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Closed-End Fund Fixed Income Hybrid

Virtus Convertible & Income 2024 Target Term Fund

Image specific to each asset class and market style grouping.
Ticker
CUSIP
Inception
Market Price
$
(as of )
Premium/Discount
%
Managed Assets
$ (as of )
Net Assets
$ (as of )
Average Daily Volume
(as of )
Shares Outstanding
Distribution Frequency

Portfolio Overview

Investment Overview

The Fund employs a multi-asset strategy that seeks to generate high current income by dynamically allocating assets to the following three segments of a company's capital structure:

-- Convertible securities, which offer current income, downside protection, and potential capital appreciation.

-- High yield securities, which offer high income potential and have a potentially favorable risk/reward profile, relative to other fixed income asset classes.

-- Senior secured loans which offer a diversified return due to their unique floating-rate feature, seniority in the capital structure, and historically low correlation to core fixed income.

The Fund seeks to return the original net asset value (NAV) (defined as NAV per share before the deduction of the estimated offering cost of $0.02 per share) or more at the end of a seven-year investment term ending in 2024.

Interest rate risk management -- the Fund's underlying asset classes have historically performed well in past rising rate environments and have exhibited low historical correlation to core fixed income.

Effective June 22, 2022, this Fund's name has changed.

Effective July 25, 2022, this Fund's subadviser has changed.

Management Team

Investment Partner

Voya Investment Management

Voya Investment Management (Voya IM) strives to help investors push what's possible. As the asset management business of Voya Financial (NYSE: VOYA), Voya IM seeks to understand and anticipate client needs, delivering differentiated solutions across public and private fixed income, equity, and multi-asset platforms, including private markets and alternatives.


Learn more about Voya Investment Management

Investment Professionals

Kass, Justin

Justin M. Kass, CFA

Senior Managing Director, Chief Investment Officer, Co-Head of Income & Growth

Industry start date: 1998
Start date as fund Portfolio Manager: 2017

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Oberto, David

David J. Oberto

Senior Vice President, Lead Portfolio Manager – Income & Growth

Industry start date: 2003
Start date as fund Portfolio Manager: 2017

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Stickney, Brit

William (Brit) L. Stickney

Senior Managing Director, Co-Head of Income & Growth

Industry start date: 1989
Start date as fund Portfolio Manager: 2017

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Performance & Risk

Performance

As of
As of

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Performance reflects the deduction of fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on market value shown in the table.

Expenses

Portfolio

Portfolio Breakdown (% Fund)

(as of 06/30/2022)
Convertible Securities
41.30
 41.30%
High Yield Bonds
31.91
 31.91%
Senior Secured Loans
23.07
 23.07%
Cash and Equivalents
3.72
 3.72%

Allocations are subject to change daily.

Credit Quality (% Invested Assets)

(as of 06/30/2022)
AAA
0.00
 0.00%
AA
0.00
 0.00%
A
0.00
 0.00%
BBB
8.58
 8.58%
BB
29.00
 29.00%
B
21.10
 21.10%
CCC and Below
1.08
 1.08%
Not Rated
40.24
 40.24%

Credit ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are measured using a scale that ranges from AAA (highest) to NR (not rated). Not rated securities do not necessarily indicate low quality. The security's credit rating does not eliminate risk and credit ratings are subject to change. Credit Quality reflects the higher of the ratings of Standard & Poor's Corporation and Moody's Investors Service, Inc. Only one rating will be utilized if only one is available. Ratings are then adjusted to the Standard & Poor's rating tiers shown. Ratings are subject to change.

Sector Allocation (% Invested Assets)

(as of 06/30/2022)
Consumer Discretionary
20.34
 20.34%
Communication Services
19.87
 19.87%
Information Technology
18.56
 18.56%
Health Care
15.92
 15.92%
Financials
7.63
 7.63%
Industrials
7.58
 7.58%
Materials
4.25
 4.25%
Energy
2.56
 2.56%
Consumer Staples
1.76
 1.76%
Real Estate
1.51
 1.51%

Allocations are subject to change daily.

Top Holdings (% Fund)

(as of 06/30/2022)
Security
NIO Inc
6.03
 6.03%
I3 Verticals Llc 1.0% 15-feb-2025
5.17
 5.17%
Liberty Broadband Corp. 2.75% 30-sep-2050
4.34
 4.34%
Ionis Pharmaceuticals, Inc. 0.125% 15-dec-2024
4.28
 4.28%
Dish Network Corporation 2.375% 15-mar-2024
4.02
 4.02%
Pinduoduo, Inc. 0.0% 01-DEC-2025
3.76
 3.76%
Alteryx, Inc. 0.5% 01-aug-2024
3.74
 3.74%
Insmed Incorporated 1.75% 15-jan-2025
3.11
 3.11%
Blackstone Mortgage Trust, Inc. 4.75% 15-mar-2023
3.02
 3.02%
Ligand Pharmaceuticals Incorporated 0.75% 15-may-2023
2.92
 2.92%

Holdings are subject to change.

Leverage

Assets (in millions)

(as of 09/30/2022)
Total Net Assets $164.29
Total Preferred Assets $0.00
Total Borrowed Debt $69.70
Total Managed Assets $233.99

Effective Leverage

(as of 09/30/2022)
Preferred Assets 0.00%
Borrowed Debt 29.79%
Total Effective Leverage 29.79%

Borrowed Debt Leverage Statistics

(as of 09/30/2022)
Short Term Notes $0.00
Short Term Loan $69.70
Assets (in Millions):

Total Net Assets: includes net assets applicable to Common Shareholders
Total Preferred Assets: consists of the value of: Auction Rate Preferred Shares, and/or Series A Cumulative Preferred Shares, and/or Mandatory Redeemable Preferred Shares
Total Managed Assets: Total Net Assets + Total Preferred Assets + Total Borrowed Debt

Effective Leverage:

Preferred Assets: % consists of Total Preferred Assets divided by Total Managed Assets
Borrowed Debt: % is short term debt + long term debt divided by Total Managed Assets
Total Effective Leverage (%) consists of Total Preferred Assets + Total Borrowed Debt, as applicable, divided by Total Managed Assets

Distributions

Ex. Dividend Date
Record Date
Payable Date
Frequency
Latest($/Share)
YTD($/Share)
Market Price Distribution Rate
(as of )

Distributions are not guaranteed and are subject to change.

Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.

Year-to-Date Distribution History

Month Ex-Date Payable Date Distribution
September 09/09/2022 10/03/2022 $0.046000
August 08/10/2022 09/01/2022 $0.046000
July 07/08/2022 08/01/2022 $0.046000
June 06/10/2022 07/01/2022 $0.046000
May 05/11/2022 06/01/2022 $0.046000
April 04/08/2022 05/02/2022 $0.046000
March 03/10/2022 04/01/2022 $0.046000
February 02/10/2022 03/01/2022 $0.046000
January 01/12/2022 02/01/2022 $0.046000

Ex-Date Record Date Payable Date Total Distribution ($/Share) Note



You should not draw any conclusions about the Fund’s investment performance from its distributions. Please view the Fund’s Section 19a notices below, if applicable, which set forth information regarding the estimated composition of the distributions, including any portion that may constitute a return of capital.

The distribution table above is for informational purposes only and should not be used for tax reporting purposes. A Form 1099 DIV (or substitute Form 1099 DIV) will be sent to shareholders at the beginning of each year that will state the federal tax status of distributions received during the previous calendar year. Please consult a tax professional regarding specific tax matters.

Form 8937 Organizational Actions

Automatic Reinvestment Plan

This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.

Net Asset Value vs. Market Price

Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV.

Disclosures

There can be no assurance that the fund will achieve its investment objectives.

This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.

Contact your financial representative for more information, or  or call for service at 1-866-270-7788.

Risk Considerations

Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.
Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
Bank Loans: Bank loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.
Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.
Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio's manager(s) to invest the portfolio's assets as intended.
Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.

Related Literature

Fact Sheet

Virtus Convertible & Income 2024 Target Term Fund Fact Sheet

Distributions

September 8, 2022
June 7, 2022
March 7, 2022
December 17, 2021
December 15, 2021
December 1, 2021
November 1, 2021
October 1, 2021
September 1, 2021
August 3, 2021

Holdings

Virtus Convertible & Income 2024 Target Term Holdings Monthly
Virtus AllianzGI Convertible & Income 2024 Target Term Fund Holdings Fiscal Q1
Virtus AllianzGI Convertible & Income 2024 Target Term Fund Holdings Fiscal Q3

Automatic Reinvestment

Dividend Reinvestment Plan (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ)

Section 19a Notices

January 2022 - Special

News Releases/Communications

September 28, 2022 - Certain Virtus Closed-End Funds Announce Results of Shareholder Meeting
August 4, 2022 - Joint Special Meeting of Shareholders Proxy Statement
July 21, 2022 - Certain Virtus Closed-End Funds Announce Shareholder Proposal For New Subadvisory Agreements
July 13, 2022 - Virtus Closed-End Funds Announce Shareholder Meeting Results
June 8, 2022 - Virtus Closed-End Funds Announce Fund Name Changes
May 31, 2022 - Virtus AllianzGI Closed-End Funds Joint Proxy Statement
May 18, 2022 - Virtus AllianzGI Closed-End Funds Announce Future Change in Subadviser
July 16, 2021 - Certain Virtus AllianzGI Closed-End Funds Announce Future Change In Portfolio Management Team
June 8, 2021 - Virtus AllianzGI Closed-End Funds Joint Annual Meeting of Shareholders Proxy Statement
January 27, 2021 - AllianzGI Closed-End Funds Provide Additional Information on Fund Name Change
AllianzGI Monthly Dividend Press Release For AIO NCV NCZ CBH ACV December 2020
AllianzGI Monthly Dividend Press Release For AIO CBH ACV April 2020 Revised
NCV NCZ ACV CBH Press Release September 2019
AllianzGI Convertible Income 2024 Target Term Fund CBH Press Release Form 8K
AllianzGI Convertible Income 2024 Target Term Fund Press Release June 2020
AllianzGI Convertible Income 2024 Target Term Fund Press Release May 31 2019
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release June 2020
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ January 2020
AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ December 2019
AllianzGI Monthly Dividend Press Release For AIO NCV NCZ CBH ACV October 2020
CBH Press Release 8.31.19
ACV, AIO, CBH, NCV, NCZ - Press Release
Allianzgi Convertible Income 2024 Target Term Fund Press Release August 2020
AllianzGI Convertible Income 2024 Target Term Fund Press Release November 2019
AllianzGI Monthly Dividend Press Release For ACV AIO NCV NCZ CBH August 2020
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release March 2020
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release February 2020
AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ October 2019
AllianzGI Monthly Dividend Press Release NCZ NCV ACV CBH AIO For January 2021
NCV NCZ ACV CBH Press Release March 2019
Allianz CEF Adjournment of Special Meeting - Press Release
AllianzGI Convertible Income 2024 Target Term Fund Press Release February 2020
AllianzGI Convertible Income 2024 Target Term Fund Press Release Results May 2020
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release July 2020
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release May 2020
AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ August 2019
January 22, 2021 - AllianzGI Closed-End Funds Announce Fund Name Changes

Governance

Governance & Nominating Committee Charter (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ)
Audit Oversight Committee Charter (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ)
Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ)

Financial Materials

ACV AIO CBH NCV NCZ NIE NFJ Annual Report
AIO CBH ACV NCV NCZ NIE NFJ Semi-Annual Report
2021 ACV AIO CBH NCV NCZ NIE and NFJ Tax Information