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Closed-End Fund Multi-Asset

Virtus Dividend, Interest & Premium Strategy 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 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.

Management Team

Investment Partners

Allianz Global Investors U.S. LLC

At Allianz Global Investors, active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors


Learn more about Allianz Global Investors U.S. LLC

NFJ Investment Group, LLC

NFJ Investment Group (NFJ) is a global value equity manager with a rich heritage and deep roots in Dallas, Texas, dating to 1989. NFJ is unwavering in its commitment to investing at the intersection of value, quality, and shareholder yield, seeking to identify companies with low market expectations and the strongest prospects for returning capital to shareholders.


Learn more about NFJ Investment Group, LLC

Investment Professionals

Kass, Justin

Justin M. Kass, CFA

Managing Director, Portfolio Manager

Industry start date: 1998
Start date as fund Portfolio Manager: 2021

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Mowrey, John

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

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Forsyth, Doug

Douglas G. Forsyth, CFA

Managing Director, Portfolio Manager, CIO US Income & Growth Strategies

Industry start date: 1991
Start date as fund Portfolio Manager: 2005

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McKinney, Burns

R. Burns McKinney, CFA

Managing Director, Senior Portfolio Manager/Analyst

Industry start date: 1996
Start date as fund Portfolio Manager: 2017

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Oliver, Thomas

Thomas Oliver, CFA, CPA

Managing Director, Senior Portfolio Manager/Analyst

Industry start date: 1995
Start date as fund Portfolio Manager: 2017

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Kris Marca 400 x 400

Kris P. Marca, CFA

Director, Portfolio Manager/Research Analyst

Industry start date: 2003
Start date as fund Portfolio Manager: 2021

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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 12/31/2020)
Common Equities
62.41
 62.41%
Convertible Securities
34.23
 34.23%
Cash and Equivalents
3.36
 3.36%
Derivatives
-0.02
 -0.02%

Allocations are subject to change daily.

Credit Quality (% Fund)

(as of 12/31/2020)
AAA
0.00
 0.00%
AA
0.00
 0.00%
A
0.86
 0.86%
BBB
5.59
 5.59%
BB
8.22
 8.22%
B
4.64
 4.64%
CCC and Below
0.00
 0.00%
Not Rated
80.69
 80.69%

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.

Fixed Allocation (% Fund)

(as of 12/31/2020)
Information Technology
27.16
 27.16%
Consumer Discretionary
13.45
 13.45%
Health Care
13.33
 13.33%
Financials
10.64
 10.64%
Communication Services
9.00
 9.00%
Industrials
7.42
 7.42%
Real Estate
6.68
 6.68%
Utilities
5.02
 5.02%
Consumer Staples
3.45
 3.45%
Energy
1.96
 1.96%
Materials
1.91
 1.91%

Allocations are subject to change daily.

Top Holdings (% Fund)

(as of 12/31/2020)
Security
Microsoft Corp
2.87
 2.87%
American Tower Corp
2.59
 2.59%
Home Depot Inc/The
1.88
 1.88%
Thermo Fisher Scientific Inc
1.55
 1.55%
Broadcom Inc
1.45
 1.45%
Apple Inc
1.39
 1.39%
JPMorgan Chase & Co
1.36
 1.36%
Tesla Inc
1.27
 1.27%
NextEra Energy Inc
1.23
 1.23%
Alphabet Inc
1.22
 1.22%

Holdings are subject to change.

Leverage

Assets (in millions)

(as of 02/26/2021)
Total Net Assets $1,462.56
Total Preferred Assets $0
Total Borrowed Debt $0.00
Total Managed Assets $1,462.56

Effective Leverage

(as of 02/26/2021)
Preferred Shares 0.00%
Borrowed Debt 0.00%
Total Effective Leverage 0.00%

Borrowed Debt Leverage Statistics

(as of 02/26/2021)
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

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.

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



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. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains.

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 1-800-254-5197.

Risk Considerations

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the fund.
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.
Options: Selling call options may limit the opportunity to profit from the increase in price of the underlying asset. Selling put options risks loss if the option is exercised while the price of the underlying asset is rising. Buying options risks loss of the premium paid for those options.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness 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 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 Dividend, Interest & Premium Strategy Fund Fact Sheet

Distributions

March 5, 2021

Holdings

Virtus Dividend, Interest And Premium Strategy Fund Monthly Holdings

News Releases/Communications

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 NFJ Dividend Interest Premium Strategy Fund Announces Name Change Press Release 4 3 20
AllianzGI NIE NFJ Funds Quarterly Distribution Press Release December 2020
Allianz CEF Adjournment of Special Meeting - Press Release
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 CEF Second Adjournment of Special Meeting - Press Release - 12.24.20
AllianzGI Dividend Interest Premium Strategy Fund NFJ Press Release Form 8K
AllianzGI NFJ Dividend Interest Premium Strategy Fund Press Release 10.31.20
AllianzGI NIE NFJ Funds Quarterly Distribution Press Release September 2020
NFJ Portfolio Manager Change Press Release 05.18.2020
NFJ, NIE Quarterly Dividend Press Release March 2019
NFJ Press Release 10.31.18
NFJ Press Release 10.31.19

Financial Materials

ACV NIE NFJ Annual Report
ACV NIE NFJ Semi-Annual Report
2020 NFJ Tax Information