Company: NCZ-PA
Filing Date: 2025-04-11
Form Type: N-CSR
Source: 0001193125-25-079060
Chunk: 72

Company: Virtus Convertible & Income Fund II
Filing Date: 2025-04-11
Form: N-CSR
Chunk 72
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### CONSIDERATION OF ADVISORY AND
SUBADVISORY AGREEMENTS

#### BY THE BOARD OF TRUSTEES (Unaudited)
The Board of Trustees (the
“Board”) of Virtus Artificial Intelligence & Technology Opportunities Fund (“AIO”), Virtus Convertible & Income Fund (“NCV”), Virtus Convertible & Income Fund II (“NCZ”), Virtus Diversified
Income & Convertible Fund (“ACV”), Virtus Dividend, Interest & Premium Strategy Fund (“NFJ”), and Virtus Equity & Convertible Income Fund (“NIE”) (each a “Fund” and, collectively, the
“Funds”) is responsible for determining whether to approve the continuation of each investment advisory agreement (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”) between each Fund and
Virtus Investment Advisers, LLC (“VIA”) and each subadvisory agreement (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”) (together with the Advisory Agreements, the
“Agreements”) among each Fund, VIA and Voya Investment Management Co. LLC (“Voya”), with respect to AIO, NCV, NCZ, ACV and NIE and among VIA, Voya and NFJ Investment Group, LLC (“NFJ Investment Group”) with
respect to NFJ (each of Voya and NFJ Investment Group, a “Subadviser” and collectively, the “Subadvisers”). At meetings held on August 27, 2024, October 29, 2024, and November 20, 2024 (collectively, the
“Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Funds as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act” and such Trustees, the
“Independent Trustees”), considered and approved the continuation of each Agreement, as further discussed below.

In connection with the approval of the
Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to
whether the renewal of each Agreement would be in the best interests of each Fund and its respective shareholders. The Board also considered information furnished throughout the