the Fund is utilizing leverage, the amount of the fees paid for investment advisory services will be higher than if the Fund did not utilize leverage because the fees paid
      will be calculated based on the Fund&#8217;s managed assets, including proceeds of leverage. This may create a conflict of interest between the Investment Adviser and the common shareholders, as common shareholders bear the portion of the investment
      advisory fee attributable to the assets purchased with the proceeds of leverage, which means that common shareholders effectively bear the entire advisory fee.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">48 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
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          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In addition, the Fund may engage in certain derivatives transactions that have economic characteristics similar to leverage. The Fund intends to earmark or segregate cash or liquid securities or
      otherwise cover such transactions in accordance with applicable interpretations of the staff of the SEC. Securities so segregated or designated as &#8220;cover&#8221; will be unavailable for sale (unless replaced by other securities qualifying for segregation or
      cover requirements), which may adversely affect the ability of the Fund to pursue its investment objective.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund may be required to pay a commitment fee on unused portions of its credit facility. In connection with the use of leverage, the Fund may enter into interest rate swap or cap transactions,
      either separately or as a component of its credit facility in order to fix its borrowing costs. In the event the Fund elects or are required to de-lever, the Fund may be required to pay early termination payments and other breakage costs associated
      with the termination of the interest rate swap or cap transaction. While such transactions are intended to reduce the risks associated with an increase in short-term interest rates, the use of interest rate swaps and caps involves investment
      techniques and risks different from those associated with ordinary portfolio security transactions. Depending on the state of interest rates in general, the Fund&#8217;s use of interest rate instruments could enhance or harm the overall performance of the
      Fund&#8217;s common shares.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Credit Risk. </font>Credit risk is the risk that one or more income securities in the Fund&#8217;s portfolio will decline in price, or fail to pay interest and principal
      when due, because the issuer of the security experiences a decline in its financial status. The Fund&#8217;s investments in income securities involve credit risk. However, in general, lower rated, lower grade and non-investment grade securities carry a
      greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative impact on the Fund&#8217;s NAV or dividends.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Interest Rate Risk. </font>Convertible and nonconvertible income-producing securities including preferred stock and debt securities (collectively, &#8220;income
      securities&#8221;) are subject to certain interest rate risks. If interest rates go up, the value of income securities in the Fund&#8217;s portfolio generally will decline. These risks may be greater in the current market environment because interest rates are
      near historically low levels. During periods of rising interest rates, the average life of certain types of income securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase
      the security&#8217;s duration (the estimated period until the security is paid in full) and reduce the value of the security. This is known as extension risk. During periods of declining interest rates, the issuer of a security may exercise its option to
      prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. Lower grade securities have call features that allow the issuer to repurchase the security prior to its
      stated maturity. An issuer may redeem a lower grade security if the issuer can refinance the security at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Lower Grade Securities Risk. </font>Investing in lower grade and non-investment grade securities involves additional risks. Securities of below investment grade
      quality are commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield securities.&#8221; Investment in securities of below investment grade quality involves substantial risk of loss. Securities of below investment grade quality are predominantly speculative with
      respect to the issuer&#8217;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default or decline in market value due to adverse economic and issuer</div>
    <div style="text-align: right; font-family: Arial;">
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    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z72b061dc2a2646779b82d447de3c4859">

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          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
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    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">specific developments. Issuers of below investment grade securities are not perceived to be as strong financially as those with higher credit ratings. Issuers of lower grade securities may be highly
      leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. These issuers are
      more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. The issuer&#8217;s ability to service its debt obligations also may be adversely affected by
      specific issuer developments, the issuer&#8217;s inability to meet specific projected business forecasts or the unavailability of additional financing. Therefore, there can be no assurance that in the future there will not exist a higher default rate
      relative to the rates currently existing in the market for lower grade securities. The risk of loss due to default by the issuer is significantly greater for the holders of lower grade securities because such securities may be unsecured and may be
      subordinate to other creditors of the issuer. Securities of below investment grade quality display increased price sensitivity to changing interest rates and to a deteriorating economic environment. The market values for securities of below
      investment grade quality tend to be more volatile and such securities tend to be less liquid than investment grade debt securities. To the extent that a secondary market does exist for certain below investment grade securities, the market for them
      may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Foreign Securities and Emerging Markets Risk. </font>Investing in non-U.S. issuers may involve unique risks, such as currency, political, economic and market risk.
      In addition, investing in emerging markets entails additional risk including, but not limited to: news and events unique to a country or region; smaller market size, resulting in lack of liquidity and price volatility; certain national policies which
      may restrict the Fund&#8217;s investment opportunities; less uniformity in accounting and reporting requirements; unreliable securities valuation; and custody risk.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Counterparty Risk. </font>The Fund is subject to counterparty credit risk, which is the risk that the counterparty fails to perform on agreements with the Fund such
      as swap and option contracts, and reverse repurchase agreements.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">LIBOR Risk. </font>The London Interbank Offered Rate (&#8220;LIBOR&#8221;) as a reference or benchmark interest rate in the U.S. and globally for commercial and financial
      contracts. LIBOR is used as a benchmark rate for floating rate debt, bank loans, derivatives and other borrowings or debt securities. The Fund has leverage arrangements that require the Fund to pay a floating rate of interest based on LIBOR. In
      addition, the Fund may invest in instruments that pay a floating rate of interest based on LIBOR. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021.
      Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR. It is expected that a number of private-sector banks currently reporting information
      used to set LIBOR will stop doing so after 2021 when their current reporting commitment ends. The U.S. and other countries are currently working to replace LIBOR with alternative reference rates. There is currently no definitive information regarding
      the future utilization of LIBOR and the nature of any replacement rate. The expected discontinuation of LIBOR, and the transition to an alternative benchmark rate, may require renegotiation by the Fund of certain of its investment instruments and its
      leverage arrangements. Moreover, the discontinuation of</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">50 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdf55c30f0d824ad1ad01bea2c7b8e78c">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">LIBOR and the transition to an alternative benchmark rate may adversely impact the functioning, liquidity, volatility, and value of floating rate income securities and could lead to significant
      short-term and long-term uncertainty and market instability. These risks will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. These events may also increase
      the difficulty of borrowing or refinancing and may diminish the effectiveness of hedging strategies. The precise impacts of a transition away from LIBOR on the Fund, on floating rate income securities in which the Fund may invest, and on the
      financing market generally remain uncertain. Additionally, because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">COVID-19 Risks. </font>A new respiratory disease spreading from person-to-person and caused by a novel coronavirus was first identified in Wuhan, China in December
      2019. The disease has been named coronavirus disease 2019 (&#8220;COVID-19&#8221;) and has since spread world-wide. The rapid and uncontrolled spread of COVID-19 has significantly overwhelmed existing healthcare infrastructure in many locations and prompted
      governmental responses and economic shutdowns of unprecedented scale. It is anticipated that the COVID-19 pandemic may result in a significant and prolonged reduction in global economic activity, significant increases in unemployment and financial
      instability across most of the world, which will exacerbate existing vulnerabilities in local, state and global economies and cause vulnerabilities and acute stresses in areas that were not previously apparent or identifiable. The COVID-19 pandemic
      could materially disrupt the business of the Investment Adviser and service providers that perform certain critical functions for the Investment Adviser or the Fund, have a material adverse effect on the Investment Adviser&#8217;s provision of services to
      the Fund, and may ultimately cause a partial or complete loss of capital attributable to one or more investments in the Fund.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">(j) Indemnifications</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Under the Fund&#8217;s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, throughout
      the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund&#8217;s maximum exposure under these arrangements is unknown, as this would involve
      future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 3 <font style="font-weight: bold;">&#8211; Derivatives</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">As part of its investment strategy, the Fund utilizes derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the
      Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 2 of these Notes to Financial Statements.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 51</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z79f1bac6c3be48d29aa4a6bec8671223">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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&#8217;s financial position and results of
      operations.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund utilized derivatives for the following purposes:</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Hedge </font>&#8211; an investment made in order to seek to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against
      broad market moves.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"><font style="font-weight: bold;">Income </font>&#8211; the use of any instrument that distributes cash flows typically based upon some rate of interest.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Options Purchased and Written</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following table represents the Fund&#8217;s use and volume of call/put options purchased on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2afdf7f4ed344092bdb9b50475d6c401">

        <tr>
          <td style="width: 80%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Call</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Put</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Income&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;*&#160;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za28e2c3d813943a08893ed0a25e329f5">

        <tr>
          <td style="width: 100%; vertical-align: middle;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 100%; vertical-align: bottom;">
            <div style="text-indent: -10pt; margin-left: 10pt;">*&#160; Options contracts were outstanding for 7 days during the period ended April 30, 2020. The daily average outstanding notional amount was $1,491,209.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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&#8217;s inability to perform.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following table represents the Fund&#8217;s use and volume of call/put options written on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbe10e8163a8b467f942d7d8189847935">

        <tr>
          <td style="width: 80%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Call</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Put</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Income&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;*&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd98f36e6a2184619976a11a721671792">

        <tr>
          <td style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 100%; vertical-align: bottom;">
            <div style="text-indent: -10pt; margin-left: 10pt;">*&#160; Options contracts were outstanding for 6 days during the period ended April 30, 2020. The daily average outstanding notional amount was $285,714.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Forward Foreign Currency Exchange Contracts</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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,</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">52 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69d7f59e08f149aaba0e09a2dfcd086d">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following table represents the Fund&#8217;s use, and volume of forward foreign currency exchange contracts on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3e1374ec977c444a98bef9abec72c4bd">

        <tr>
          <td style="width: 80%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td rowspan="1" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Sold</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Hedge&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 9,317,663&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 55,932,434&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Derivative Investment Holdings Categorized by Risk Exposure</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following is a summary of the location of derivative investments on the Fund&#8217;s Statement of Assets and Liabilities as of April 30, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z19261cc6f89344a9a23369f2555db230">

        <tr>
          <td style="width: 44.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 38.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 17.18%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Derivative Investment Type</font>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Asset Derivatives</font>&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Liability Derivatives</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Currency contracts&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Unrealized&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Unrealized&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">appreciation&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">depreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">on forward&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">on forward&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">foreign currency&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">foreign currency&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">exchange contracts&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">exchange contracts&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following table sets forth the fair value of the Fund&#8217;s derivative investments categorized by primary risk exposure at April 30, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2e7410586c704f34a093fa8aaa8d8b1f">

        <tr>
          <td style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Asset Derivative Investments Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Forward Foreign Currency Exchange Risk&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$ 1,781,169</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 100%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: bold;">
            <div style="text-align: center;">Liability Derivative Investments Value&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Forward Foreign Currency Exchange Risk&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$ 137,159</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following is a summary of the location of derivative investments on the Fund&#8217;s Statement of Operations for the period ended April 30, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcaaefbbcce634351a8acfda7edc43db0">

        <tr>
          <td style="width: 31.33%; vertical-align: middle;">&#160;</td>
          <td style="width: 68.67%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Location of Gain (Loss)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Derivative Investment Type</font>&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">on Derivatives</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Currency contracts&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Net realized gain (loss) on forward foreign currency exchange contracts&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Net change in unrealized appreciation (depreciation) on forward foreign&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">currency exchange contracts&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Equity contracts&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Net realized gain (loss) on options written&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Net realized gain(loss) on options purchased&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 68.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Net change in unrealized appreciation (depreciation) on options written&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 53</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze10882e54f6d4fa0b412061508a27f45">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following is a summary of the Fund&#8217;s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by
      primary risk exposure for the period ended April 30, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z41b500cb534e465caa7b5651113dd478">

        <tr>
          <td style="width: 59.19%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.27%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.3%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="width: 87.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations:</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(336,852)&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(364,305)&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 317,281&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (383,876)&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td colspan="4" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="width: 87.76%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Change in Unrealized Appreciation (Depreciation) on Derivative Investments</font> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="width: 72.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Recognized on the Statement of Operations</font> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.19%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 137,230&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,898,792&#160;</div>
          </td>
          <td style="width: 12.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$2,036,022&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 4 <font style="font-weight: bold;">&#8211; Offsetting</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those
      agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the
      occurrence of an event of default, credit event upon merger or additional termination event.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In order to better define their contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives
      Association, Inc. Master Agreement (&#8220;ISDA Master Agreement&#8221;) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including
      foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net
      payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">54 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd27c3bae56a044d7a470ea640e2f7482">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations
      of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation
      margin. Cash and/or securities pledged or received as collateral by the Fund in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Fund, as
      applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Fund, as applicable. Generally, the amount of collateral due from
      or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise,
      the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability
      of those counterparties.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8ef9c614a9504e85ba686b716e17ad59">

        <tr>
          <td style="width: 14.55%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.52%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.36%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.36%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amounts</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 20.8%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Gross Amounts Not Offset</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
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          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
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          <td style="width: 9.52%; vertical-align: bottom;">
            <div>&#160;</div>
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          <td colspan="2" style="width: 20.8%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">in the Statement of</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Offset in the</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Presented in</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 20.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets and Liabilities</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts of</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement&#160;</font> <br>
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          <td style="width: 11.44%; vertical-align: bottom; text-align: right;"><font style="font-weight: bold;">the Statement&#160; <br>
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          <td style="width: 9.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Derivatives</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Investment</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Recognized</font>&#160;</div>
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          <td style="width: 11.44%; vertical-align: bottom;">
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          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">of Assets &amp;</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Available</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Financial</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Collateral</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Type</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">for Offset</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Received</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Forward&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,781,169&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,781,169&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(137,159)&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,644,010&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Mellon&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Foreign&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Currency&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Exchange&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Contracts <br>
            </div>
          </td>
          <td rowspan="1" style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div><br>
            </div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amounts</font>&#160;</div>
          </td>
          <td style="width: 3.79%; vertical-align: bottom;">
            <div style="text-align: right;"><br>
            </div>
          </td>
          <td colspan="2" rowspan="1" style="width: 3.79%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Gross Amounts Not Offset</font> <br>
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          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">of Liabilities</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 20.8%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">in the Statement of</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Offset in the</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Presented in</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 20.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets and Liabilities</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts of</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement&#160;</font> <br>
            </div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; text-align: right;"><font style="font-weight: bold;">the Statement&#160; <br>
            </font></td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Derivatives</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Investment</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Recognized</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">of Assets &amp;</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">of Assets &amp;</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Available</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Financial</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Collateral</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Type</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">for Offset</font>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Instruments</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Pledged</font>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Soci&#233;t&#233;&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Reverse&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$136,013,555&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$136,013,555&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$136,013,555&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>G&#233;n&#233;rale&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Repurchase&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Agreements&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Forward&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">137,159&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">137,159&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(137,159)&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mellon&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Foreign&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Currency&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Exchange&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Contracts&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The table above does not include the additional collateral pledged to the counterparty for the reverse repurchase agreement. Total additional collateral pledged for the reverse repurchase agreement
      was $88,831,900.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 55</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb74c20869c2b4272a87a18eebff2d763">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 5 <font style="font-weight: bold;">&#8211; Fees and Other Transactions</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Pursuant to an Investment Advisory Agreement between the Fund and Advent, the Investment Adviser is responsible for the daily management of the Fund&#8217;s portfolio of investments, which includes buying
      and selling securities for the Fund, as well as investment research. The Investment Adviser will receive an annual fee from the Fund based on the average value of the Fund&#8217;s Managed Assets. In addition, subject to the approval of the Fund&#8217;s Board, a
      pro rata portion of the salaries, bonuses, health insurance, retirement benefits and similar employment costs for the time spent on Fund operations (other than the provision of services required under the Investment Advisory Agreement) of all
      personnel employed by the Investment Adviser who devote substantial time to Fund operations may be reimbursed by the Fund to the Investment Adviser. For the period ended April 30, 2020, the Investment Adviser was not reimbursed by the Fund for these
      items. The annual fee will be determined as follows:</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">(a) If the average value of the Fund&#8217;s Managed Assets (calculated monthly) is greater than $250 million, the fee will be a maximum amount equal to 0.54% of the average value of the Fund&#8217;s Managed
      Assets.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">(b) If the average value of the Fund&#8217;s Managed Assets (calculated monthly) is $250 million or less, the fee will be a maximum amount equal to 0.55% of the average value of the Fund&#8217;s Managed Assets.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Pursuant to a Servicing Agreement between the Fund and Guggenheim Funds Distributors, LLC (the &#8220;Servicing Agent&#8221;), the Servicing Agent will act as servicing agent to the Fund. The Servicing Agent
      will receive an annual fee of 0.21% of the average value of the Fund&#8217;s Managed Assets.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For purposes of calculating the fees payable under the foregoing agreements, average daily managed assets means the average daily value of the Fund&#8217;s total assets minus the sum of its accrued
      liabilities. Total assets means all of the Fund&#8217;s assets and is not limited to its investment securities. Accrued liabilities means all of the Fund&#8217;s liabilities other than borrowings for investment purposes.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Certain officers of the Fund may also be officers, directors and/or employees of the Investment Adviser or Servicing Agent. The Fund does not compensate its officers who are officers, directors
      and/or employees of the aforementioned firms.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">MUFG Investor Services (US), LLC (&#8220;MUIS&#8221;) acts as the Fund&#8217;s administrator. The Bank of New York Mellon Corp. (&#8220;BNY&#8221;) acts as the Fund&#8217;s custodian and accounting agent. As custodian, BNY is
      responsible for the custody of the Fund&#8217;s assets. As accounting agent, BNY maintains the books and records of the Fund&#8217;s securities and cash. For providing the aforementioned services, MUIS and BNY are entitled to receive a monthly fee equal to an
      annual percentage of the Fund&#8217;s average daily managed assets subject to certain minimum monthly fees and out of pocket expenses.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 6 <font style="font-weight: bold;">&#8211; Fair Value Measurement</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">56 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z42eb3d579566402d9d0d0b1c6ed1b11d">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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:</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Level 1 &#8212; quoted prices in active markets for identical assets or liabilities.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Level 2 &#8212; 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.).</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Level 3 &#8212; significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Independent pricing services are used to value a majority of the Fund&#8217;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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 7 <font style="font-weight: bold;">&#8211; Reverse Repurchase Agreements</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">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&#8217;s assets. As a result, such transactions may increase
      fluctuations in the market value of the Fund&#8217;s assets. For the period ended April 30, 2020, the average daily balance for which reverse repurchase agreements were outstanding amounted to $168,027,473. The average interest rate was 3.33%. As of April
      30, 2020, there were $136,013,555 reverse repurchase agreements outstanding.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3a472fc93a7e4ee9a07d14f2955873e9">

        <tr>
          <td style="width: 55%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Interest Rate(s)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity Date(s)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Face Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Soci&#233;t&#233; G&#233;n&#233;rale&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">3.45%-3.83%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12/15/2020-12/15/2022&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$136,013,555&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 57</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z977359ee4a4e47fa97e08eeb55f09d30">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of April 30, 2020, aggregated by asset class of the related collateral pledged
      by the Fund:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zaebf9b80676841b183386621037d6990">

        <tr>
          <td style="width: 25.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 14.45%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.45%; vertical-align: middle;">&#160;</td>
          <td style="width: 17.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 17.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.3%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Overnight and</font>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Up to</font>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">31 &#8211; 90</font>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Greater than</font>&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Continuous</font>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">30 days</font>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">days</font>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">90 days</font>&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Convertible Bonds&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 68,207,588&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 68,207,588&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">36,405,845&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">36,405,845&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Convertible Preferred Stocks&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31,400,122&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31,400,122&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Total Reverse&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Repurchase Agreements&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 136,013,555&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 136,013,555&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Gross amount of&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>recognized liabilities&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>for reverse repurchase&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>agreements&#160;</div>
          </td>
          <td style="width: 14.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 17.53%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 136,013,555&#160;</div>
          </td>
          <td style="width: 9.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 136,013,555&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 8 <font style="font-weight: bold;">&#8211; Borrowings</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">On December 15, 2017, the Fund entered into a senior secured credit agreement with Soci&#233;t&#233; G&#233;n&#233;rale.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">On August 27, 2018, with the completion of the mergers of Advent Claymore Convertible Securities and Income Fund II (&#8220;AGC&#8221;) and Advent Claymore Enhanced Growth and Income Fund (&#8220;LCM&#8221;) (together the
      &#8220;Target Funds&#8221;) into Advent Convertible and Income Fund (&#8220;AVK&#8221; or the &#8220;Acquiring Fund&#8221;), the Fund amended its leverage facilities with Soci&#233;t&#233; G&#233;n&#233;rale in order to assume the leverage of the Target Funds. Under the terms of the amended credit
      agreement, the Fund&#8217;s credit facility is as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z998c492d842e4ca59ae6029558d42552">

        <tr>
          <td style="width: 60.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.41%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>3.48% fixed rate 3-year maturity&#160;</div>
          </td>
          <td style="width: 39.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 114,000,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>3.89% fixed rate 5-year maturity&#160;</div>
          </td>
          <td style="width: 39.41%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">114,000,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>3 Month USD LIBOR+0.85% floating rate&#160;</div>
          </td>
          <td style="width: 39.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,000,000&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">An undrawn commitment fee of 0.25% per annum is charged on the difference between the $235,000,000 credit facility and the amount borrowed. If applicable, the undrawn commitment fee is included in
      interest expense on the Statement of Operations.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">As of April 30, 2020, there was $188,000,000 outstanding in connection with the Fund&#8217;s credit agreement. The average daily amount of borrowings under the credit agreement during the period ended
      April 30, 2020, was $200,027,473, with a related average interest rate of 3.35%. The maximum amount outstanding during the year was $210,000,000. As of April 30, 2020, the total value of securities segregated as collateral in connection with
      borrowings under the credit agreement was $416,539,272.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The credit agreement includes usual and customary covenants. These covenants impose on the Fund asset coverage requirements, collateral requirements, investment strategy requirements, and certain
      financial obligations. These covenants place limits or restrictions on the Fund&#8217;s ability to (i) enter into</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">58 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za8a90a0e604741b2bd46744730f95707">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">additional indebtedness with a party other than the counterparty, (ii) change its fundamental investment policy, or (iii) pledge to any other party, other than to the counterparty, securities owned
      or held by the Fund over which the counterparty has a lien. In addition, the Fund is required to deliver financial information to the counterparty within established deadlines, maintain an asset coverage ratio (as defined in Section 18(g) of the 1940
      Act) greater than 300%, comply with the rules of the stock exchange on which its shares are listed, and maintain its classification as a &#8220;closed-end management investment company&#8221; as defined in the 1940 Act.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">There is no guarantee that the Fund&#8217;s leverage strategy will be successful. The Fund&#8217;s use of leverage may cause the Fund&#8217;s NAV and market price of common shares to be more volatile and can magnify
      the effect of any losses.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 9 &#8211; <font style="font-weight: bold;">Federal Income Tax Information</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund intends to continue to comply with the requirements 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.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">At April 30, 2020, 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:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3e71c2dfd7534f6189ea9110065a4aa3">

        <tr>
          <td style="width: 40%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Tax</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Tax</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Tax</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Tax</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Cost</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Depreciation</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 815,230,372&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 33,982,549&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (29,572,192)&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,410,357&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The differences between book basis and tax basis unrealized appreciation/(depreciation) are primarily attributable to the tax deferral of losses on wash sales and additional income adjustments for
      tax purposes on certain convertible securities.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">As of October 31, 2019 (the most recent fiscal year end for federal income tax purposes), tax components of distributable earnings(loss) were as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfed8e545b93f4455be9b818675e50957">

        <tr>
          <td style="width: 60%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Undistributed</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Undistributed</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ordinary</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Long-Term</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Income/</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital Gain/</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Accumulated</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Accumulated</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation/</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Ordinary Loss)</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital Loss)</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8212;&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (33,454,459)&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 22,635,784&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The components of distributable earnings&#8217; differences between book basis and tax basis are attributable to the tax deferral of losses on wash sales, straddle loss deferrals, and additional income
      adjustments on certain convertible bonds.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 59</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1eebfc930e0441e4b86a81b3005e32bd">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">At October 31, 2019 (the most recent fiscal year end for federal income tax purposes), the Fund had a capital loss carryforward available as shown in the table below, to offset possible future
      capital gains. Under the RIC Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital loss carryforwards will retain their
      character as either short-term or long-term capital losses.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z71cc14524e944ec6854cb566c976aa09">

        <tr>
          <td style="width: 60%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unlimited</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right; text-indent: 12.4pt;"><font style="font-weight: bold;">Unlimited</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital Loss</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Short-Term</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Long-Term</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Carryforward</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (27,512,559)&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (5,941,900)&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (33,454,459)*&#160;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z10e9eb214c8a4ea4bebb7b91acacaa4e">

        <tr>
          <td style="width: 100%; vertical-align: middle;"><br>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 100%; vertical-align: bottom;">
            <div style="text-indent: -10pt; margin-left: 10pt;">*&#160; In accordance with Sections 382-384 of the Internal Revenue Code, a portion of certain Fund losses are subject to an annual limitation. This annual limitation is generally applicable to all
              of the capital loss carryforwards shown.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For the year ended October 31, 2019 (the most recent fiscal year end for federal income tax purposes), the capital loss carryforward amounts expired and utilized were $1,291,643 and $0, respectively.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For the year ended October 31, 2019 (the most recent fiscal year end for federal income tax purposes), the tax character of distributions paid, as reflected on the Statement of Changes in Net Assets,
      was $19,250,159 of ordinary income and $29,306,113 of return of capital.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For all open tax years and all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial
      statements. Uncertain tax positions are tax positions taken or expected to be taken in the course of preparing the Fund&#8217;s tax returns that would not meet a more-likely-than not threshold of being sustained by the applicable tax authority and would be
      recorded as a tax expense in the current year. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is
      also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 10 <font style="font-weight: bold;">&#8211; Security Transactions</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">For the period ended April 30, 2020, the cost of purchases and proceeds from sales of investment securities, excluding options and short-term securities, were as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za35724a3c413414294e4a164ca9cabb7">

        <tr>
          <td style="width: 85%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchases</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Sales</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,028,605,829&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,080,196,957&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 11 <font style="font-weight: bold;">&#8211; Capital</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Common Shares</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund has an unlimited amount of common shares, $0.001 par value, authorized and 34,525,222 issued and outstanding. In connection with the Fund&#8217;s dividend reinvestment plan, the Fund did not issue
      shares during the period ended April 30, 2020, or the year ended October 31, 2019. As of April&#160;30, 2020, Advent owned 153,048 shares of the Fund.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">60 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcb99dd9977414100ae6bbbef31be6c73">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 12 <font style="font-weight: bold;">&#8211; Recent Accounting Pronouncements</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables &#8211; Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on
      Purchased Callable Debt Securities (the &#8220;2017 ASU&#8221;) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting
      change for debt securities held at a discount; the discount continues to be amortized to maturity.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">As of November 1, 2019, the Fund has fully adopted the provisions of the 2017 ASU which was applied on a modified retrospective basis, as prescribed. The adoption did not result in a
      cumulative-effect adjustment as of the beginning of the period and had no impact on total distributable earnings, net assets, the current period results from operations, or any prior period information presented in the financial statements.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Note 13 <font style="font-weight: bold;">&#8211; Subsequent Events:</font></div>
    <div style="margin-bottom: 6pt; font-family: Arial;">On May 1, 2020, the Fund declared a monthly distribution to common shareholders of $0.1172 per common share. The distribution is payable on May 29, 2020 to shareholders of record on May 15, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">On June 1, 2020, the Fund declared a monthly distribution to common shareholders of $0.1172 per common share. The distribution is payable on June 30, 2020 to shareholders of record on June 15, 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund has performed an evaluation of subsequent events through the date of issuance of this report and has determined that there are no material events that would require disclosure other than the
      events disclosed above.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 61</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2662b7db9bc44c3e863090dbc8702248">

        <tr>
          <td style="width: 60.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.41%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 39.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Federal Income Tax Information</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">In January 2021, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by you in the calendar year 2020.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Sector Classification</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Information in the &#8220;Portfolio of Investments&#8221; is categorized by sectors using sector-level Classifications used by Bloomberg Industry Classification System, a widely recognized industry classifica
      -tion system provider. The Fund&#8217;s registration statement has investment policies relating to concentration in specific sectors/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.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">62 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4aa6fc0857884c30b03a677eb1d82aff">

        <tr>
          <td style="width: 64.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 35.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 35.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Trustees</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Trustees of the Advent Convertible and Income Fund and their principal business occupations during the past five years:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z97f5fc2601464faaacb36cd935f77a69">

        <tr>
          <td style="width: 11.13%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.24%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.08%; vertical-align: middle;">&#160;</td>
          <td style="width: 40%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.09%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.45%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address</font>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Served*</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">During Past 5 Years</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Overseen **</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Held by Trustees</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Independent Trustees:</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Randall C.</font>&#160;</div>
            <div><font style="font-weight: bold;">Barnes++</font>&#160;</div>
            <div>(1951)&#160;</div>
          </td>
          <td colspan="1" style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee and Chairman of the Audit Committee&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2005&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Private Investor (2001-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>157&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: Trustee, Purpose Investments Funds (2013-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Managed Duration Investment Grade Municipal Fund (2006-2016).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Daniel L. Black+</font>&#160;</div>
            <div>(1960)&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2005&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Managing Partner, the Wicks Group of Cos., LLC (2003-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Managing Director and Co-Head of the Merchant Banking Group at BNY Capital Markets, a division of BNY Mellon (1998-2003); and Co-Head of U.S. Corporate Banking at BNY Mellon (1995-1998).&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: Dartmouth College (2020- present); Sontiq, Inc. (2016-present); Harlem Lacrosse &amp; Leadership, Inc. (2014-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Antenna International, Inc. (2010-June 2020); Little Sprouts, LLC (2015-2018); Bendon Inc. (2012-2016); Bonded Services, Ltd. (2011-2016).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Derek Medina+</font>&#160;</div>
            <div>(1966 )&#160;</div>
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee and Chairman of the Nominating and Governance Committee&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2003&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Senior Vice President, Business Affairs at ABC News (2008-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Vice President, Business Affairs and News Planning at ABC News (2003-2008); Executive Director, Office of the President at ABC News (2000-2003); Associate at Cleary Gottlieb Steen &amp; Hamilton (law firm) (1995-1998); Associate in
              Corporate Finance at J.P. Morgan/Morgan Guaranty (1988-1990).&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: Oliver Scholars (2011-present); Young Scholar&#8217;s Institute (2005-present).&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;"> <br>
    </div>
    <div style="margin-bottom: 6pt; font-family: Arial;">
      <div style="text-align: right;">
        <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 63</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd0de2f103808419b973613a5c3c129ee">

        <tr>
          <td style="width: 64.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 35.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 35.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2d873936e90749a38981daf2bcfe5da3">

        <tr>
          <td style="width: 11.13%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.24%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.08%; vertical-align: middle;">&#160;</td>
          <td style="width: 40%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.09%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.45%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address</font>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Served*</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Overseen **</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Held by Trustees</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Independent Trustees continued:</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Ronald A.</font>&#160;</div>
            <div><font style="font-weight: bold;">Nyberg++</font>&#160;</div>
            <div>(1953)&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2004&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Partner, Momkus LLC (2016-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Partner, Nyberg &amp; Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).</div>
          </td>
          <td style="width: 9.09%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>157&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: PPM Funds (9)(2018-present); Edward-Elmhurst Healthcare System (2012-present).&#160;</div>
            &#160;
            <div>Former: Western Asset Inflation-Linked Opportunities &amp; Income Fund (2004-April 2020); Western Asset Inflation-Linked Income Fund (2003-April 2020); Managed Duration Investment Grade Municipal Fund (2003-2016).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Gerald L.</font>&#160;</div>
            <div><font style="font-weight: bold;">Seizert, CFA, CIC+</font>&#160;</div>
            <div>(1952)&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Trustee&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2003&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Chairman of Seizert Capital Partners, LLC.&#160;</div>
            <div>&#160;</div>
            <div>Former: Co-Chief Executive (1998-1999) and a Managing Partner and Chief Investment Officer &#8211; Equities of Munder Capital Management, LLC (1995-1999);Vice President and Portfolio Manager of Loomis, Sayles &amp; Co., L.P. (asset manager)
              (1984-1995); Vice President and Portfolio Manager at First of America Bank (1978-1984).&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: University of Toledo Foundation (2013-present); Beaumont Hospital (2012-present).&#160;</div>
            &#160;
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Michael A. Smart+</font>&#160;</div>
            <div>(1960)&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2003&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Managing Partner, CWS Private Equity (2014&#8211;present), Managing Partner, Cordova, Smart &amp; Williams, LLC (2003&#8211;present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Principal , FirstAtlantic Capital Ltd. (2001-2003); Managing Director in Investment Banking &#8211; the Private Equity Group (1995-2001) and a Vice President in Investment Banking &#8211; Corporate Finance (1992-1995) at Merrill Lynch &amp;
              Co; Founding Partner of The Carpediem Group, a private placement firm (1991-1992); Associate at Dillon, Read and Co. (investment bank) (1988-1990).&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: The Mead School (2014- present); National Association of Investment Companies (&#8220;NAIC&#8221;) (2010- present); Sprint Industrial Holdings (2007-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Berkshire Blanket, Holdings, Inc. (2006-2016); Sqwincher Holdings (2006-2015).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">64 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0926dbffc62b4957ad67c1d4eaca878b">

        <tr>
          <td style="width: 64.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 35.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 35.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z13035b6d3efe4a7584466aef8edf874d">

        <tr>
          <td style="width: 11.13%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.24%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.08%; vertical-align: middle;">&#160;</td>
          <td style="width: 40%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.09%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.45%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address</font>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 9.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.08%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Served*</font>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Overseen **</font>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Held by Trustees</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Interested Trustee:</font> <br>
            </div>
          </td>
          <td style="width: 9.09%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 11.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Tracy V.</font>&#160;</div>
            <div><font style="font-weight: bold;">Maitland+&#248;</font>&#160;</div>
            <div>(1960) <br>
            </div>
          </td>
          <td colspan="1" style="width: 9.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Trustee, Chairman, President and Chief Executive Officer&#160;</div>
          </td>
          <td colspan="1" style="width: 9.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2003&#160;</div>
          </td>
          <td colspan="1" style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Founder, President and Chief Investment Officer of Advent Capital Management, LLC (2001-present).&#160;</div>
          </td>
          <td colspan="1" style="width: 9.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1&#160;</div>
          </td>
          <td colspan="1" style="width: 21.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">None.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z985fec2b3b24473a849951eb70aaee5a">

        <tr>
          <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          <td style="width: 97.16%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">+&#160;</div>
          </td>
          <td style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">Address of all Trustees noted: 888 Seventh Avenue, 31st Floor, New York, NY 10019.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">++&#160;</div>
          </td>
          <td style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">Address of all Trustees noted: 227 West Monroe Street, Chicago, IL 60606.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">*&#160;</div>
          </td>
          <td style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">After a Trustee&#8217;s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves:&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td colspan="1" style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">- Mr. Michael A. Smart and Mr. Daniel L. Black are the Class II Trustees. The term of the Class II Trustees will continue until the 2020 annual meeting of shareholders or until successors shall have been elected
              and qualified.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td colspan="1" style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">- Mr. Tracy V. Maitland and Mr. Ronald A. Nyberg are the Class III Trustees. The term of the Class III Trustees will continue until the 2021 annual meeting of shareholders or until successors shall have been
              elected and qualified.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td colspan="1" style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">- Mr. Gerald L. Seizert, Mr. Derek Medina and Mr. Randall C. Barnes are the Class I Trustees. The term of the Class I Trustees will continue until the 2022 annual meeting of shareholders or until successors
              shall have been elected and qualified.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">**&#160;</div>
          </td>
          <td colspan="1" style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">As of period end. The Guggenheim Investments Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds Investment Advisors, LLC and/or Guggenheim Funds Distributors,
              LLC and/or affiliates of such entities.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: top;">
            <div style="font-style: italic;">&#248;&#160;</div>
          </td>
          <td colspan="1" style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">Mr. Maitland is an &#8220;interested person&#8221; (as defined in section 2(a)(19) of the 1940 Act) of the Fund because of his position as an officer of Advent Capital Management, LLC, the Fund&#8217;s Investment Adviser.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 65</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z82c291beb5654bf7a85cd80a42aa04be">

        <tr>
          <td style="width: 64.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 35.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 35.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Officers</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Officers of the Advent Convertible and Income Fund, who are not Trustees, and their principal occupations during the past five years:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z49a457b6cdde40d7bc70668a4fa8cc6b">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 68%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with the</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Time Served**</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Principal Occupations During Past Five Years</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Officers:</font> <br>
            </div>
          </td>
          <td style="width: 68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Edward C. Delk</font>&#160;</div>
            <div>(1968)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Secretary and Chief Compliance Officer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2012&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: General Counsel and Chief Compliance Officer, Advent Capital Management, LLC (2012-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Assistant General Counsel and Chief Compliance Officer, Insight Venture Management, LLC (2009-2012); Associate General Counsel, TIAA-CREF (2008-2009); Principal, Legal Department, The Vanguard Group, Inc. (2000-2008).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Tony Huang</font>&#160;</div>
            <div>(1976)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Vice President and Assistant Secretary&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Director and Associate Portfolio Manager, Advent Capital Management, LLC (2007-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President, Portfolio Manager and Analyst, Essex Investment Management (2001-2006); Vice President, Analyst, Abacus Investments (2001); Vice President, Portfolio Manager, M/C Venture Partners (2000-2001); Associate,
              Fidelity Investments (1996-2000).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Robert White</font>&#160;</div>
            <div>(1965)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Treasurer and Chief Financial Officer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2005&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Chief Financial and Administrative Officer, Advent Capital Management, LLC (2005-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Vice President, Client Service Manager, Goldman Sachs Prime Brokerage (1997-2005).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z324201f6f38d4f2c9fef990142b0b506">

        <tr>
          <td style="width: 2.84%; vertical-align: middle;">&#160;</td>
          <td style="width: 97.16%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: bottom;">
            <div style="font-style: italic;">*&#160;</div>
          </td>
          <td style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">Address for all Officers: 888 Seventh Avenue, 31st Floor, New York, NY 10019.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.84%; vertical-align: bottom;">
            <div style="font-style: italic;">**&#160;</div>
          </td>
          <td style="width: 97.16%; vertical-align: bottom;">
            <div style="font-style: italic;">Officers serve at the pleasure of the Board of Trustees and until his or her successor is appointed and qualified or until his or her earlier resignation or removal.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">66 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2cbc652c93f3498c96b52c57e663ccd5">

        <tr>
          <td style="width: 71.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DIVIDEND REINVESTMENT PLAN (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Unless the registered owner of common shares elects to receive cash by contacting the Plan Administrator, all dividends declared on common shares of the Fund will be automatically reinvested by
      Computershare Trust Company, N.A. (the &#8220;Plan Administrator&#8221;), Administrator for shareholders in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), in additional common shares of the Fund. Participation in the Plan is completely voluntary and may be
      terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared
      dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional common shares of the Fund for you. If you wish for all dividends declared on your common shares of the Fund
      to be automatically reinvested pursuant to the Plan, please contact your broker.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder&#8217;s common shares are registered. Whenever the Fund declares a
      dividend or other distribution (together, a &#8220;Dividend&#8221;) payable in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive the equivalent in common shares. The common shares will be acquired by the Plan
      Administrator for the participants&#8217; accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (&#8220;Newly Issued Common Shares&#8221;) or (ii) by purchase of
      outstanding common shares on the open market (&#8220;Open-Market Purchases&#8221;) on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commission per common share is equal to or
      greater than the net asset value per common share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant&#8217;s
      account will be determined by dividing the dollar amount of the Dividend by the net asset value per common share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date,
      the dollar amount of the Dividend will be divided by 95% of the closing market price per common share on the payment date. If, on the payment date for any Dividend, the net asset value per common share is greater than the closing market value plus
      estimated brokerage commission, the Plan Administrator will invest the Dividend amount in common shares acquired on behalf of the participants in Open-Market Purchases.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">If, before the Plan Administrator has completed its Open-Market Purchases, the market price per common share exceeds the net asset value per common share, the average per common share purchase price
      paid by the Plan Administrator may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the
      foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market
      premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at net asset value per common share at the close of business
      on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per common share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 67</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5c0d04a840ab4ea48361d08411eec4c3">

        <tr>
          <td style="width: 77.77%; vertical-align: middle;">&#160;</td>
          <td style="width: 22.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DIVIDEND REINVESTMENT PLAN (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 22.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Plan Administrator maintains all shareholders&#8217; accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax
      records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan
      Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instruction of the participants.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commission incurred in connection with
      Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such Dividends.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the
      Plan to include a service charge payable by the participants.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 30170 College Station, TX 77842-3170; Attention:
      Shareholder Services Department, Phone Number: (866) 488-3559 or online at www.computershare.com/investor.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">68 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
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          <td style="width: 42.43%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 57.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND INFORMATION</font>&#160;</div>
          </td>
          <td style="width: 42.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z88503bb077664a859916ce0924595f0c">

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          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">
            <div><font style="font-weight: bold;">Board of Trustees</font>&#160;</div>
            <div>&#160;</div>
            <div>Randall C. Barnes&#160;</div>
            <div>&#160;</div>
            <div>Daniel L. Black&#160;</div>
            <div>&#160;</div>
            <div>Tracy V. Maitland,*&#160;</div>
            <div><font style="font-style: italic;">Chairman</font>&#160;</div>
            <div>&#160;</div>
            <div>Derek Medina&#160;</div>
            <div>&#160;</div>
            <div>Ronald A. Nyberg&#160;</div>
            <div>&#160;</div>
            <div>Gerald L. Seizert&#160;</div>
            <div>&#160;</div>
            <div>Michael A. Smart&#160;</div>
            <div>&#160;</div>
            <div>* Trustee is an &#8220;interested person&#8221; of the Fund&#160;</div>
            <div style="text-indent: 6.4pt;">as defined in the Investment Company Act of&#160;</div>
            <div style="text-indent: 6.4pt;">1940, as amended.&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Officers</font>&#160;</div>
            <div>&#160;</div>
            <div>Tracy V. Maitland&#160;</div>
            <div><font style="font-style: italic;">President and Chief Executive Officer</font>&#160;</div>
            <div>&#160;</div>
            <div>Robert White&#160;</div>
            <div><font style="font-style: italic;">Treasurer and Chief Financial Officer</font>&#160;</div>
            <div>&#160;</div>
            <div>Edward C. Delk&#160;</div>
            <div><font style="font-style: italic;">Secretary and Chief Compliance Officer</font>&#160;</div>
            <div>&#160;</div>
            <div>Tony Huang&#160;</div>
            <div><font style="font-style: italic;">Vice President and Assistant Secretary</font>&#160;</div>
          </td>
          <td colspan="1" style="width: 50%; vertical-align: top;">
            <div><font style="font-weight: bold;">Investment Adviser</font>&#160;</div>
            <div>Advent Capital Management, LLC&#160;</div>
            <div>New York, NY&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Servicing Agent</font>&#160;</div>
            <div>Guggenheim Funds Distributors, LLC&#160;</div>
            <div>Chicago, IL&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Accounting Agent and Custodian</font>&#160;</div>
            <div>The Bank of New York Mellon&#160;</div>
            <div>New York, NY&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Administrator</font>&#160;</div>
            <div>MUFG Investor Services (US), LLC&#160;</div>
            <div>Rockville, MD&#160;</div>
            &#160;
            <div><font style="font-weight: bold;">Transfer Agent</font>&#160;</div>
            <div>Computershare Trust Company, N.A.&#160;</div>
            <div>Jersey City, NJ&#160;</div>
            &#160;
            <div><font style="font-weight: bold;">Legal Counsel</font>&#160;</div>
            <div>Skadden, Arps, Slate, Meagher&#160;</div>
            <div>&amp; Flom LLP&#160;</div>
            <div>New York, NY&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Independent Registered Public</font>&#160;</div>
            <div><font style="font-weight: bold;">Accounting Firm</font>&#160;</div>
            <div>PricewaterhouseCoopers LLP&#160;</div>
            <div>New York, NY&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="text-align: right; font-family: Arial;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;">AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT l 69</div>
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    </div>
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          <td style="width: 36.36%; vertical-align: middle;">&#160;</td>
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          <td style="width: 63.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND INFORMATION continued</font>&#160;</div>
          </td>
          <td style="width: 36.36%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div>April 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Portfolio Managers of the Fund</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The individuals who are primarily responsible for the day-to-day management of the Fund&#8217;s portfolio include Tracy Maitland (President and Chief Investment Officer of Advent), Paul Latronica (Managing
      Director of Advent) and Tony Huang (Director of Advent). Mr. Maitland and Mr. Latronica are portfolio managers and Mr. Huang is an associate portfolio manager.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Privacy Principles of the Fund</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund is committed to maintaining the privacy of its shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what
      personal information the Fund collects, how the Fund protects that information and why, in certain cases, the Fund may share information with select other parties.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Generally, the Fund does not receive any non-public personal information relating to its shareholders, although certain non-public personal information of its shareholders may become available to the
      Fund. The Fund does not disclose any non-public personal information about its shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or
      third party administrator).</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund restricts access to non-public personal information about its shareholders to employees of the Fund&#8217;s Investment Adviser and its affiliates with a legitimate business need for the
      information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public personal information of its shareholders.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Questions concerning your shares of Advent Convertible and Income Fund?</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfeedfae226214b8fa07d9f52e9bf6162">

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            <td style="width: 36pt; vertical-align: top; text-align: center;"> &#8226; </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">If your shares are held in a Brokerage Account, contact your Broker.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27580494fd0847d8aaacf524ff30e05d">

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            <td style="width: 36pt; vertical-align: top; text-align: center;"> &#8226; </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">If you have physical possession of your shares in certificate form, contact the Fund&#8217;s Transfer Agent:&#160;Computershare Trust Company, N.A., P.O. Box 30170, College Station, TX 77842-3170; (866) 488-3559 or
                online&#160;at www.computershare.com/investor.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 6pt; font-family: Arial;">This report is sent to shareholders of Advent Convertible and Income Fund for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares
      of the Fund or of any securities mentioned in this report.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">A description of the Fund&#8217;s proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (866) 274-2227. Information
      regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (866) 274-2227, by visiting the Fund&#8217;s
      website at guggenheiminvestments.com/avk or by accessing the Fund&#8217;s Form N-PX on the U.S. Securities &amp; Exchange Commission&#8217;s (&#8220;SEC&#8221;) website at www.sec.gov.</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods
      ended prior to July 31, 2019, filed such information on Form N-Q. The Fund&#8217;s Forms N-PORT and N-Q are available on the SEC&#8217;s website at https://www.sec.gov. The Fund&#8217;s Forms N-PORT and N-Q may be reviewed and copied at the SEC&#8217;s Public Reference Room
      in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling
      800.820.0888.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Notice to Shareholders</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended that the Fund from time to time may purchase shares of its common stock in the open market or
      in private transactions.</div>
    <div style="font-family: Arial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">70 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMI-ANNUAL REPORT</div>
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    <div style="text-align: center; margin-bottom: 6pt; font-family: Arial;">This Page Intentionally Left Blank</div>
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    <br>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">ABOUT THE FUND MANAGER
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;"> <br>
    </div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Advent Capital Management, LLC</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent Capital Management, LLC (&#8220;Advent&#8221;) is a registered investment adviser, based in New York, which specializes in convertible and high-yield securities for institutional and individual investors.
      The firm was established by Tracy V. Maitland, a former Director in the Convertible Securities sales and trading division of Merrill Lynch. Advent&#8217;s investment discipline emphasizes capital structure research, encompassing equity fundamentals as well
      as credit research, with a focus on cash flow and asset values while seeking to maximize total return.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Investment Philosophy</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent believes that superior returns can be achieved while reducing risk by investing in a diversified portfolio of global equity, convertible and high-yield securities. Advent seeks securities with
      attractive risk/reward characteristics. Advent employs a bottom-up security selection process across all of the strategies it manages. Securities are chosen from those that Advent believes have stable-to-improving fundamentals and attractive
      valuations.</div>
    <div style="margin-bottom: 6pt; font-family: Arial; font-weight: bold;">Investment Process</div>
    <div style="margin-bottom: 6pt; font-family: Arial;">Advent manages securities by using a strict four-step process:</div>
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            <div><font style="font-weight: bold;">1</font>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.28%; vertical-align: middle;">
            <div>Screen the convertible and high-yield markets for securities with attractive risk/reward characteristics and favorable cash flows;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.72%; vertical-align: top;">
            <div><font style="font-weight: bold;">2</font>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.28%; vertical-align: middle;">
            <div>Analyze the quality of issues to help manage downside risk;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.72%; vertical-align: top;">
            <div><font style="font-weight: bold;">3</font>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.28%; vertical-align: middle;">
            <div>Analyze fundamentals to identify catalysts for favorable performance; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.72%; vertical-align: top;">
            <div><font style="font-weight: bold;">4</font>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.28%; vertical-align: middle;">
            <div>Continually monitor the portfolio for improving or deteriorating trends in the financials of each investment.</div>
          </td>
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    <div><br>
    </div>
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          <td style="width: 28.09%; vertical-align: middle;">&#160;</td>
          <td style="width: 29.84%; vertical-align: middle;">&#160;</td>
          <td style="width: 42.07%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Advent Capital Management, LLC</font>&#160;</div>
          </td>
          <td style="width: 29.84%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Guggenheim Funds Distributors, LLC</font>&#160;</div>
          </td>
          <td style="width: 42.07%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.09%; vertical-align: bottom;">
            <div>888 Seventh Avenue, 31st Floor&#160;</div>
          </td>
          <td style="width: 29.84%; vertical-align: bottom;">
            <div>227 West Monroe Street&#160;</div>
          </td>
          <td style="width: 42.07%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.09%; vertical-align: bottom;">
            <div>New York, NY 10019&#160;</div>
          </td>
          <td style="width: 29.84%; vertical-align: bottom;">
            <div>Chicago, IL 60606&#160;</div>
          </td>
          <td style="width: 42.07%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 29.84%; vertical-align: bottom;">
            <div>Member FINRA/SIPC&#160;</div>
          </td>
          <td style="width: 42.07%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 29.84%; vertical-align: bottom;">
            <div>(06/20)&#160;</div>
          </td>
          <td style="width: 42.07%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt; font-family: Arial;">&#160;</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: Arial; font-weight: bold;">NOT FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE</div>
    <div style="text-align: right; margin-bottom: 6pt; font-family: Arial; font-weight: bold;">CEF-AVK-SAR-0420</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
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    </div>
    <div style="margin-bottom: 6pt;">
      <div style="margin-bottom: 12pt; font-family: Arial; font-weight: bold;"> <br>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 2.&#160; Code of Ethics.</div>
      <div style="margin-bottom: 12pt;">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt;">&#160;<font style="font-weight: bold;">Item 3.&#160; Audit Committee Financial Expert.</font></div>
      <div style="margin-bottom: 12pt;">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 4.&#160; Principal Accountant Fees and Services.</div>
      <div style="margin-bottom: 12pt;">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 5.&#160; Audit Committee of Listed Registrants.</div>
      <div style="margin-bottom: 12pt;">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 6.&#160; Schedule of Investments.</div>
      <div style="margin-bottom: 12pt;">The Schedule of Investments is included as part of Item 1.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 7.&#160; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</div>
      <div style="margin-bottom: 12pt;">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Item 8.</font>&#160; <font style="font-weight: bold;">Portfolio Managers of Closed-End Management Investment Companies.</font></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za028021e518c43bba0e1d97b8a00e6fb">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">
                <div style="margin-left: 18pt; margin-bottom: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
                <div style="margin-bottom: 12pt;">Not applicable for a semi-annual reporting period.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">
                <div style="margin-left: 18pt; margin-bottom: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
                <div style="margin-bottom: 12pt;">There has been no change, as of the date of this filing, in the Portfolio Managers identified in response to paragraph (a)(1) of this Item in the registrant&#8217;s most recent semi-annual report on Form N-CSR.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 9.&#160; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</div>
      <div style="margin-bottom: 12pt;">None.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 10.&#160; Submission of Matters to a Vote of Security Holders.</div>
      <div style="margin-bottom: 12pt;">The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant&#8217;s Board of Trustees.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 11.&#160; Controls and Procedures.</div>
      <div style="margin-bottom: 12pt;">(a)&#160; &#160; &#160; The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act)
        as of a date within 90 days of this filing and have concluded based on such evaluation, as required by Rule 30a-3(b) under the Investment Company Act, that the registrant's </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="margin-bottom: 12pt;"> <br>
      </div>
      <div style="margin-bottom: 12pt;">disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within
        the time periods specified in the Securities and Exchange Commission&#8217;s rules and forms.</div>
      <div style="margin-bottom: 12pt;">(b)&#160; &#160; &#160; There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant's period covered by this
        report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</div>
      <div style="margin-bottom: 12pt;">(a) The registrant has not participated in securities lending activities during the period covered by this report.</div>
      <div style="margin-bottom: 12pt;">(b) Not applicable.</div>
      <div style="margin-bottom: 12pt; font-weight: bold;">Item 13.&#160; Exhibits.</div>
      <div style="margin-bottom: 12pt;">(a)(1)&#160;&#160; Not applicable.</div>
      <div style="margin-bottom: 12pt;"><a href="ex99cert.htm">(a)(2)&#160;&#160; Certification of principal executive officer and principal financial officer pursuant to Rule
          30a-2(a) of the Investment Company Act.</a></div>
      <div style="margin-bottom: 12pt;">(a)(3)&#160;&#160; Not applicable.</div>
      <div style="margin-bottom: 12pt;"><a href="ex99906cert.htm">(b)&#160;&#160;&#160;&#160;&#160;&#160; Certification of principal executive officer and principal financial officer pursuant to
          Rule 30a-2(b) of the Investment Company Act and Section 906 of the Sarbanes-Oxley Act of 2002.</a></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURES</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
        thereunto duly authorized.</div>
      <div style="margin-bottom: 12pt;"><u>Advent Convertible and Income Fund</u></div>
      <div style="margin-bottom: 12pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Tracy V. Maitland &#160; &#160; &#160; &#160; &#160;</u></div>
      <div style="margin-bottom: 12pt;">Name:&#160; Tracy V. Maitland</div>
      <div style="margin-bottom: 12pt;">Title: &#160;&#160; President and Chief Executive Officer</div>
      <div style="margin-bottom: 12pt;">Date:&#160;&#160;&#160; July 2, 2020<br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in
        the capacities and on the dates indicated.</div>
      <div style="margin-bottom: 12pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Tracy V. Maitland&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
          </u></div>
      <div style="margin-bottom: 12pt;">Name:&#160; Tracy V. Maitland</div>
      <div style="margin-bottom: 12pt;">Title: &#160; &#160; President and Chief Executive Officer</div>
      <div style="margin-bottom: 12pt;">Date:&#160;&#160;&#160;&#160; July 2, 2020</div>
      <div style="margin-bottom: 12pt;">By:&#160;&#160;&#160;&#160; &#160;&#160; <u>/s/ Robert White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
          </u></div>
      <div style="margin-bottom: 12pt;">Name: &#160; Robert White</div>
      <div style="margin-bottom: 12pt;">Title:&#160;&#160;&#160;&#160; Treasurer and Chief Financial Officer</div>
      <div style="margin-bottom: 12pt;">Date:&#160;&#160;&#160;&#160; July 2, 2020</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
    </div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 6.3.0.0
         Copyright 1995 - 2020 Broadridge -->
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  <font style="font-family: 'Times New Roman';"> </font>
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    <div style="text-align: right; margin-left: 360pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT (a) (2)</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION OF CHIEF EXECUTIVE OFFICER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">I, Tracy V. Maitland, certify that:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">1. I have reviewed this report on Form N-CSR of Advent Convertible and Income Fund;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
      in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
      condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
      under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has
      materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or
      persons performing the equivalent functions):</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
      adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial
      reporting.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Date: <u>July 2, 2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </u></div>
    <div style="margin-bottom: 12pt;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 252pt; font-family: 'Times New Roman';">&#160;</font></div>
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          <tr>
            <td style="width: 85%;"><u><font style="font-family: 'Times New Roman';">/s/ Tracy V. Maitland &#160; &#160; &#160; &#160; &#160;</font></u> </td>
          </tr>
          <tr>
            <td style="width: 85%; font-family: 'Times New Roman';">Tracy V. Maitland</td>
          </tr>
          <tr>
            <td style="width: 85%; font-family: 'Times New Roman';">
              <div>President and Chief Executive Officer</div>
            </td>
          </tr>

      </table>
      <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 252pt; font-family: 'Times New Roman'; clear: both;"> </font></div>
    <br>
    <div style="text-indent: 216pt; margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
      <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font></div>
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      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">I, Robert White, certify that:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">1. I have reviewed this report on Form N-CSR of Advent Convertible and Income Fund;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
      in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
      condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
      under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has
      materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or
      persons performing the equivalent functions):</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
      adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial
      reporting.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">&#160;Date: <u>July 2, 2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </u></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
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          <tr>
            <td style="width: 85%; font-family: 'Times New Roman';">
              <div><u>/s/ Robert White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                </u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 85.00%;">
              <div style="margin: 0px 0px 0px; font-family: 'Times New Roman'; text-indent: 0px;">Robert White</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85.00%;">
              <div>
                <div style="font-family: 'Times New Roman';">Treasurer and Chief Financial Officer</div>
              </div>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div style="margin-bottom: 12pt;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 252pt; font-family: 'Times New Roman';">&#160;</font><font style="font-family: 'Times New Roman';"></font></div>
    <div style="text-indent: 36pt; margin-left: 180pt; margin-bottom: 12pt; font-family: 'Times New Roman';"> <br>
    </div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 6.3.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <font style="font-family: 'Times New Roman';"> </font>
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    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT (b)</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">Certification of CEO and CFO Pursuant to</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">18 U.S.C. Section 1350,</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">as Adopted Pursuant to</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">Section 906 of the Sarbanes-Oxley Act of 2002</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">In connection with the Report on Form N-CSR of Advent Convertible and Income Fund (the &#8220;Company&#8221;) for the semi-annual period ended April 30, 2020 (the &#8220;Report&#8221;), Tracy V. Maitland, as
      President and Chief Executive Officer of the Company, and Robert White, as Treasurer and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002,
      that, to the best of his knowledge:</div>
    <div>
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              <div style="margin-left: 36pt; margin-bottom: 12pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
              <div style="margin-bottom: 12pt;">the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c7f1f95b4f04b2396fe6be7d85a4464">

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            <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman';">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
              <div style="margin-bottom: 12pt;">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
    <div><font style="font-family: 'Times New Roman';">Dated: <u>July 2, 2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
    <div style="margin-bottom: 12pt;"><u><font style="font-family: 'Times New Roman';">/s/ </font></u><font style="font-family: 'Times New Roman';"><u>Tracy V. Maitland &#160; &#160; &#160; &#160;&#160;</u></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Name:</font>&#160; <font style="font-family: 'Times New Roman';">Tracy V. Maitland</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Title:&#160;&#160; Chief Executive Officer</div>
    <br>
    <font style="font-family: 'Times New Roman';"></font>
    <div style="margin-bottom: 12pt;"><br>
      <u><font style="font-family: 'Times New Roman';">/s/ </font><font style="font-family: 'Times New Roman';">Robert White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
          </font></u></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Name:</font>&#160; <font style="font-family: 'Times New Roman';">Robert White</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Title:&#160;&#160; Chief Financial Officer</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
    </div>
  </div>
  <font style="font-family: 'Times New Roman';"> </font>
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
