HARTFORD, Conn., Oct. 3, 2022
/PRNewswire/ -- Virtus Convertible & Income Fund II (NYSE:
NCZ), a closed-end fund, today announced that it has postponed
payment of its monthly distribution of $0.0375 per common share that was scheduled to be
paid on October 3, 2022 to
shareholders of record as of September 12,
2022, and has postponed declaration of its monthly
distribution of $0.0375 per common
share that was scheduled to be declared on October 3, 2022 for payment on November 1, 2022.
Recent market dislocations have caused the values of the Fund's
portfolio securities to decline and, as a result, the Fund's asset
coverage ratio for total leverage as of September 30, as calculated in accordance with
the Investment Company Act of 1940, was below the 200% minimum
asset coverage guideline. Compliance with the asset coverage ratio
is required by the Fund's governing documents for declaration or
payment of the monthly distribution. As a result, the Fund is not
authorized to declare or pay its monthly distribution until the
coverage ratio is in compliance. The Fund intends to pay the
October 3 common share distribution
and resume declaration and payment of its monthly common share
distributions once its coverage ratio is in compliance.
About the Fund
Virtus Convertible & Income Fund
II has an investment objective to provide total return through
a combination of capital appreciation and high current income.
Virtus Investment Advisers, Inc. is the investment adviser of the
fund and Voya Investment Management manages the fund in a
subadvisory capacity. For more information, contact shareholder
services at 866-270-7788, by email at closedendfunds@virtus.com, or
through the closed-end fund section of www.virtus.com.
Fund Risks
An investment in a fund is subject to risk,
including the risk of possible loss of principal. A fund's shares
may be worth less upon their sale than what an investor paid for
them. Shares of closed-end funds may trade at a premium or discount
to their net asset value. For more information about the Fund's
investment objective and risks, please see the Fund's annual
report. A copy of the fund's most recent annual report may be
obtained free of charge by contacting "Shareholder Services" as set
forth at the end of this press release.
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SOURCE Virtus Funds
