No Change to Portfolio Management
Teams
HARTFORD, Conn., July 21,
2022 /PRNewswire/ -- The Board of Trustees of Virtus
Artificial Intelligence & Technology Opportunities Fund (NYSE:
AIO), Virtus Convertible & Income 2024 Target Term
Fund (NYSE: CBH), Virtus Convertible & Income Fund (NYSE:
NCV), Virtus Convertible & Income Fund II (NYSE: NCZ),
Virtus Diversified Income & Convertible Fund (NYSE: ACV),
Virtus Equity & Convertible Income Fund (NYSE: NIE), and Virtus
Dividend, Interest & Premium Strategy Fund (NYSE: NFJ) has
approved new subadvisory agreements between the funds' investment
adviser, Virtus Investment Advisers, Inc., and Voya Investment
Management Co. LLC ("Voya IM"). Shareholders of each fund will be
asked to approve those agreements.
Voya IM would replace the current subadviser, Allianz Global
Investors U.S. LLC ("AllianzGI"), which has been terminated as
subadviser effective July 25, 2022.
On that date, each fund's current AllianzGI portfolio management
team is expected to transition to Voya IM and continue to manage
the funds under interim subadvisory agreements pending shareholder
approval of the new subadvisory agreements. Virtus Investment
Advisers continues as investment adviser to each fund under current
investment advisory agreements. There would be no changes to the
investment objectives or investment strategies of any of the
funds.
Additional information on the proposed subadvisory arrangements
will be provided to shareholders in a proxy statement that will be
filed with the U.S. Securities and Exchange Commission and will be
available at sec.gov and on each fund's page through the Closed-End
Funds section of virtus.com.
As previously disclosed, on May 17,
2022, AllianzGI resolved certain government charges about
matters unrelated to the funds with the U.S. Securities and
Exchange Commission and Department of Justice. As a result of the
settlement, AllianzGI is not permitted to manage U.S. registered
open- and closed-end funds. On June 13,
2022, AllianzGI announced that it had entered into an
agreement with Voya IM to transfer the investment teams who
currently manage the funds to Voya IM. Under the terms of the
settlement, AllianzGI is required to bear all expenses associated
with the transition of these funds, including expenses associated
with obtaining necessary shareholder approvals.
For more information on these funds, contact shareholder
services at (866) 270-7788 or by email at
closedendfunds@virtus.com.
Fund Risks
An investment in a fund is subject to risk, including the risk
of possible loss of principal. A fund's shares may be worth less
upon their sale than what an investor paid for them. Shares of
closed-end funds may trade at a premium or discount to their net
asset value. For more information about each fund's investment
objective and risks, please see the Fund's annual report. A copy of
the Fund's most recent annual report may be obtained free of charge
by contacting Shareholder Services as set forth at the end of this
press release.
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content:https://www.prnewswire.com/news-releases/certain-virtus-closed-end-funds-announce-shareholder-proposal-for-new-subadvisory-agreements-301591355.html
SOURCE Virtus Artificial Intelligence & Technology
Opportunities Fund; Virtus Convertible & Income 2024 Target
Term Fund; Virtus Convertible & Income Fund; Virtus Convertible
& Income Fund II; Virtus Diversified Income & Convertible
Fund; Virtus Equity & Convertible Income Fund; Virtus Dividend,
Interest & Premium Strategy Fund