Company: NCZ-PA
Filing Date: 2025-04-11
Form Type: N-CSR
Source: 0001193125-25-079060
Chunk: 78

Company: Virtus Convertible & Income Fund II
Filing Date: 2025-04-11
Form: N-CSR
Chunk 78
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 in the use of leverage by the Funds in that VIA’s advisory fee is based on the assets managed.

In addition to the foregoing, the Board
considered, among other data, the information set forth below with respect to each Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of
the Fund relative to the other funds in its Expense Universe.

AIO . The Board considered that the Fund’s gross management fee was above the median of the Expense Universe and net total expenses after waivers were below the median of the Expense Universe. The Board also considered that the Fund’s net management fee was in the 4 thquintile of its Expense Universe and net total expenses were in the 1 stquintile of its Expense Universe.

NCV . The Board considered that the Fund’s gross management fee and net total expenses after waivers were equal to the median of the Expense Universe. The Board also considered that the Fund’s net management fee was in the 2 ndquintile of its Expense Universe and net total expenses were in the 3 rdquintile of its Expense Universe.

NCZ . The Board considered that the Fund’s gross management fee was above the median of the Expense Universe and net total expenses after waivers were below the median of the Expense Universe. The Board also considered that the Fund’s net management fee was in the 2 ndquintile of its Expense Universe and net total expenses were in the 2 ndquintile of its Expense Universe.

ACV . The Board considered that the Fund’s gross management fee was above the median of the Expense Universe and net total expenses after waivers were equal to the median of the Expense Universe. The Board also considered that the Fund’s net management fee was in the 5 thquintile of its Expense Universe and net total expenses were in the 3 rdquintile of its Expense Universe.

<div align='center'>112</div>

### CONSIDERATION OF ADVISORY AND
SUBADVISORY AGREEMENTS

#### BY THE BOARD OF TRUSTEES (Unaudited)
(Continued)

NFJ . The Board considered that the Fund’s gross management fee was equal to the median of the Expense Universe and net total expenses after waivers were below the median of the Expense Universe. The Board also considered that the Fund’s net management fee was in the 1 stquintile of its Expense Universe and net total expenses were in the 1 st