Company: NCZ-PA
Filing Date: 2025-04-11
Form Type: N-CSR
Source: 0001193125-25-079060
Chunk: 76

Company: Virtus Convertible & Income Fund II
Filing Date: 2025-04-11
Form: N-CSR
Chunk 76
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 into account management’s discussion of the same, including the effect of market conditions on each Fund’s performance. The Board noted that
it also reviews on a quarterly basis detailed information about each Fund’s performance results and portfolio composition, as well as each Subadviser’s investment strategy(ies). The Board noted VIA’s expertise and resources in
monitoring the performance, investment style and risk-adjusted performance of the Subadvisers. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other
performance data, the information set forth below with respect to the performance of each Fund for the stated periods ended March 31, 2024.

AIO . The Board noted that the Fund outperformed the median of its Performance Universe for the first quarter and 3-year periods and underperformed the median of its Performance Universe for the 1-year period. The Board also noted that the Fund outperformed its benchmark for the first quarter, 1- and 3-year periods.

NCV . The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.

NCZ . The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.

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### CONSIDERATION OF ADVISORY AND
SUBADVISORY AGREEMENTS

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

ACV . The Board noted that the Fund outperformed the median of its Performance Universe for the first quarter, 1-year and 5-year periods and underperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund underperformed its benchmark for the 3-year period and outperformed its benchmark for the first quarter, 1-year and 5-year periods.

NFJ . The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter, 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.

NIE . The Board noted that