[SCHEDULE 13G] Virtus Convertible & Income Fund II SEC Filing
Morgan Stanley and its subsidiary Morgan Stanley Smith Barney LLC have filed a Schedule 13G reporting a passive, >5% ownership position in Virtus Convertible & Income Fund II (ticker NCZ).
As of the event date 06/30/2025, the firms beneficially own 302,449 of the Fund鈥檚 5.50% Series A Cumulative Preferred Shares (CUSIP 92838U702), representing 6.9% of the class. The reporting persons hold shared voting power over 2 shares and shared dispositive power over the full 302,449 shares; they possess no sole voting or dispositive authority. The filing was made under Rule 13d-1(b), indicating the securities are held in the ordinary course of business and not for the purpose of influencing control. Morgan Stanley is classified as a parent holding company; MSSB is a broker-dealer and investment adviser. Signatures were executed on 08/06/2025.
Morgan Stanley e la sua controllata Morgan Stanley Smith Barney LLC hanno presentato un Schedule 13G, segnalando una posizione passiva di propriet脿 superiore al 5% in Virtus Convertible & Income Fund II (ticker NCZ).
Alla data dell'evento 30/06/2025, le societ脿 detengono beneficiariamente 302.449 azioni della Serie A Cumulativa Preferita al 5,50% del Fondo (CUSIP 92838U702), rappresentando il 6,9% della categoria. I soggetti segnalanti detengono potere di voto condiviso su 2 azioni e potere dispositive condiviso su tutte le 302.449 azioni; non possiedono alcun potere di voto o potere dispositive esclusivo. La comunicazione 猫 stata effettuata ai sensi della Regola 13d-1(b), indicando che i titoli sono detenuti nell'ordinaria attivit脿 commerciale e non con l'intento di influenzare il controllo. Morgan Stanley 猫 classificata come societ脿 madre; MSSB 猫 un broker-dealer e consulente d'investimento. Le firme sono state apposte il 06/08/2025.
Morgan Stanley y su subsidiaria Morgan Stanley Smith Barney LLC han presentado un Schedule 13G reportando una posici贸n pasiva de propiedad superior al 5% en Virtus Convertible & Income Fund II (ticker NCZ).
Al 30/06/2025, las firmas poseen beneficiariamente 302,449 acciones preferentes acumulativas Serie A al 5.50% del Fondo (CUSIP 92838U702), representando el 6.9% de la clase. Las personas que reportan tienen poder de voto compartido sobre 2 acciones y poder dispositivo compartido sobre las 302,449 acciones; no poseen autoridad exclusiva de voto o dispositiva. La presentaci贸n se realiz贸 bajo la Regla 13d-1(b), indicando que los valores se mantienen en el curso ordinario de negocios y no con el prop贸sito de influir en el control. Morgan Stanley est谩 clasificada como una empresa matriz; MSSB es un broker-dealer y asesor de inversiones. Las firmas se ejecutaron el 06/08/2025.
Morgan Stanley鞕� 攴� 鞛愴殞靷� Morgan Stanley Smith Barney LLC电� Virtus Convertible & Income Fund II (韹办护 NCZ)鞐愳劀 5% 鞚挫儊鞚� 靾橂彊鞝� 靻岇湢 歆�攵勳潉 氤搓碃頃樀鐢 Schedule 13G毳� 鞝滌稖頄堨姷雼堧嫟.
2025雲� 6鞗� 30鞚� 旮办鞙茧, 霊� 須岇偓电� 韼�霌滌潣 5.50% 鞁滊Μ歃� A 雸勳爜 鞖办劆欤� 302,449欤�毳� 鞁れ 靻岇湢頃橁碃 鞛堨溂氅�(CUSIP 92838U702), 鞚吹鐢 頃措嫻 韥措灅鞀れ潣 6.9%鞐� 頃措嫻頃╇媹雼�. 氤搓碃鞛惖鐢 2欤检棎 雽�頃� 瓿惦彊 鞚橁舶甓�瓿� 鞝勳泊 302,449欤检棎 雽�頃� 瓿惦彊 觳橂秳甓�鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 雼弲 鞚橁舶甓岇澊雮� 觳橂秳甓岇潃 鞐嗢姷雼堧嫟. 鞚� 鞝滌稖鞚� 攴滌箼 13d-1(b)鞐� 霐半澕 鞚措（鞏挫鞙茧┌, 鞚吹鐢 歃濌秾鞚� 鞓侅梾 瓿检爼鞐愳劀 氤挫湢霅橁碃 鞛堨溂氅� 歆�氚瓣秾 頄夓偓 氇╈爜鞚� 鞎勲嫎鞚� 雮橅儉雰呺媹雼�. Morgan Stanley电� 氇殞靷�搿� 攵勲霅橂┌, MSSB电� 敫岆旎�-霐滊煬 氚� 韴瀽 鞛愲靷�鞛呺媹雼�. 靹滊獏鞚� 2025雲� 8鞗� 6鞚检棎 鞕勲霅橃棃鞀惦媹雼�.
Morgan Stanley et sa filiale Morgan Stanley Smith Barney LLC ont d茅pos茅 un Schedule 13G signalant une position passive de d茅tention sup茅rieure 脿 5% dans Virtus Convertible & Income Fund II (symbole NCZ).
Au 30/06/2025, les soci茅t茅s d茅tiennent b茅n茅ficiairement 302 449 actions privil茅gi茅es cumulatives de la S茅rie A 脿 5,50% du Fonds (CUSIP 92838U702), repr茅sentant 6,9% de la cat茅gorie. Les personnes d茅clarantes d茅tiennent un pouvoir de vote partag茅 sur 2 actions et un pouvoir discr茅tionnaire partag茅 sur l鈥檌nt茅gralit茅 des 302 449 actions ; elles ne disposent d鈥檃ucun pouvoir exclusif de vote ou de disposition. Le d茅p么t a 茅t茅 effectu茅 conform茅ment 脿 la R猫gle 13d-1(b), indiquant que les titres sont d茅tenus dans le cadre normal des affaires et non dans le but d鈥檌nfluencer le contr么le. Morgan Stanley est class茅e comme soci茅t茅 m猫re ; MSSB est un courtier-n茅gociant et conseiller en investissement. Les signatures ont 茅t茅 appos茅es le 06/08/2025.
Morgan Stanley und seine Tochtergesellschaft Morgan Stanley Smith Barney LLC haben einen Schedule 13G eingereicht, der eine passive Beteiligung von 眉ber 5% an Virtus Convertible & Income Fund II (Ticker NCZ) meldet.
Zum Stichtag 30.06.2025 besitzen die Unternehmen wirtschaftlich 302.449 der 5,50% Series A kumulativen Vorzugsaktien des Fonds (CUSIP 92838U702), was 6,9% der Klasse entspricht. Die meldenden Personen halten gemeinsames Stimmrecht 眉ber 2 Aktien und gemeinsames Verf眉gungsrecht 眉ber alle 302.449 Aktien; sie besitzen keine alleinigen Stimm- oder Verf眉gungsrechte. Die Meldung erfolgte gem盲脽 Regel 13d-1(b), was darauf hinweist, dass die Wertpapiere im normalen Gesch盲ftsverlauf gehalten werden und nicht mit dem Zweck, die Kontrolle zu beeinflussen. Morgan Stanley wird als Muttergesellschaft eingestuft; MSSB ist ein Broker-Dealer und Investmentberater. Die Unterschriften wurden am 06.08.2025 geleistet.
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Insights
TL;DR: Morgan Stanley quietly amasses 6.9% of NCZ鈥檚 Series A preferred, signaling institutional interest but no control intent.
The 13G confirms a sizable stake鈥攔oughly one-fourteenth of the preferred float鈥攖aken by a highly regarded financial institution. Because the filing is passive (Rule 13d-1(b)), it does not imply activist intentions. Still, institutional sponsorship can enhance liquidity and may reduce perceived risk for other investors in NCZ鈥檚 preferred layer. There is no indication of leverage, derivatives, or an intent to alter capital structure, so the development appears neutral-to-modestly positive for market perception rather than a catalyst for near-term price movement.
TL;DR: 6.9% holding raises institutional profile; impact limited to marginally better liquidity and validation.
At just over the 5% threshold, the position is material enough to require disclosure but not large enough to exert influence on dividends or redemption terms of the preferred shares. For income-focused investors, Morgan Stanley鈥檚 presence may be viewed as a vote of confidence in credit quality and coupon sustainability. However, because voting rights for preferreds are minimal outside of arrears situations, portfolio-level impact remains modest. I view the filing as non-impactful to cash flows but directionally constructive for sentiment.
Morgan Stanley e la sua controllata Morgan Stanley Smith Barney LLC hanno presentato un Schedule 13G, segnalando una posizione passiva di propriet脿 superiore al 5% in Virtus Convertible & Income Fund II (ticker NCZ).
Alla data dell'evento 30/06/2025, le societ脿 detengono beneficiariamente 302.449 azioni della Serie A Cumulativa Preferita al 5,50% del Fondo (CUSIP 92838U702), rappresentando il 6,9% della categoria. I soggetti segnalanti detengono potere di voto condiviso su 2 azioni e potere dispositive condiviso su tutte le 302.449 azioni; non possiedono alcun potere di voto o potere dispositive esclusivo. La comunicazione 猫 stata effettuata ai sensi della Regola 13d-1(b), indicando che i titoli sono detenuti nell'ordinaria attivit脿 commerciale e non con l'intento di influenzare il controllo. Morgan Stanley 猫 classificata come societ脿 madre; MSSB 猫 un broker-dealer e consulente d'investimento. Le firme sono state apposte il 06/08/2025.
Morgan Stanley y su subsidiaria Morgan Stanley Smith Barney LLC han presentado un Schedule 13G reportando una posici贸n pasiva de propiedad superior al 5% en Virtus Convertible & Income Fund II (ticker NCZ).
Al 30/06/2025, las firmas poseen beneficiariamente 302,449 acciones preferentes acumulativas Serie A al 5.50% del Fondo (CUSIP 92838U702), representando el 6.9% de la clase. Las personas que reportan tienen poder de voto compartido sobre 2 acciones y poder dispositivo compartido sobre las 302,449 acciones; no poseen autoridad exclusiva de voto o dispositiva. La presentaci贸n se realiz贸 bajo la Regla 13d-1(b), indicando que los valores se mantienen en el curso ordinario de negocios y no con el prop贸sito de influir en el control. Morgan Stanley est谩 clasificada como una empresa matriz; MSSB es un broker-dealer y asesor de inversiones. Las firmas se ejecutaron el 06/08/2025.
Morgan Stanley鞕� 攴� 鞛愴殞靷� Morgan Stanley Smith Barney LLC电� Virtus Convertible & Income Fund II (韹办护 NCZ)鞐愳劀 5% 鞚挫儊鞚� 靾橂彊鞝� 靻岇湢 歆�攵勳潉 氤搓碃頃樀鐢 Schedule 13G毳� 鞝滌稖頄堨姷雼堧嫟.
2025雲� 6鞗� 30鞚� 旮办鞙茧, 霊� 須岇偓电� 韼�霌滌潣 5.50% 鞁滊Μ歃� A 雸勳爜 鞖办劆欤� 302,449欤�毳� 鞁れ 靻岇湢頃橁碃 鞛堨溂氅�(CUSIP 92838U702), 鞚吹鐢 頃措嫻 韥措灅鞀れ潣 6.9%鞐� 頃措嫻頃╇媹雼�. 氤搓碃鞛惖鐢 2欤检棎 雽�頃� 瓿惦彊 鞚橁舶甓�瓿� 鞝勳泊 302,449欤检棎 雽�頃� 瓿惦彊 觳橂秳甓�鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 雼弲 鞚橁舶甓岇澊雮� 觳橂秳甓岇潃 鞐嗢姷雼堧嫟. 鞚� 鞝滌稖鞚� 攴滌箼 13d-1(b)鞐� 霐半澕 鞚措（鞏挫鞙茧┌, 鞚吹鐢 歃濌秾鞚� 鞓侅梾 瓿检爼鞐愳劀 氤挫湢霅橁碃 鞛堨溂氅� 歆�氚瓣秾 頄夓偓 氇╈爜鞚� 鞎勲嫎鞚� 雮橅儉雰呺媹雼�. Morgan Stanley电� 氇殞靷�搿� 攵勲霅橂┌, MSSB电� 敫岆旎�-霐滊煬 氚� 韴瀽 鞛愲靷�鞛呺媹雼�. 靹滊獏鞚� 2025雲� 8鞗� 6鞚检棎 鞕勲霅橃棃鞀惦媹雼�.
Morgan Stanley et sa filiale Morgan Stanley Smith Barney LLC ont d茅pos茅 un Schedule 13G signalant une position passive de d茅tention sup茅rieure 脿 5% dans Virtus Convertible & Income Fund II (symbole NCZ).
Au 30/06/2025, les soci茅t茅s d茅tiennent b茅n茅ficiairement 302 449 actions privil茅gi茅es cumulatives de la S茅rie A 脿 5,50% du Fonds (CUSIP 92838U702), repr茅sentant 6,9% de la cat茅gorie. Les personnes d茅clarantes d茅tiennent un pouvoir de vote partag茅 sur 2 actions et un pouvoir discr茅tionnaire partag茅 sur l鈥檌nt茅gralit茅 des 302 449 actions ; elles ne disposent d鈥檃ucun pouvoir exclusif de vote ou de disposition. Le d茅p么t a 茅t茅 effectu茅 conform茅ment 脿 la R猫gle 13d-1(b), indiquant que les titres sont d茅tenus dans le cadre normal des affaires et non dans le but d鈥檌nfluencer le contr么le. Morgan Stanley est class茅e comme soci茅t茅 m猫re ; MSSB est un courtier-n茅gociant et conseiller en investissement. Les signatures ont 茅t茅 appos茅es le 06/08/2025.
Morgan Stanley und seine Tochtergesellschaft Morgan Stanley Smith Barney LLC haben einen Schedule 13G eingereicht, der eine passive Beteiligung von 眉ber 5% an Virtus Convertible & Income Fund II (Ticker NCZ) meldet.
Zum Stichtag 30.06.2025 besitzen die Unternehmen wirtschaftlich 302.449 der 5,50% Series A kumulativen Vorzugsaktien des Fonds (CUSIP 92838U702), was 6,9% der Klasse entspricht. Die meldenden Personen halten gemeinsames Stimmrecht 眉ber 2 Aktien und gemeinsames Verf眉gungsrecht 眉ber alle 302.449 Aktien; sie besitzen keine alleinigen Stimm- oder Verf眉gungsrechte. Die Meldung erfolgte gem盲脽 Regel 13d-1(b), was darauf hinweist, dass die Wertpapiere im normalen Gesch盲ftsverlauf gehalten werden und nicht mit dem Zweck, die Kontrolle zu beeinflussen. Morgan Stanley wird als Muttergesellschaft eingestuft; MSSB ist ein Broker-Dealer und Investmentberater. Die Unterschriften wurden am 06.08.2025 geleistet.
