Sit Investment reports 4.8% stake in Advent Convertible

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed an Amendment No. 1 to a Schedule 13G registering shared beneficial ownership of 2,133,776 shares of Advent Convertible & Income Fund common stock.

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed an Amendment No. 1 to a Schedule 13G registering shared beneficial ownership of 2,133,776 shares of Advent Convertible & Income Fund common stock. The filing states those shares represent 4.8% of the class based on 44,148,745 shares outstanding as of October 31, 2025. The filing explains the holdings are owned by client accounts for which the advisers possess shared voting and dispositive power and disclaim beneficial ownership under Rule 13d-4. Signatures are dated 04/06/2026.

Insights

Institutional Ownership Analyst

Large advisory firms report a sub-5% passive stake via managed accounts.

The filing shows Sit Investment Associates and its subsidiary report shared voting and dispositive power over 2,133,776 shares, equal to 4.8% of the outstanding common stock as of October 31, 2025. This indicates portfolio-level exposure rather than direct proprietary ownership.

Cash-flow treatment and any plan to trade these positions are not disclosed; future filings would show changes to this position.

Compliance & Securities Counsel

Filing aligns with Rule 13d-4 disclosure and includes the required disclaimer.

The report explicitly applies the Rule 13d-4 adviser safe-harbor: SIA and SFI state they provide advisory services to client accounts and disclaim beneficial ownership while reporting shared voting/dispositive power over the accounts' securities.

Beneficial ownership percentages use an outstanding share base dated October 31, 2025; changes in account holdings would require amendment filings.

Key Figures

Shares reported: 2,133,776 shares Percent of class: 4.8% Shares outstanding: 44,148,745 shares

3 metrics

Shares reported 2,133,776 shares shared voting/dispositive power reported on Schedule 13G/A

Percent of class 4.8% percent of common stock based on outstanding shares as of October 31, 2025

Shares outstanding 44,148,745 shares outstanding as of October 31, 2025 (source: issuer's Form N-CSR)

Key Terms

Rule 13d-4, shared dispositive power, beneficially owned

3 terms

Rule 13d-4 regulatory

"Pursuant to Rule 13d-4 of the Securities Exchange Act"

shared dispositive power financial

"Shared Dispositive Power 2,133,776.00"

beneficially owned regulatory

"Amount beneficially owned: See response to item 9 on each cover page"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Sit Investment report in ADVENT CONVERTIBLE & INCOME FUND (AVK)?

Sit Investment Associates and Sit Fixed Income Advisors II report shared control of 2,133,776 shares, representing 4.8% of the class based on 44,148,745 shares outstanding as of October 31, 2025.

Do Sit Investment and its subsidiary claim direct beneficial ownership of AVK shares?

No. The filing states the shares are owned by client accounts and the advisers disclaim beneficial ownership pursuant to Rule 13d-4 while reporting shared voting and dispositive power.

What date anchors the outstanding share count used in the filing?

The ownership percentages are calculated using an outstanding share base of 44,148,745 shares as of October 31, 2025, as reported in the issuer's Form N-CSR.

When was the Schedule 13G/A signed for AVK?

The amendment bears signatures dated 04/06/2026 and the cover references 03/31/2026 in the document header for the reporting period.

What voting and dispositive powers are reported by the filers?

Both Sit Investment Associates and Sit Fixed Income Advisors II report 0 sole power and 2,133,776 shared voting and dispositive power over the reported shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 02:50 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ADVENT CONVERTIBLE & INCOME FUND

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00764C109

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 00764C109

1

Names of Reporting Persons

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,133,776.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,133,776.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,133,776.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 00764C109

1

Names of Reporting Persons

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,133,776.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,133,776.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,133,776.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ADVENT CONVERTIBLE & INCOME FUND
(b)	Address of issuer's principal executive offices: 888 Seventh Avenue, 31st Floor, New York, NY 10019
Item 2.
(a)	Name of person filing: Sit Investment Associates, Inc. Sit Fixed Income Advisors II, LLC
(b)	Address or principal business office or, if none, residence: c/o Sit Investment Associates, Inc. 80 South Eighth Street, Suite 3300 Minneapolis, MN 55402
(c)	Citizenship: Sit Investment Associates, Inc. Minnesota Corporation Sit Fixed Income Advisors II, LLC Delaware LLC
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to item 9 on each cover page.
(b)	Percent of class: See response to item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to item 8 on each cover page. The ownership percentages reported are based on 44,148,745 shares of common stock outstanding as of October 31, 2025, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission. Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	04/06/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	04/06/2026