Virtus Convertible & Income 2024 Target Term Fund Announces Liquidation Details
Virtus Convertible & Income 2024 Target Term Fund (NYSE:CBH) ("the Fund") today announced additional details regarding its previously announced liquidation. The Fund's last day of trading on the New York Stock Exchange will be August 26, 2024, after which there will be no secondary market for the Fund's shares.
The Fund will be liquidated after the close of business on August 30, 2024 ("Termination Date"). The proportionate interests in the Fund's assets will be determined based on final shareholders' respective holdings at the close of business on the Termination Date, and the liquidation proceeds will be paid on or about September 4, 2024. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
On March 1, 2024, the Fund announced its June distribution. This is the Fund's final monthly distribution.
Amount of Distribution |
Ex-Date |
Record Date |
Payable Date |
$0.027 |
June 13, 2024 |
June 13, 2024 |
June 27, 2024 |
The amount of the distribution reported in this notice is not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience through the Termination Date and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.
About the Fund
Virtus Convertible & Income 2024 Target Term Fund's investment objectives are to provide a high level of income and to return at least $9.835 per common share (the original net asset value per common share of beneficial interest before deducting offering costs of $0.02 per share) to holders of common shares on or about September 1, 2024, when the Fund will terminate, absent approval by the Fund's Board of Trustees to extend the Fund's term by up to six months. No assurance can be given that the Fund will achieve its investment objectives. Virtus Investment Advisers, Inc. is the investment adviser to the fund and Voya Investment Management is the subadviser.
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 the 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 bottom of this press release.
About Virtus Investment Partners
Virtus Investment Partners (NYSE:VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment management products and services from our affiliated managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs. Additional information about our firm, investment partners, and strategies is available at virtus.com.
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