HARTFORD, Conn., May 18, 2022
/PRNewswire/ -- Virtus AllianzGI Artificial Intelligence &
Technology Opportunities Fund (NYSE: AIO), Virtus
AllianzGI Convertible & Income 2024 Target Term
Fund (NYSE: CBH), Virtus AllianzGI Convertible &
Income Fund (NYSE: NCV), Virtus AllianzGI Convertible &
Income Fund II (NYSE: NCZ), Virtus AllianzGI Diversified Income
& Convertible Fund (NYSE: ACV), Virtus AllianzGI Equity &
Convertible Income Fund (NYSE: NIE), and Virtus Dividend, Interest
& Premium Strategy Fund (NYSE: NFJ) (each a "Fund" and
together, the "Funds") have been informed by Allianz Global
Investors U.S. LLC ("AllianzGI"), the subadviser to each Fund, that
AllianzGI will no longer act as a subadviser to the Funds after a
transition period of up to four months. Consequently, in the coming
weeks, the Board of each Fund will consider possible options and
alternatives, including a potential proposal to Fund shareholders
to approve a new subadviser.
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-end and closed-end
funds. Concurrently, AllianzGI announced its intention to enter
into an agreement with Voya Investment Management ("Voya") to
transfer the investment teams who currently manage the Funds to
Voya.
Under the terms of its settlement, AllianzGI will 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 (800) 254-5197, by email at closedendfunds@virtus.com,
or through the Closed-End Funds section of 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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SOURCE Virtus Dividend, Interest & Premium Strategy Fund;
Virtus AllianzGI Equity & Convertible Income Fund; Virtus
AllianzGI Artificial Intelligence & Technology Opportunities
Fund; Virtus AllianzGI Convertible & Income Fund; Virtus
AllianzGI Convertible & Income Fund II; Virtus AllianzGI
Convertible & Income 2024 Target Term Fund; Virtus AllianzGI
Diversified Income & Convertible Fund