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NCZ · Virtus Convertible & Income Fund II

Know the company

Company overview

Virtus Convertible & Income Fund II holds convertible securities alongside other income investments. Convertibles bring borrower payments but can also move with the issuer's share price, so both credit and equity conditions shape results.

Business
Convertible and multi-asset income funds
Listing
NCZ · XNYS
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.

Virtus Convertible & Income Fund II: financial report supporting reported earnings

Dividend & earnings snapshot

Reported earnings

Each measure shown separately, per share

Net investment income$0.56

Feb 1, 2025 to Jan 31, 2026

Distribution yield9.44%Sourced distributions divided by dated market price
Reported 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
Distribution supportSee period evidenceCash distributions, NAV and reported returns are shown separately; no earnings-coverage ratio is assigned.
Verified dividend dates and payment components

Issuer announcements supplement the recorded totals above. Each declared payment is shown separately. Additional payments are not assumed to repeat.

Verified earnings history and sources

The latest four recorded reporting periods. Each issuer measure keeps its own name and dates. These source records supplement the Fly High figures above; different measures are not added together or assumed comparable.

Reporting periodEarnings measurePer shareSource
Feb 1, 2025 to Jan 31, 2026Net investment income$0.56Issuer source 1
Announced Apr 9, 2026

Reported NAV total return by period

Full-year fund-reported NAV total return. The shorter period remains in the table above and is not joined to this trend.

Market price and NAV per share

NCZ completed a one-for-four reverse split before trading on February 10, 2025. Its own SEC Financial Highlights restate earlier NAV and market values to the new common-share basis. Historical filing-reported market values, not raw pre-split exchange closes, pair with fiscal NAV. Dated points are not connected through the split.

Business and earnings charts

Financial snapshot: 2026-01-31. Research reviewed 2026-10-01. Source dates are retained with each measure; historical results are not a forecast.

The assets it owns

$305.605 million net assets215 holdings · As of 5/31/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

Virtus Convertible & Income Fund II: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-02-01 through 2026-01-31 · $ per share

Net investment income attributable to common shares$0.2400

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.

Virtus Convertible & Income Fund II: financial report supporting reported earnings

Cash distributions and reported returns

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.

Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Feb 1, 2025 to Jan 31, 2026$15.88+12.78%$1.44+24.86%NCZ financial highlights in the SEC shareholder report for 2026-01-31. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Feb 1, 2024 to Jan 31, 2025$14.08+7.65%$1.44+19.83%NCZ financial highlights in the SEC shareholder report for 2026-01-31. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Feb 1, 2023 to Jan 31, 2024$13.08-9.92%$1.52+0.76%NCZ financial highlights in the SEC shareholder report for 2026-01-31. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Feb 1, 2022 to Jan 31, 2023$14.52-26.81%$1.80-17.84%NCZ financial highlights in the SEC shareholder report for 2026-01-31. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Mar 1, 2021 to Jan 31, 2022$19.84-14.34%$1.64-7.95%NCZ financial highlights in the SEC shareholder report for 2026-01-31. Distributions include all reported cash components for this exact fiscal period. Partial-period figures 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.

Reporting period and filingCash distributions/shareOpening NAVClosing NAVNAV changeReported NAV total return
2021-03-01 to 2022-01-31 $1.64 $23.16 $19.84 -14.34% -7.95%
2022-02-01 to 2023-01-31 $1.80 $19.84 $14.52 -26.81% -17.84%
2023-02-01 to 2024-01-31 $1.52 $14.52 $13.08 -9.92% 0.76%
2024-02-01 to 2025-01-31 $1.44 $13.08 $14.08 7.65% 19.83%
2025-02-01 to 2026-01-31 $1.44 $14.08 $15.88 12.78% 24.86%

Risk monitor

RiskCurrent conditionDirectionWhy it matters
Portfolio riskLosses or weaker cash generation in convertible and multi-asset income investments can reduce the resources available for future distributions.MonitorA change can affect future shareholder cash payments or the capital supporting them.
Leverage and financingThe current data service reports effective leverage of 35.13%. Financing magnifies gains and losses, and borrowing costs reduce income available to common shareholders.MonitorA change can affect future shareholder cash payments or the capital supporting them.

The assets behind the earnings

How NCZ makes money

Financial snapshot: 2026-01-31. Research reviewed 2026-10-01. Source dates are retained with each measure; historical results are not a forecast.

The income-producing business

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.

Virtus Convertible & Income Fund II: financial report supporting reported earnings

What the reported earnings support

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.

Virtus Convertible & Income Fund II: financial report supporting reported earnings

Distribution sustainability

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.

Virtus Convertible & Income Fund II: financial report supporting reported earnings

What would change the earnings picture?

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$15.6900Sep 29, 2026
Market price$14.0600Sep 29, 2026
PREMIUM / 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.

NAV source · Market-price source

Current evidence and recent developments

  • Regular distribution screen: 9.44% on 2026-09-11.
  • FY2026 investment income: $0.56 per share before $0.32 of preferred dividends, leaving $0.24 per common share for 2025-02-01 through 2026-01-31.
  • Historical per-share figures retain the reverse-split adjustments already made in the financial highlights. A change in share count is not investment growth.

What to watch next

  • 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.

Fly High context

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.

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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.

Tax source

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.

Public Research updated October 1, 2026 2:03 am

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