NCZ CEF — Virtus Convertible & Income Fund II

Virtus Convertible & Income Fund II (NCZ)

Updated November 12, 2026.

NCZ is a CEF. Its distribution rate is 10.78%, its trailing-12-month yield is 11.68%, its expense ratio is 2.8327%. Dividend Vision Distribution Safety Score™ is 67/100 (Generally safe). Total return is 260.7% over the past 23.3 years, 802.5 points behind SPY at 1063.2%.

At the current 10.78% distribution rate, a $10,000 investment would generate approximately $1,078 per year, or $89.83 per month.

Virtus Convertible & Income Fund II is a closed-end fixed income fund that invests primarily in convertible securities and high-yield bonds rated below investment grade, typically with maturities between five and ten years. The fund distributes income monthly at a high current rate. It appeals to income-focused investors seeking exposure to convertible and below-investment-grade fixed income securities.

NCZ performance versus SPY

As of Nov 12, 2026

Total return is 260.7% over the past 23.3 years, 802.5 points behind SPY at 1063.2%. Over the past year its total return — price change plus distributions reinvested — is 4.2%. Its deepest 1-year drawdown was 15.4%.

NCZ key facts

Distribution Safety Score™

67 · Generally safe

Safety-Adjusted Yield

7.22%

Issuer

AllianzGI

Asset type

CEF

Asset class

Fixed Income

Inception date

07/29/2003

Expense ratio

2.8327%

Distribution rate

10.78%

Distribution frequency

Monthly

Trailing yield

11.68%

5-year average yield

11.74

Last close

$13.36 (as of 2026-11-12)

NAV

$15.04; NAV date unknown

Premium / discount

Premium not shown · NAV date unknown

Market cap

$254,226,624

Average volume

36,303

Dividend

$0.12

Ex-dividend date

11/12/2026

Payment date

11/27/2026

Beta

1.237

AUM unavailable in this published snapshot. Missing values do not mean zero or complete coverage. ?

How Dividend Vision calculates yield and returns

Distribution rate (10.78%) uses latest regular dividend ($0.12) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (11.68%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: AllianzGI; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

NCZ risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 15.4%.

Who may consider NCZ — and who may not

It is a weaker fit for investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on NCZ

• CEFs going ex-dividend this week
• All tickers starting with N

Tagged: CEF, Fixed Income, Dividend.

Frequently asked questions

More securities from AllianzGI.