Company: NCZ-PA
Filing Date: 2025-04-11
Form Type: N-CSR
Source: 0001193125-25-079060
Chunk: 28

Company: Virtus Convertible & Income Fund II
Filing Date: 2025-04-11
Form: N-CSR
Chunk 28
---
 of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state
banks that are part of the system.

#### ICE BofA BB-B U.S.
High Yield Constrained Index

The ICE BofA BB-B U.S. High
Yield Constrained Index measures performance of BB/B U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, and is restricted to a maximum of 2% per issuer. The index is calculated on a total return basis. The index is
unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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#### KEY INVESTMENT TERMS
(Unaudited) (Continued)

#### January 31, 2025

#### ICE BofA U.S. Convertibles Index
The ICE BofA U.S. Convertibles Index tracks the performance of
publicly issued U.S. dollar denominated convertible securities of U.S. companies. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for
direct investment.

#### ICE BofA U.S. High Yield Index
The ICE BofA U.S. High Yield Index tracks the performance of
below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market and includes issues with a credit rating of BBB or below. The index is calculated on a total return basis. The index is unmanaged, its returns
do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Leveraged Loan
Leveraged loans (also known as bank, senior or floating-rate
loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be
especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

#### Master Limited Partnerships (“MLPs”)
An investment in MLP units involves some risks that differ from
an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the