Company: NCZ-PA
Filing Date: 2025-04-11
Form Type: N-CSR
Source: 0001193125-25-079060
Chunk: 10

Company: Virtus Convertible & Income Fund II
Filing Date: 2025-04-11
Form: N-CSR
Chunk 10
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 not be relied upon as investment advice.

The Fund’s portfolio holdings are
subject to change and may not be representative of the portfolio managers’ current or future investment decisions. The mention of individual securities held by the Fund is for informational purposes only and should not be construed as a
recommendation to purchase or sell any securities. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional.

<div align='center'>For
information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 18.

4</div>

Convertible & Income Fund (NCV) MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued) January 31, 2025

Average Annual Total Returns 1 for periods ended 1/31/25

|                                                                             | 1      
 Year   | 5     
 Years | 10    
 Years |
| Market                                                                      
 Value1,2                                                                    | 24.58% | 1.65% | 2.85% |
| Net                                                                         
 Asset Value1,2                                                              | 19.01% | 2.84% | 4.07% |
| Composite:                                                                  
 60% ICE BofA U.S. Convertibles Index/ 40% ICE BofA U.S. High Yield Index1,3 | 13.17% | 7.59% | 7.79% |
| ICE                                                                         
 BofA U.S. Convertibles Index1,3                                             | 15.43% | 9.63% | 9.44% |
| ICE                                                                         
 BofA U.S. High Yield Index1,3                                               | 9.67%  | 4.33% | 5.15% |

All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Please visit Virtus.com for performance data current to the most recent month-end. Growth of $10,000 for periods ended 1/31 This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the years indicated. For comparison, the same investment is shown in the indicated index.

| 1 | Past                                                                                                                                                                                                                                                     
 performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods.                                                                                                                      |
| 2 | Total                                                                                                                                                                                                                                                    
 return on market value is