Virtus Dividend, Interest & Premium Strategy Fund
Virtus Dividend, Interest & Premium Strategy Fund
Investment Overview
The Fund seeks current income and gains, with long-term capital appreciation as a secondary objective. The Fund will generally invest approximately 75% of its total assets in equity securities and approximately 25% in convertible securities. The Fund will employ an option strategy of writing (selling) covered call options on equity securities held in the Fund.
The equity portion of the Fund generally invests in U.S. equities and American depositary receipts (ADRs) with attractive quality characteristics, shareholder yield, and consistent financial output.The convertible portion of the Fund generally invests in income-producing convertible securities, including synthetic convertible securities, and may include convertible securities that are of below-investment grade quality.
The option portion of the Fund is designed to generate gains from option premiums in an attempt to enhance amounts available for distributions payable to the Fund's shareholders.
Effective February 1, 2021, this fund's name and investment adviser have changed.
Contact Us
Contact your financial representative for more information.
Email or call for service at
1-800-254-5197
Investment Partners
Investment Professionals
Justin M. Kass, CFA
Managing Director, Portfolio Manager
Industry start date: 1998
Start date as fund Portfolio Manager: 2021
John R. Mowrey, CFA
Executive Managing Director, Chief Investment Officer, Senior Portfolio Manager/Analyst
Industry start date: 2007
Start date as fund Portfolio Manager: 2017
Douglas G. Forsyth, CFA
Managing Director, Portfolio Manager, CIO US Income & Growth Strategies
Industry start date: 1991
Start date as fund Portfolio Manager: 2005
R. Burns McKinney, CFA
Managing Director, Senior Portfolio Manager/Analyst
Industry start date: 1996
Start date as fund Portfolio Manager: 2017
Thomas Oliver, CFA, CPA
Managing Director, Senior Portfolio Manager/Analyst
Industry start date: 1995
Start date as fund Portfolio Manager: 2017
Kris P. Marca, CFA
Director, Portfolio Manager/Research Analyst
Industry start date: 2003
Start date as fund Portfolio Manager: 2021
Performance
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
Expenses
Portfolio Breakdown (% Fund)
| Common Equities | |
| Convertible Securities | |
| Cash and Equivalents | |
| Derivatives |
Allocations are subject to change daily.
Credit Quality (% Fixed Income)
| AAA | |
| AA | |
| A | |
| BBB | |
| BB | |
| B | |
| CCC and Below | |
| Not Rated |
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 % Equity
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Financials | |
| Industrials | |
| Real Estate | |
| Consumer Staples | |
| Utilities | |
| Communication Services | |
| Materials | |
| Energy |
Allocations are subject to change daily.
Sector Allocation (% Fixed Income)
| Technology | |
| Consumer Discretionary | |
| Healthcare | |
| Financials | |
| Media | |
| Energy | |
| Industrials | |
| Utilities | |
| Transportation | |
| Telecommunications | |
| Materials |
Allocations are subject to change daily.
Top Holdings (% Fund)
| Security | |
|---|---|
| American Tower Corp | |
| Apple Inc | |
| Microsoft Corp | |
| Mastercard Inc | |
| Amazon.com Inc | |
| JPMorgan Chase & Co | |
| Teradyne Inc | |
| Home Depot Inc/The | |
| Union Pacific Corp | |
| NextEra Energy Inc |
Holdings are subject to change.
Assets (in millions)
(as of 12/31/2021)| Total Net Assets | $1,678.93 |
| Total Preferred Assets | $0.00 |
| Total Borrowed Debt | $0.00 |
| Total Managed Assets | $1,678.93 |
Effective Leverage
(as of 12/31/2021)| Preferred Shares | 0.00% |
| Borrowed Debt | 0.00% |
| Total Effective Leverage | 0.00% |
Borrowed Debt Leverage Statistics
(as of 12/31/2021)| Short Term Notes | $0.00 |
| Short Term Loan | $0.00 |
Assets (in Millions):
Total Net Assets: includes Net Assets Applicable to Common Shareholders
Preferred Assets: consist 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 + Preferred Assets + 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 Total Managed Assets
Total Effective Leverage (%) consists of Preferred Assets + Borrowed Debt, as applicable, divided by Total Managed Assets
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 |
|---|---|---|---|
| December | 12/17/2021 | 01/07/2022 | $0.225000 |
| September | 09/10/2021 | 09/24/2021 | $0.225000 |
| June | 06/11/2021 | 06/25/2021 | $0.225000 |
| March | 03/12/2021 | 03/26/2021 | $0.225000 |
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.
Fund Distributions and Managed Distribution Plan
Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.
The amounts and sources of distributions reported in Section 19(a) Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please consult a tax professional regarding specific tax matters.
Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.
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
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 1-800-254-5197.
Risk Considerations
Distributions
Holdings
Section 19a Notices
News Releases/Communications
| December 17, 2021 - Virtus Dividend, Interest & Premium Strategy Fund Institutes Managed Distribution Plan, Increases Quarterly Distribution to $0.245/Share | |
| 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 | |
| Allianz CEF Adjournment of Special Meeting - Press Release | |
| AllianzGI Dividend Interest Premium Strategy Fund NFJ Press Release Form 8K | |
| AllianzGI NFJ Dividend Interest Premium Strategy Fund Press Release 10.31.20 | |
| AllianzGI NFJ Dividend Interest Premium Strategy Fund Announces Name Change Press Release 4 3 20 | |
| AllianzGI CEF Second Adjournment of Special Meeting - Press Release - 12.24.20 | |
| AllianzGI Dividend Interest Premium Strategy Fund Press Release Fiscal Quarter Ended April 30 2020 | |
| AllianzGI NFJ Dividend Interest Premium Strategy Fund Press Release January 31 2020 | |
| AllianzGI NIE NFJ Funds Quarterly Distribution Press Release September 2020 | |
| AllianzGI Dividend Interest Premium Strategy And AllianzGI Equity Convertible Income Funds Quarterly Dividend June 2020 | |
| AllianzGI NFJ Dividend Interest Premium Strategy And AllianzGI Equity Convertible Income Funds Quarterly Dividend Press Release March 2020 | |
| AllianzGI NFJ Dividend Interest Premium Strategy Fund Press Release July 31 2020 | |
| AllianzGI NIE NFJ Funds Quarterly Distribution Press Release December 2020 | |
| NFJ Portfolio Manager Change Press Release 05.18.2020 | |
| NFJ Press Release 10.31.19 | |
| NFJ, NIE Quarterly Dividend Press Release March 2019 | |
| NFJ Press Release 10.31.18 |
Governance
| Governance & Nominating 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) | |
| Dividend Reinvestment Plan (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ) | |
| Audit Oversight Committee Charter (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ) |