Business Context and Reporting Period
Company: Advent Convertible & Income Fund (NYSE: AVK)
Filing Type: Form 8-K (Current Report)
Date of Report: December 15, 2025
Event: The Fund entered into new administrative and custody agreements with The Bank of New York Mellon ("BNY") and terminated prior agreements with MUFG Investor Services (US) LLC and BNY.
Key Financial Metrics
This filing is a current report regarding material definitive agreements and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for these metrics.
Material Changes Versus Prior Period
- Administration Services: Terminated the Fund Administration and Accounting Agreement with MUFG Investor Services (US) LLC. Entered a new agreement with BNY for administrative, bookkeeping, accounting, and pricing functions.
- Custody Services: Terminated prior Custody and Foreign Custody Manager Agreements with BNY (dated May 2, 2003). Entered new Custody and Foreign Custody Manager Agreements with BNY.
- Fee Structure: Under the new BNY agreements, fees are accrued daily and paid monthly based on average daily net assets, subject to a minimum annual fee for administration. Custody fees are monthly based on average daily net assets plus transaction charges.
- Termination Costs: No termination or other fees are payable to MUFG or BNY in connection with the termination of prior agreements, other than ordinary course payments through the effective date.
Guidance, Outlook, and Risks
Management Commentary: The Fund has transitioned its administrative and custody functions to BNY to replace prior arrangements. The new agreements are effective as of December 15, 2025.
Risks and Contingencies: The filing notes that the description of the agreements is qualified by reference to the full text of the agreements filed as Exhibits 1.1, 1.2, and 1.3. No specific risks, contingencies, or unusual items were disclosed in the summary text of this report.
Investor Verification Checklist
- Review the full text of the Fund Administration and Accounting Agreement (Exhibit 1.1) for specific fee percentages and minimums.
- Review the Custody Agreement (Exhibit 1.2) and Foreign Custody Manager Agreement (Exhibit 1.3) for transaction charge details.
- Confirm the transition timeline and any potential operational impacts from switching administrators from MUFG to BNY.
- Verify that no hidden termination fees or transition costs exist beyond the "ordinary course payments" mentioned.