Virtus Convertible & Income Fund II holds convertible securities alongside other income investments. Convertibles bring borrower payments but can also move with the company's share price, so both credit and equity conditions shape results.
Business
Convertible and multi-asset income funds
Listing
NCZ · New York Stock Exchange
Reporting period
2026-01-31
Dividend schedule
Monthly
How the business works
Interest and dividends after fund costs and preferred-share claims become income attributable to common shares. Credit and equity-linked price changes affect net asset value separately.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
Net investment income$0.56
Feb 1, 2025 to Jan 31, 2026
$0.00$0.56
Distribution yield9.44%Sourced distributions divided by dated market priceReported annual income yield1.66%Reported net investment income $0.2400 per share for 2025-02-01 to 2026-01-31, divided by approved 2026-01-30 market price $14.4700. Excludes capital gains; historical, not a current yield or forecast.Annual dividend$1.44Current regular payment annualized per share
Dividend payment history
Date or month
Per share
Sep 29, 2026
$0.12
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.
NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.
Distribution and NAV evidence
Cash paid, opening and closing NAV, and the fund-reported NAV total return are separate observations. NAV change excludes distributions. These figures show outcomes, not which source funded a payment or whether future distributions are sustainable.
Net investment income attributable to common shares$0.2400
$0.00$0.30
For the year ended January 31, 2026, NCZ reported $0.56 of investment income per share before a $0.32 preferred-share claim, leaving $0.24 attributable to common shares. It paid $1.44 of common distributions per share, while net asset value rose from $14.08 to $15.88. The filing also reports capital return, so the common income figure is only one part of the cash story.
Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
The portfolio information checked September 11, 2026 reports effective leverage of 35.13%.
Financing can increase earning assets, but its cost reduces income available to common shareholders. When borrowing costs rise or portfolio income falls, the distribution can become harder to sustain.
For 2025-02-01 through 2026-01-31, the SEC report shows $0.56 per share of fund net investment income before a $0.32 preferred-share claim, leaving $0.24 per common share.
Follow the $0.24 common-attributable income alongside realized gains, distribution sources, and NAV. Income alone does not establish full distribution support or a forward coverage ratio.
Losses or weaker cash generation in convertible and multi-asset income investments can reduce the resources available for future distributions.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
A maintained payment can exceed investment results. Review NAV and reported income together rather than treating distribution yield as total return.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Compare the next full-year common-attributable income and cash paid with preferred claims, convertible credit and equity results, payment components and net asset value.
Net asset value (NAV)
NAV per share$15.69Sep 29, 2026Market price$14.06Sep 29, 2026PREMIUM / DISCOUNT TO NAV10.39% discountCalculated from the displayed same-date values.
NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.
CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.
Compare the next full-year common-attributable income and cash paid with preferred claims, convertible credit and equity results, payment components and net asset value.
Loading current company feeds…
U.S. federal · Tax year 2025
Dividend tax treatment
Virtus gives the final 2025 tax breakdown for NCZ common-share distributions.
Ordinary, nonqualified
10.86%
Qualified dividends
1.79%
Capital-gain distributions
0%
Return of capital
87.35%
Tax year: 2025. Total distributions: $1.35 per share.
Tax details and source
Total ordinary dividends (includes qualified)
12.65%
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
0%
Reporting form
Form 1099-DIV
Source date
Not stated
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
