Advent Convertible and Income Fund : AVK Semi-Annual Report

C E F

April 30, 2024 (Unaudited)

AVK | SEMIANNUAL REPORT

Advent Convertible and

Income Fund

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GUGGENHEIMINVESTMENTS.COM/AVK

...YOUR BRIDGE TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT THE ADVENT CONVERTIBLE AND INCOME FUND

The shareholder report you are reading right now is just the beginning of the story. Online at guggenheiminvestments.com/avk, you will find:

• Daily, weekly and monthly data on share prices, net asset values, dividends and more
• Portfolio overviews and performance analyses
• Announcements, press releases and special notices
• Fund and adviser contact information

Advent Capital Management and Guggenheim Investments are continually updating and expanding shareholder information services on the Fund's website in an ongoing effort to provide you with the most current information about how your Fund'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.

(Unaudited)	April 30, 2024

DEAR SHAREHOLDER

Tracy V. Maitland

President and Chief Executive Officer

We thank you for your investment in the Advent Convertible and Income Fund (the "Fund" or "AVK"). This report covers the Fund's performance for the semi-annual fiscal period ended April 30, 2024 (the "Reporting Period").

Advent Capital Management, LLC ("Advent" or the "Investment Adviser") serves as the Fund'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-long-only strategies, hedge funds and closed-end funds. As of April 30, 2024, Advent managed approximately $7.8 billion in assets.

Guggenheim Funds Distributors, LLC (the "Servicing Agent") serves as the servicing agent to the Fund. The Servicing Agent is an affiliate of Guggenheim Partners, LLC, a global diversified financial services firm.

The Fund'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.

All Fund returns cited - whether based on net asset value ("NAV") or market price - assume the reinvestment of all distributions. For the Reporting Period, the Fund generated a total return based on market price of 29.72% and a total return of 17.72% based on NAV. As of April 30, 2024, the Fund's market price of $11.57 per share represented a discount of 3.66% to its NAV per share of $12.01. As of October 31, 2023, the Fund's market price of $9.48 per share represented a discount of 12.22% to its NAV per share of $10.80.

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's shares fluctuates from time to time, and may be higher or lower than the Fund's NAV per share.

During the Reporting Period, the Fund paid a monthly distribution of $0.1172 per share. The most recent distribution represents an annualized distribution rate of 12.16% based on the Fund's closing market price of $11.57 per share at the end of the Reporting Period.

The Fund's distribution rate is not constant and the amount of distributions, when declared by the Fund's Board of Trustees, is subject to change. There is no guarantee of any future distribution or that the current returns and distribution rate will be maintained. Please see the Distributions to

AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT l 3

DEAR SHAREHOLDER (Unaudited) continued	April 30, 2024

Shareholders & Annualized Distribution Rate table on page 16, and Note 2(h) on page 45 for more information on distributions for the period.

We encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan ("DRIP"), which is described in detail on page 83 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's common shares is at a premium above NAV, the DRIP reinvests participants' 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. The DRIP effectively provides an income averaging technique which causes shareholders to accumulate a larger number of Fund shares when the market price is depressed than when the price is higher.

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. To learn more about the Fund's performance and investment strategy over the Reporting Period, we encourage you to read the Economic and Market Overview and the Management Discussion of Fund Performance, which begins on page 5.

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's website at guggenheiminvestments.com/avk.

Sincerely,

Tracy V. Maitland

President and Chief Executive Officer of the

Advent Convertible and Income Fund

May 31, 2024

4 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)	April 30, 2024

Global corporate securities markets emerged from a correction in the summer and early fall of 2023 to strong rebound gains in the Reporting Period. The Federal Reserve (the "Fed") stopped tightening monetary policy in the summer of 2023, and investor attention turned to when progress in reducing inflation would justify easing the restrictive level of interest rates. The Fed's favored inflation metric, the Personal Consumption Expenditures Price Index, fell from 3.4% year-over- year in September 2023 to as low as 2.4% later in the Reporting Period. This and other reports led investors and even Fed officials to begin hinting at the appropriateness of reducing the Federal Funds Rate during calendar 2024.

Meanwhile, U.S. gross domestic product ("GDP") growth maintained reasonable to robust levels and advanced at 3.4% in the fourth calendar quarter of 2023 and 1.6% in the first calendar quarter of 2024. Purchasing manager indices did not decline further during the Reporting Period, and other metrics such as monthly payroll gains remained in previous ranges. Fears of tight monetary policy having a lagged effect on growth have proved to be unrealized thus far, and nominal growth has remained high enough to spur reacceleration in corporate earnings growth. Estimates for earnings growth for the Standard & Poor's 500 ("S&P 500") Index for the first quarter of 2024 were about ten percent higher versus last year.

Interest rates eased in the beginning of the Reporting Period and no doubt contributed to stronger equity markets. However, a series of higher-than-expected inflation figures thus far in calendar year 2024 has pushed out expectations of easing from the Fed. Interest rates have moved higher since the start of the calendar year but corporate bond spreads and equity valuation multiples have continued to improve, helped by the outlook for corporate earnings. European corporate bond and equity markets have been strong, driven more by an easing interest rate outlook from the European Central Bank than corporate earnings, but also helped by no further deterioration in the economic outlook. In Asia, economic growth has not shown the upside of the U.S., but equity markets have been helped to some extent by stimulus plans in China and a weak yen in Japan.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT l 5

MANAGEMENT DISCUSSION OF FUND

PERFORMANCE (Unaudited)	April 30, 2024

MANAGEMENT TEAM

Advent Capital Management, LLC ("Advent" or the "Investment Adviser") serves as the Investment Adviser of Advent Convertible and Income Fund (the "Fund" or "AVK"). The individuals who are primarily responsible for the day-to-day management of the portfolio (the "Portfolio Managers") of the Fund 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's core portfolios of convertible bonds, the Fund's high yield securities investments and the Fund's leverage allocation, respectively. In the following interview, the management team discusses Fund performance for the semi-annual fiscal period ended April 30, 2024 (the "Reporting Period").

How did the Fund perform during the Reporting Period?

All Fund returns cited - whether based on Net Asset Value ("NAV") or market price - assume the reinvestment of all distributions. For the Reporting Period, the Fund generated a total return based on market price of 29.72% and a total return of 17.72% based on NAV. As of April 30, 2024, the Fund's market price of $11.57 per share represented a discount of 3.66% to its NAV per share of $12.01. As of October 31, 2023, the Fund's market price of $9.48 per share represented a discount of 12.22% to its NAV per share of $10.80.

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's shares fluctuates from time to time, and may be higher or lower than the Fund's NAV per share.

Please refer to the graphs and tables included within the Fund Summary, beginning on page 13 for additional information about the Fund's performance.

How did comparative indices perform for the Reporting Period?

For the Reporting Period, indices underlying numerous asset classes related to the corporate bond and equity markets, domestic and worldwide, had good performance. Certain factors such as index concentration, coupon differences, and duration had larger effects on some asset classes versus others. The returns of indices tracking performance of the asset classes to which the Fund allocates the largest of its investments were:

Index*	Return for Reporting Period
Bloomberg U.S. Aggregate Bond Index	4.97%
ICE Bank of America ("BofA") U.S. Convertible Index	10.22%
ICE BofA U.S. High Yield Index	8.94%
MSCI World 100% Hedged to USD Index	20.66%
Refinitiv Global Focus Convertible U.S. Dollar Hedged Index	7.99%
Standard & Poor's 500 ("S&P 500") Index	20.97%

* Please see Page 12 for Index definitions.

6 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT

MANAGEMENT DISCUSSION OF FUND
PERFORMANCE (Unaudited) continued­	April 30, 2024

What were the Fund's distributions for the Reporting Period?

During the Reporting Period, the Fund paid a monthly distribution of $0.1172 per share. The most recent distribution represents an annualized distribution rate of 12.16% based upon the Fund's closing market price of $11.57 per share at the end of the Reporting Period.

Payable Date	Amount
November 30, 2023	$0.1172
December 29, 2023	$0.1172
January 31, 2024	$0.1172
February 29, 2024	$0.1172
March 29, 2024	$0.1172
April 30, 2024	$0.1172
Total	$0.7032

The Fund's distribution rate is not constant and the amount of distributions, when declared by the Fund's Board of Trustees, is subject to change. There is no guarantee of any future distribution or that the current returns and distribution rate will be maintained.

Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. The Fund currently anticipates that some of the 2024 distributions will consist of income, and some will be a return of capital. The final determination of the source and tax characteristics of all distributions in a particular year will be reported to shareholders in January following that year on form 1099-DIV.

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'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'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.

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's investment performance and should not be confused with "yield" or "income." A return of capital distribution decreases the Fund's total assets and, therefore, could have the effect of increasing the Fund's expense ratio. Please see Note 2(h) on page 45 for more information on distributions for the Reporting Period.

What factors contributed or detracted from the Fund's performance during the Reporting Period?

Most asset classes in which the Fund participates performed well during the Reporting Period. The Fund's NAV returns were near the high end of the range of comparative indices. Strong selection

AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT l 7

MANAGEMENT DISCUSSION OF FUND
PERFORMANCE (Unaudited) continued­	April 30, 2024

within the individual asset classes, the larger allocation to equities in the Reporting Period, and the Fund's leverage all contributed to the strong absolute performance.

Risk-free rates fell to start the Reporting Period but later rose as anticipation of easing the Federal Reserve (the "Fed") monetary policy gave way to some disappointment. The 10-yr Treasury bond fell in yield from 4.93% to 4.68% and contributed to mildly positive returns for many fixed-income indices. Corporate bonds did better as spreads compressed materially from 442 basis points in the ICE BofA U.S. High Yield Index to 318 basis points to close the Reporting Period. Strong corporate profits and low default rates drove the reduction in spreads and gains in corporate bond prices. Convertible securities benefitted from the same spread compression, as well as rising equity prices which were driven by the same corporate profit increases and valuation multiple increases from the anticipation of lower interest rates and a robust U.S. economic performance.

The Fund's exposure to international issuers contributed to absolute returns, although foreign convertible securities generally realized returns lower than those of domestic convertibles and U.S. high-yield. This primarily is due to lower returns from China-related convertibles, as the Chinese economy navigated a mild emergence of COVID and more targeted stimulus programs than past recoveries.

How did the Fund use derivatives during the Reporting Period?

The Fund may use covered call options on individual equity holdings as a means of generating income. The Chicago Board Options Exchange Market Volatility Index ("VIX") averaged 14.1 during the Reporting Period, lower than its average during fiscal year 2023 of 18.4. The Fund limited its exposure to covered call writing to maximize the realization of gains from equities.

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.

The Fund had $314 million in leverage outstanding as of April 30, 2024, approximately 43% of the Fund's total managed assets; $157 million is in the form of a margin loan with Société Générale, and $157 million was in a reverse repurchase agreement with Société Générale. Both forms of leverage have a fixed tranche that expires in December 2025, and both forms have floating tranches that vary with the Secured Overnight Financing Rate ("SOFR"). The average interest rate of the combined lines at April 30, 2024 was 5.45%, above the 5.19% average interest rate at October 31, 2023. The increase in the borrowing rates is primarily due to the expiration of fixed-rate swaps in December 2023. Borrowings fell from $349 million on October 31, 2023, as the Fund managed its leverage

in relation to its equity. Subsequent to the end of the Reporting Period, the Fund implemented amendments to its margin loan and reverse repurchase agreements which, among other impacts, had the effect of reducing the spread of the floating tranches.

There is no guarantee that the Fund's leverage strategy will be successful, and the Fund's use of leverage may cause the Fund's NAV and market price of common shares to be more volatile. The NAV return for the Fund was above the cost of leverage for the Reporting Period. Although Advent

8 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT

MANAGEMENT DISCUSSION OF FUND
PERFORMANCE (Unaudited) continued­	April 30, 2024

looks at funds deployed from borrowings differently than funds which use the shareholder equity base, on this simple metric, the Fund's leverage had a positive effect on NAV and shareholders for the Reporting Period given the sufficiently positive returns in the portfolio.

How was the Fund positioned at the end of the Reporting Period?

On April 30, 2024, the Fund's total investments were allocated approximately 41.1% in convertible bonds, convertible preferred securities, and mandatory convertibles; 39.0% in corporate bonds; 9.7% in equities; 6.0% in asset backed securities; 3.3% in cash and cash equivalents; and 0.9% in senior floating rate interests.

The most prominent changes in asset allocation for the six months were a slight reduction in the allocation to convertible securities and a slight increase in the allocation to equities. The concentration of returns in the equity markets to a smaller set of stocks compared with history has led the Fund to increase its allocation to equities, especially in cases where a market sector may not be addressed in the convertible securities asset class.

International investments fell from 22.9% to 20.3% of the Fund's portfolio over the Reporting Period. The Fund's exposure to foreign issuers fell primarily due to the larger volume of new issuance in the U.S. relative to foreign countries. The U.S. makes up approximately 65% of the global convertible market, as measured by the Refinitiv Global Convertible Index; year to date through April 2024, the U.S. accounted for 73% of new issuance. The Fund has continued to favor new issuances, which provide higher coupons than the existing universe given the rise in interest rates, and a more balanced profile of upside participation and downside protection, being issued at par, than the existing universe. Thus far in calendar year 2024, issuance has continued to improve in the convertible market, bringing higher coupons to the universe, which has raised the current yield of the Fund.

The U.S. Dollar Index, a trade-weighted value of the U.S. dollar against a trade-weighted basket of foreign currencies, was relatively unchanged over the Reporting Period. The impact of translating foreign currencies to the U.S. dollar is mitigated by the Fund's hedging actions using foreign currency forwards. These hedges have allowed Fund investors to realize the difference in interest rates between the U.S. dollar and foreign currencies and to reduce the negative impact that most foreign currencies have in their lower nominal yields.

Collateralized Loan Obligations ("CLOs") are structured investment entities that invest in corporate loans and issue their own floating-rate debt securities. They are considered asset-backed securities as described elsewhere in this report. The Investment Adviser believes CLO debt tranches may help the Fund achieve its investment objective of providing a total return through a combination of capital appreciation and current income. CLO debt tranches pay interest based on formulas tied to short-term floating interest rates and now have yields that the Investment Adviser has deemed attractive as Fed monetary policy has led to floating interest rates rising to their highest level in over fifteen years. The historical default rates for CLO debt tranches are low and reflect the corrective actions that operators of CLOs can take when individual loans default to maximize the ability of the CLO debt tranches to remain solvent.

AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT l 9

MANAGEMENT DISCUSSION OF FUND
PERFORMANCE (Unaudited) continued­	April 30, 2024

During the Reporting Period, the collection of CLO securities owned by the Fund realized their comparatively high coupon rates and appreciated slightly in price. Returns compared to high-yield bonds were similar, with a higher portion coming from coupon and less return coming from price appreciation. Compared to U.S. convertible bonds, returns were slightly lower, given the strong price appreciation in securities linked to the equity markets.

Among strong contributors to performance, newly issued convertibles and existing corporate bonds in electronics hardware provider Western Digital Corp. (1.0% of long-term investments at period-end) rose as supply/demand dynamics improved in both the company's core markets of disk drives and FLASH memory. Pricing in the FLASH memory market in particular improved as lower utilization restricted supply, and the equity may continue performing as the company pursues a split of the two sides of the business, disk drives and FLASH memory. The Fund has taken some profits in Western Digital but still maintains a position. Convertibles in real estate Internet company Zillow Group, Inc. (0.2% of long-term investments at period-end) improved as interest rates fell during the early part of the Reporting Period, which could spur a rebound in existing home sales. The Fund took some profits on the appreciation and added anew at lower prices as the stock declined on uncertainty over the National Association of Realtors settlement. Convertibles in European defense vendor Rheinmetall AG (0.2% of long-term investments at period-end) surged as the company experienced rapid order growth as European nations reevaluated defense spending and replenished stocks provided to Ukraine. The Fund has taken profits in Rheinmetall but maintains a position. Finally, stock and convertibles in biopharmaceutical company Sarepta Therapeutics, Inc. (1.6% of long-term investments at period-end) rose as the company received strong informal indications from Food and Drug Administration officials that its Elevidys gene therapy for Duchenne muscular dystrophy may be approved for use in a larger age group and broader patient universe.

Among detractors, convertibles into gaming company Penn Entertainment, Inc. (0.2% of long-term investments at period-end) fell as the company struggled with the opening months of its rebranded sports betting business known as ESPN BET. The market share gain has been disappointing and, although the core gaming business has been solid, we reduced the position until more progress is achieved. Convertibles in aerospace giant Boeing (not held at period end) fell after a 737 MAX experienced an operational failure with an Alaska Airlines flight in January. Further investigations on this incident and the past settlement related to 737 MAX crashes placed an overhang on the shares and the Fund exited the convertible position. Array Technologies, Inc. and its convertibles (0.5%

of long-term investments at period-end) fell after the provider of utility-scale large solar tracking systems experienced project delays related to supply chain and uncertainty over Inflation Reduction Act ("IRA") subsidies and bonuses. The Fund has added to its position, seeing the delays as limited and IRA rule clarity as a driver over the near-term. Newly issued convertibles from computer hardware system provider Super Micro Computer, Inc. (0.6% of long-term investments at period- end) fell after the company hinted at and later reported a lower revenue upside than recent quarters, citing supply chain bottlenecks for other components in artificial intelligence ("AI") data centers. The Fund has maintained a position in Super Micro Computer, seeing the convertible as an ideal way to invest in a highly volatile stock with competitive advantages in meeting AI deployment demand.

10 l AVK l ADVENT CONVERTIBLE AND INCOME FUND SEMIANNUAL REPORT