NCV - Virtus Convertible & Income 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

Nothing on file yet. No large investor has reported a stake in this fund, and the fund has not announced a buy-back, a vote or a closing.

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 $418 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 33% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 82% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.1% a year in management fees; 2.8% 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, 5 charge a lower management fee and 5 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): $17.58. The shares traded at $15.99, about 9% below that. As of Jan 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 1.8% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

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 $397 million at Jan 30, 2026; $356 million at Jan 31, 2025; $333 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 35% on top of its own money at Jan 30, 2026; 38% at Jan 31, 2025; 40% 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 July 31, 2026: +28.6%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in convertible bonds with a fiscal year ending within six months of this one, 7 reported a higher share return for that year and 2 a lower one. As of Jan 31, 2026, from the fund's annual 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 (84%), the rest preferred shares, cash and short-term holdings and shares. About 92% issued in the U.S.

1. Alphabet Inc Series A Depositary Shares Each Representing A 1/20TH Interest in A Share of 6.25% Series B Mandatory Convertible Preferred Stock - 6.1%
2. Cash and short-term - 5%
3. Akamai Technologies - 2.9%
4. Live Nation Entertainment, Lyv 2.875 01/15/30 - 2.6%
5. Wells Fargo & Company 7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock class A shares - 2.5%
6. Welltower Op LLC, Well 3.125 07/15/29 - 2.4%
7. Boeing Company 6% Ser A Dep Shs Repstg 1/20TH Int Mandatory Conv preferred shares - 2.2%
8. Nextera Energy Capital Holdings, Nee 3 03/01/27 - 2.1%
9. Ccf Holdings LLC - 2.1%
10. Western Digital, Wdc 3 11/15/28 - 2%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →