ACV - Virtus Diversified Income & Convertible Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. March 11, 2026

   The fund said how much it plans to pay out.

   Original document →

2. Oct 22, 2025

   Wells Fargo & Company sold down below 5% and stopped reporting.

   Original document →

3. Oct 16, 2025

   The fund stopped reporting to the regulator (closed down).

   Original document →

4. Oct 1, 2025

   The fund said it will repay some borrowed money.

   Original document →

5. Aug 6, 2025

   Wells Fargo & Company now owns 5.1%, as a passive investor.

   Original document →

About this fund

• Run by Virtus Investment Advisers, LLC. Part of the Virtus fund family. As of Jan 31, 2026, from the fund's yearly report. Original document →
• Size: about $286 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 27% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.4% a year in management fees; 3.6% a year in total, including interest on borrowed money. Fiscal year ended Jan 31, 2026. As of Jan 31, 2026, from the fund's yearly report. Original document →
  Among the 11 funds we follow that invest in convertible bonds, 9 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Jan 31, 2026) the fund paid $2.99 a share. $0.89 of that was income; $2.10 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Jan 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Jan 31, 2026): $25.91. The shares traded at $27.89, about 7.6% above that. As of Jan 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 8.3% over the last three months we have (Feb-April 2026), before the share price is taken into account. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2015.

How this has changed

• Payouts per share: $2.99 in the fiscal year ended Jan 31, 2026; $1.80 in the year ended Jan 31, 2025; $1.80 in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Jan 31, 2026; none in the year ended Jan 31, 2025; $1.30 in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.32% a year in the fiscal year ended Jan 31, 2026; 2.54% a year in the year ended Jan 31, 2025; 2.71% a year in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $269 million at Jan 30, 2026; $242 million at Jan 31, 2025; $216 million at Jan 31, 2024. From the fund's quarterly holdings reports. Original documents: Jan 30, 2026 →, Jan 31, 2025 →, Jan 31, 2024 →.
• Borrowing: about 29% on top of its own money at Jan 30, 2026; 31% at Jan 31, 2025; 34% at Jan 31, 2024. From the fund's quarterly holdings reports. Original documents: Jan 30, 2026 →, Jan 31, 2025 →, Jan 31, 2024 →.

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Jan 31, 2026: the shares returned +2.9%, counting payouts; the holdings +19.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Jan 31, 2026, from the fund's annual report. Original document →
• The year ended Jan 31, 2025: the shares returned +45.6%, counting payouts; the holdings +23.8%. As of Jan 31, 2025, from the fund's annual report. Original document →
• The year ended Jan 31, 2024: the shares returned +18.8%, counting payouts; the holdings +13.6%. As of Jan 31, 2024, from the fund's annual report. Original document →
• The year ended Jan 31, 2023: the shares returned -18.4%, counting payouts; the holdings -10%. As of Jan 31, 2023, from the fund's annual report. Original document →
• The year ended Jan 31, 2022: the shares returned +2.8%, counting payouts; the holdings -1.9%. As of Jan 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +49.2%. $10,000 of shares bought at the start (Feb 1, 2021) would have become about $14,900 by Jan 31, 2026, with every payout counted, before tax. As of Jan 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to April 30, 2026: +46.5%. The quarterly reports carry no share price, so this is the holdings alone. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (69%), the rest shares, preferred shares and cash and short-term holdings. About 93% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Western Digital, Wdc 3 11/15/28 - 4.6%
2. Cash and short-term - 4.6%
3. Lumentum Holdings, Lite 0.375 03/15/32 - 3.3%
4. Nvidia - 2.6%
5. Alphabet class A shares - 2.3%
6. Wells Fargo & Company 7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock class A shares - 2.2%
7. Welltower Op LLC, Well 3.125 07/15/29 - 2.2%
8. Apple - 2.1%
9. Nextera Energy Capital Holdings, Nee 3 03/01/27 - 2%
10. Boeing Company 6% Ser A Dep Shs Repstg 1/20TH Int Mandatory Conv preferred shares - 2%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →