SCHEDULE: Advisors Asset Management Discloses 5.53% Stake in Virtus Fund II

Advisors Asset Management, Inc. has filed an amended Schedule 13G, reporting a 5.529% beneficial ownership stake in Virtus Convertible & Income Fund II as of December 31, 2025.

Summary

• Advisors Asset Management, Inc. (AAM) reported beneficial ownership of 1,052,148 shares of Common Stock in Virtus Convertible & Income Fund II.
• This ownership represents 5.529% of the total class of securities.
• AAM holds sole voting power and sole dispositive power over all 1,052,148 shares.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a change from a previous filing or an initial filing for a passive investor.
• Advisors Asset Management, Inc. is classified as a broker or dealer (BD) and an investment adviser (IA).
• AAM disclaims beneficial ownership of shares held by unit investment trusts it sponsors, none of which individually hold 5% or more of the issuer's common stock.

Sentiment

Score: 5

Explanation: Neutral, as this is a factual regulatory disclosure of ownership and does not contain performance or strategic updates.

Positives

• Increased transparency regarding a significant institutional ownership stake in Virtus Convertible & Income Fund II.
• Advisors Asset Management, Inc. explicitly states its passive investment intent, confirming shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This filing reflects routine institutional investment activity where an investment adviser or broker-dealer discloses a significant passive stake in a publicly traded fund, which is a common practice for transparency in the investment management industry.

Comparison to Industry Standards

• The 5.529% stake is above the 5% threshold requiring Schedule 13G disclosure, aligning with standard regulatory compliance for institutional investors.
• The classification of Advisors Asset Management, Inc. as a Broker or Dealer (BD) and Investment Adviser (IA) is typical for entities managing various investment vehicles, including unit investment trusts, which are mentioned as holding shares.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, potentially offering some stability signal.
• Regulatory Authorities: Fulfills disclosure requirements, ensuring market transparency.

Key Dates

Keywords

Virtus Convertible & Income Fund II, Advisors Asset Management, Schedule 13G, Beneficial Ownership, Common Stock, Investment Fund, SEC Filing, Institutional Ownership