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    Amendment: SEC Form SC 13D/A filed by Virtus Dividend Interest & Premium Strategy Fund

    7/23/24 8:28:53 AM ET
    $NFJ
    Finance: Consumer Services
    Finance
    Get the next $NFJ alert in real time by email
    SC 13D/A 1 formsc13da.htm FORM SC 13D/A Saba Capital Management, L.P.: Form SC 13D/A - Filed by newsfilecorp.com

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549

    SCHEDULE 13D/A

    Under the Securities Exchange Act of 1934

    (Amendment No. 1)*

     

    Virtus Dividend, Interest & Premium Strategy Fund

    (Name of Issuer)

     

    Common Shares, $0.00001 par value

    (Title of Class of Securities)

     

    92840R101

    (CUSIP Number)

    Saba Capital Management, L.P.

    405 Lexington Avenue

    58th Floor

    New York, NY 10174

    Attention: Michael D'Angelo

    (212) 542-4635
    (Name, Address and Telephone Number of Person
    Authorized to Receive Notices and Communications)

    July 19, 2024

    (Date of Event Which Requires Filing of This Statement)

    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ]

    (Page 1 of 7 Pages)

    ______________________________

    * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

    The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


    CUSIP No.  92840R101 SCHEDULE 13D/A Page 2 of 7 Pages

    1
    NAME OF REPORTING PERSON
    Saba Capital Management, L.P.
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
      (b) ☐
    3
    SEC USE ONLY
     
    4
    SOURCE OF FUNDS
    OO (see Item 3)
    5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
     
    ☐
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
    Delaware
    NUMBER OF
    SHARES
    BENEFICIALLY
    OWNED BY
    EACH
    REPORTING
    PERSON WITH:
    7
    SOLE VOTING POWER
    -0-
    8
    SHARED VOTING POWER
    6,077,987
    9
    SOLE DISPOSITIVE POWER
    -0-
    10
    SHARED DISPOSITIVE POWER
    6,077,987
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
    6,077,987
    12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
     
    ☐
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    6.41%
    14
    TYPE OF REPORTING PERSON
    PN; IA

    The percentages used herein are calculated based upon 94,801,581 shares of common stock outstanding as of 1/31/24, as disclosed in the company's N-CSR filed 4/5/24


    CUSIP No.  92840R101 SCHEDULE 13D/A Page 3 of 7 Pages

    1
    NAME OF REPORTING PERSON
    Boaz R. Weinstein
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
      (b) ☐
    3
    SEC USE ONLY
     
    4
    SOURCE OF FUNDS
    OO (see Item 3)
    5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
     
    ☐
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
    United States
    NUMBER OF
    SHARES
    BENEFICIALLY
    OWNED BY
    EACH
    REPORTING
    PERSON WITH:
    7
    SOLE VOTING POWER
    -0-
    8
    SHARED VOTING POWER
    6,077,987
    9
    SOLE DISPOSITIVE POWER
    -0-
    10
    SHARED DISPOSITIVE POWER
    6,077,987
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
    6,077,987
    12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
     
    ☐
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    6.41%
    14
    TYPE OF REPORTING PERSON
    IN

    The percentages used herein are calculated based upon 94,801,581 shares of common stock outstanding as of 1/31/24, as disclosed in the company's N-CSR filed 4/5/24


    CUSIP No.  92840R101 SCHEDULE 13D/A Page 4 of 7 Pages

    1
    NAME OF REPORTING PERSON
    Saba Capital Management GP, LLC
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
      (b) ☐
    3
    SEC USE ONLY
     
    4
    SOURCE OF FUNDS
    OO (see Item 3)
    5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
     
    ☐
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
    Delaware
    NUMBER OF
    SHARES
    BENEFICIALLY
    OWNED BY
    EACH
    REPORTING
    PERSON WITH:
    7
    SOLE VOTING POWER
    -0-
    8
    SHARED VOTING POWER
    6,077,987
    9
    SOLE DISPOSITIVE POWER
    -0-
    10
    SHARED DISPOSITIVE POWER
    6,077,987
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
    6,077,987
    12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
     
    ☐
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    6.41%
    14
    TYPE OF REPORTING PERSON
    OO

    The percentages used herein are calculated based upon 94,801,581 shares of common stock outstanding as of 1/31/24, as disclosed in the company's N-CSR filed 4/5/24


    CUSIP No.  92840R101 SCHEDULE 13D/A Page 5 of 7 Pages

    Item 1. SECURITY AND ISSUER
       
      This Amendment No. 1 amends and supplements the statement on Schedule 13D filed with the SEC on 6/14/24; with respect to the common shares of Virtus Dividend, Interest & Premium Strategy Fund. This Amendment No. 1 amends Items 3, and 5, as set forth below.
       
    Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
       
      Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $73,353,720 was paid to acquire the Common Shares reported herein.
       
    Item 5. INTEREST IN SECURITIES OF THE ISSUER
       
    (a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 94,801,581 shares of common stock outstanding as of 1/31/24, as disclosed in the company's N-CSR filed 4/5/24
       
    (b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
       
    (c) The transactions in the Common Shares effected since the Schedule 13D filing on 6/14/24 by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference
       
    (d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.
       
    (e) Not applicable.


    CUSIP No.  92840R101 SCHEDULE 13D/A Page 6 of 7 Pages

    SIGNATURES

    After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

    Date:  July 23, 2024

      SABA CAPITAL MANAGEMENT, L.P.
     
    By:  /s/ Michael D'Angelo
      Name: Michael D'Angelo
    Title: Chief Compliance Officer
       
       
      SABA CAPITAL MANAGEMENT GP, LLC
     
    By:  /s/ Michael D'Angelo
    Name: Michael D'Angelo
    Title: Authorized Signatory
       
       
      BOAZ R. WEINSTEIN
     
    By:  /s/ Michael D'Angelo
      Name: Michael D'Angelo
      Title: Attorney-in-fact*
     
     
    * Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823
     


    CUSIP No.  92840R101 SCHEDULE 13D/A Page 7 of 7 Pages

    Schedule A

    This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D on 6/14/24.  All transactions were effectuated in the open market through a broker.

    Trade Date Buy/Sell Shares Price
    6/14/2024 Buy             9,000     12.08
    6/17/2024 Buy         20,000     12.13
    6/17/2024 Buy         41,067     12.13
    6/18/2024 Buy       148,997     12.16
    6/24/2024 Buy         68,805     12.23
    6/25/2024 Buy         29,940     12.24
     7/8/2024 Buy             6,289     12.19
     7/9/2024 Buy               900     12.20
    7/10/2024 Buy             9,238     12.23
    7/11/2024 Buy       143,402     12.39
    7/12/2024 Buy         41,466     12.53
    7/15/2024 Buy         83,019     12.53
    7/16/2024 Buy         24,198     12.61
    7/17/2024 Buy         94,312     12.61
    7/18/2024 Buy       182,016     12.61
    7/19/2024 Buy         76,635     12.44
    7/22/2024 Buy         40,063     12.54


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