Advent Capital Balanced Strategy Update

BALANCED STRATEGY CHARACTERISTICS Sector Diversification As of July 31, 2020 Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Materials Media Technology Telecommunications Transportation Utilities 1.6% 0.5% 0.7% 1.9% 1.5% 0.7% 1.3% 1.7% 1.7% 1.7% 4.8% 4.7% 4.8% 7.1% 6.4% 4.5% 5.5% 9.3% 14.2% 14.8% 18.0% 18.5% Balanced Representative Portfolio 34.2% 38,2% ☐ICE BofA All U.S. Convertibles (VXAO) ADVENT CAPITAL MANAGEMENT, LLC Source: ICE Data Services. Portfolio characteristics above are for a representative portfolio within the Balanced Convertible Institutional Composite. This information is shown to exemplify Advent's research and analysis process only. The analysis is based on industry sources that we believe to be accurate. Advent makes no representation, however, as to the accuracy of this information. 19

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