Form 40-17G VIRTUS ALTERNATIVE SOLUT

July 29, 2021 5:28 PM EDT

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JOINT INSURED BOND AGREEMENT 

  

THIS AGREEMENT, effective as of the 1st day of July, 2021 by and between the undersigned parties (which entities, together with any and all other entities hereafter included as named insureds under the Fidelity Bond (as hereafter defined) are collectively referred to as the “Parties” and singularly as a “Party”). 

  

WITNESSETH: 

  

WHEREAS, in accordance with subsection (f) of Rule 17g-1 of the Securities and Exchange Commission under the Investment Company Act of 1940 (the “Act”), Virtus Alternative Solutions Trust, Virtus Asset Trust, Virtus Equity Trust, Virtus Investment Trust, Virtus Opportunities Trust, Virtus Retirement Trust, Virtus Strategy Trust, Virtus Variable Insurance Trust, Virtus Global Multi-Sector Income Fund, Virtus Total Return Fund Inc., DNP Select Income Fund Inc., DTF Tax-Free Income Inc., Duff & Phelps Utility and Infrastructure Fund Inc., 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, Virtus AllianzGI Equity & Convertible Income Fund, Virtus Dividend, Interest & Premium Strategy Fund, Virtus Partners, Inc., Virtus Investment Partners, Inc., Virtus Investment Advisers, Inc., Virtus Alternative Investment Advisers, Inc., Virtus Fund Advisers, LLC, VP Distributors, LLC, Virtus Fund Services, LLC, Virtus Shared Services, LLC, Ceredex Value Advisors LLC, Duff & Phelps Investment Management Co., Kayne Anderson Rudnick Investment Management, LLC, Newfleet Asset Management, LLC, NFJ Investment Group, LLC, Seix Investment Advisors LLC, Sustainable Growth Advisers, LP, Silvant Capital Management LLC, ETFis Series Trust I, Virtus ETF Trust II, Virtus ETF Advisers LLC, and Virtus ETF Solutions LLC hereby agree to enter into this Joint Insured Bond Agreement dated effective as of July 1, 2021 (the “Agreement”); 

  

WHEREAS, the Parties are each named as insureds under that certain joint insured bond issued by Great American Insurance Co., Policy No. 234-64-18-12-00, and Berkley Policy No. BFIV-45004306-20, respectively (which fidelity bond, together with all endorsements and riders now or hereafter issued with respect thereto and any and all renewals thereof as well as any and all substitutions or replacements thereof shall hereinafter be referred to as the “Fidelity Bond”); and 

  

WHEREAS, the Parties mutually desire to approve the Agreement in accordance with the provisions herein below contained. 

  

NOW, THEREFORE, the Agreement is approved with the provisions set forth below, to wit: 

  

1.

Notwithstanding anything possibly to the contrary, the Parties mutually agree that in the event recovery is received under the Fidelity Bond as a result of a loss sustained by a registered investment company constituting a Party and one or more other insureds under the Fidelity Bond, each such Party which is a registered investment company shall receive an equitable and proportionate share of such recovery, but in no event shall such recovery be less than the amount that such affected Party would have received had it provided and maintained a single insured bond with the minimum coverage required by subsection (d)(1) of Rule 17g-1. 

  

2.

This instrument is executed on behalf of the trustees of each of the Parties which is a trust by the trustees thereof in their capacity as such, and not individually, and the obligations of, or arising out of this instrument, are not binding upon any of such trustees or shareholder individually but are binding only upon the assets and property of said trusts. 

  

3.

This Agreement shall be binding upon and inure to the benefit of the Parties and any and all series or portfolios thereof, as well as any and all subsidiaries, affiliates, successors and assigns of the foregoing.  This Agreement shall be deemed to be automatically amended so as to include or delete Parties contemporaneously with any amendments to the Fidelity Bond including or deleting named insureds. 

  

[signature page follows] 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be signed by their respective officers thereunto duly authorized, all as of the day and year first above written. 

  

  

Virtus Alternative Solutions Trust 

Virtus Asset Trust 

Virtus Equity Trust 

Virtus Investment Trust 

Virtus Opportunities Trust  

Virtus Retirement Trust 

Virtus Strategy Trust 

Virtus Variable Insurance Trust 

  

  

  

By:

/s/ Kevin J. Carr 

Name:

Kevin J. Carr 

Title:

Senior Vice President 

  

  

VP Distributors, LLC 

Virtus Shared Services, LLC 

Kayne Anderson Rudnick Investment Management, LLC 

Newfleet Asset Management, LLC 

Virtus Alternative Investment Advisers, Inc.  

Virtus Fund Services, LLC  

Virtus Investment Advisers, Inc. 

Virtus Investment Partners, Inc. 

Virtus Partners, Inc. 

  

  

  

By:

/s/ Kevin J. Carr 

Name:

Kevin J. Carr 

Title:

Vice President 

  

  

Ceredex Value Advisors LLC 

Seix Investment Advisors LLC 

Silvant Capital Management LLC 

Virtus Fund Advisers, LLC 

  

  

  

By:

/s/ Richard W. Smirl 

Name:

Richard W. Smirl 

Title:

Executive Vice President  

  

  

Sustainable Growth Advisers, LP 

  

  

  

By:

/s/ Daniel C. Callaway 

Name:

Daniel C. Callaway 

Title:

Chief Compliance Officer & General Counsel 

  

  

  

NFJ Investment Group, LLC 

Virtus ETF Advisers LLC 

Virtus ETF Solutions LLC 

  

  

  

By:

/s/ David G. Hanley 

Name:

David G. Hanley 

Title:

Treasurer 

  

  

ETFis Series Trust I 

Virtus ETF Trust II 

  

  

  

By:

/s/ Kevin J. Carr 

Name:

Kevin J. Carr 

Title:

Secretary 

  

  

Virtus Global Multi-Sector Income Fund 

Virtus Total Return Fund Inc. 

DNP Select Income Fund Inc. 

DTF Tax-Free Income Inc. 

Duff & Phelps Utility and Infrastructure Fund Inc. 

  

  

  

By:

/s/ Jennifer Fromm 

Name:

Jennifer Fromm 

Title:

Secretary 

  

  

Duff & Phelps Investment Management Co. 

  

  

  

By:

/s/ Jennifer Fromm 

Name:

Jennifer Fromm 

Title:

Assistant Secretary 

  

  

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 

Virtus AllianzGI Equity & Convertible Income Fund 

Virtus Dividend, Interest & Premium Strategy Fund 

  

  

  

By:

/s/ Angela Borreggine 

Name:

Angela Borreggine 

Title:

Secretary 


 

  

VIRTUS ALTERNATIVE SOLUTIONS TRUST 

VIRTUS ASSET TRUST 

VIRTUS EQUITY TRUST 

VIRTUS INVESTMENT TRUST 

VIRTUS OPPORTUNITIES TRUST 

VIRTUS RETIREMENT TRUST 

VIRTUS STRATEGY TRUST 

VIRTUS VARIABLE INSURANCE TRUST 

(collectively, the “Trusts”) 

and 

Virtus Global Multi-Sector Income Fund 

Virtus Total Return Fund Inc. 

(collectively, the ”Closed-End Funds”) 

(the Trusts and the Closed-End Funds collectively, the “Virtus Funds”) 

  

RESOLUTIONS ADOPTED BY THE BOARDS OF TRUSTEES 

OF THE TRUSTS AND THE CLOSED-END FUNDS ON MAY 19, 2021 

WITH RESPECT TO THE FIDELITY BOND FOR THE VIRTUS FUNDS 

  

  

RESOLVED:

That, due consideration having been given to the value of the aggregate assets of the Virtus Funds to which any officer or employee of the Virtus Funds may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of the securities in the Virtus Funds, it is hereby determined that a joint Investment Company Blanket Bond in an amount as presented to the Meeting will adequately protect the Virtus Funds against larceny and embezzlement by any officer or employee of the Virtus Funds, and is in the best interests of the Virtus Funds and shareholders, and is hereby approved;  

FURTHER 

RESOLVED:

That due consideration having been given to the amount of the Investment Company Blanket Bond, the coverage of investment advisers, the distributor of the Virtus Funds, as applicable, and their applicable affiliates including Virtus Partners, Inc. and Virtus Investment Partners, Inc. as parents to the affiliated service providers, in addition to the Virtus Funds, and the nature of the activities of such additional insureds, it is hereby determined that an allocation of the aggregate premiums among the Virtus Funds on the basis of average net assets after applying a portion of the premium to those certain Virtus affiliated parties as presented at the Meeting, is fair and reasonable; and 

FURTHER 

RESOLVED:

That the officers of the Virtus Funds be, and they hereby are, authorized to acquiesce in the inclusion of other parties to the Investment Company Blanket Bond and the addition of parties to the Joint Insured Bond Agreement, from time to time, in each case upon the advice of counsel and without further approval, provided however, that in the case of the Investment Company Blanket Bond, the minimum coverage for each fund insured by such bond be, in the aggregate, no less than the amount required pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended.  

  

  

  

  

One Financial Plaza, Hartford, CT 06103800.248.7971   

  

Securities distributed by VP Distributors, LLC  

  


 

  

  

CERTIFICATE OF SECRETARY 

OF 

VIRTUS ASSET TRUST 

VIRTUS EQUITY TRUST 

VIRTUS OPPORTUNITIES TRUST 

VIRTUS RETIREMENT TRUST 

(each, a “Trust”) 

  

  

The undersigned, Kevin J. Carr, being the Senior Vice President, Chief Legal Officer, Counsel and Secretary of each Trust, each a Delaware statutory trust, hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Trustees of each Trust on May 19, 2021. 

  

IN WITNESS WHEREOF, I have hereunto set my hand this 27th day of July, 2021. 

  

  

  

By:

/s/ Kevin J. Carr 

Name:

Kevin J. Carr 

Title:

Senior Vice President, Chief Legal Officer, 

Counsel and Secretary  

One Financial Plaza, Hartford, CT 06103800.248.7971   

  

Securities distributed by VP Distributors, LLC  

  

  


 

  

  

  

CERTIFICATE OF SECRETARY 

OF 

VIRTUS ALTERNATIVE SOLUTIONS TRUST  

VIRTUS INVESTMENT TRUST  

VIRTUS STRATEGY TRUST  

Virtus Variable Insurance Trust  

  

  

  

The undersigned, Kevin J. Carr, being the Senior Vice President and Assistant Secretary of Virtus Alternative Solutions Trust and Virtus Variable Insurance Trust, each a Delaware statutory series trust and Virtus Investment Trust and Virtus Strategy Trust, each a Massachusetts business trust (each a “Trust”), hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Trustees of each Trust on May 19, 2021. 

  

  

IN WITNESS WHEREOF, I have hereunto set my hand this 27th day of July, 2021. 

  

  

  

  

By:

/s/ Kevin J. Carr 

Name:

Kevin J. Carr 

Title:

Senior Vice President and Assistant Secretary 

  

One Financial Plaza, Hartford, CT 06103800.248.7971   

  

Securities distributed by VP Distributors, LLC  

  


CERTIFICATE OF SECRETARY 

OF 

virtus global multi-sector income fund 

(the “Fund”

  

The undersigned, Jennifer Fromm, being the Vice President, Chief Legal Officer, Counsel and Secretary of the Fund, a Delaware statutory trust, hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Trustees of the Fund on May 19, 2021. 

  

IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of July, 2021. 

  

  

  

/s/Jennifer Fromm

 

Jennifer Fromm 

Vice President, Chief Legal Officer, Counsel and Secretary 


CERTIFICATE OF SECRETARY 

OF 

VIRTUS TOTAL RETURN FUND INC. 

(the “Fund”

  

  

The undersigned, Jennifer Fromm, being the Vice President, Chief Legal Officer, Counsel and Secretary of the Fund, a Maryland corporation, hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Directors of the Fund on May 19, 2021. 

  

IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of July, 2021. 

  

  

  

/s/Jennifer Fromm

 

Jennifer Fromm 

Vice President, Chief Legal Officer, Counsel and Secretary 


  

DNP SELECT INCOME FUND INC. 

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.  

DTF TAX-FREE INCOME INC. 

  

RESOLUTIONS ADOPTED BY THE BOARD OF DIRECTORS ON JUNE 9, 2021 

WITH RESPECT TO THE FIDELITY BOND FOR THE ABOVE-REFERENCED FUNDS 

  

  

RESOLVED, that the Board of Directors (the “Board”) of each of DNP Select Income Fund Inc., Duff & Phelps Utility and Infrastructure Fund Inc. and DTF Tax-Free Income Inc. (collectively, the “Funds”), including a majority of the directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), of each Fund (the “Independent Directors”), hereby approves the renewal of each Fund’s fidelity bond coverage jointly with Duff & Phelps Investment Management Co. (“DPIM”), Virtus Fund Services, LLC (“VFS”) and other insureds meeting the requirements of Rule 17g-1(b)(3) under the 1940 Act (the “Joint Fidelity Bond”), in the form presented to the Board, having an aggregate coverage amount equal to at least 120% of the aggregate of the minimum required coverages for each entity insured thereunder, and issued by an insurer having a rating of “A” or higher from A.M. Best Company (“A.M. Best”), with due consideration having been given to all relevant factors including, but not limited to, the value of the aggregate assets of each Fund to which any covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets and the nature of the securities in each Fund’s portfolio. 

FURTHER RESOLVED, that the Board, including a majority of the Independent Directors, hereby approves the allocation to each Fund of a portion of the premium for the Joint Fidelity Bond in accordance with the following formula: not more than 50% to the insured funds (allocated based on gross assets at August 31, 2021), and not less than 50% to DPIM, VFS and their affiliates, with due consideration having been given to all relevant factors including, but not limited to, the number of the other parties named as insureds, the nature of the business activities of such other parties, the amount of the Joint Fidelity Bond, and the amount of the premium for such bond, the ratable allocation of the premium among all parties named as insureds, and a representation from DPIM that the share of the premium allocated to each Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond. 

FURTHER RESOLVED, that each Fund shall enter into an agreement with all of the other named insureds under the Joint Fidelity Bond (a “Joint Insured Bond Agreement”), providing that in the event recovery is received under the Joint Fidelity Bond as a result of a loss sustained by the Fund and one or more other named insureds, the Fund shall receive an equitable and proportionate share of the recovery, but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d)(1) under the 1940 Act. 

FURTHER RESOLVED, that the officers of each Fund be, and they hereby severally are, authorized and directed to execute and deliver, in the name and on behalf of the Fund, a Joint Insured Bond Agreement, in such form as counsel may approve. 

FURTHER RESOLVED, that the Secretary of each Fund is designated as the officer responsible for making or causing to be made, on behalf of the Fund, any filings and giving any notices required by Rule 17g-1 under the 1940 Act with respect to the Joint Fidelity Bond and Joint Insured Bond Agreement. 

FURTHER RESOLVED, that the Board, including a majority of the Independent Directors, hereby approves the procurement of each Fund’s professional liability insurance coverage jointly with DPIM and the other funds advised by DPIM (the “Joint Professional Liability Program”), in the form presented to the Board and with subsequent final authorization from the Chairman of the Board, consisting of a primary layer of $10 million in shared coverage and an excess layer of $5 million in shared coverage, in each case issued by one or more insurers having a rating of “A” or higher from A.M. Best, the Board having determined that each Fund’s participation in the Joint Professional Liability Program is in the best interests of the Fund. 

FURTHER RESOLVED, that the Board, including a majority of the Independent Directors of each Fund, hereby approves, with subsequent final authorization from the Chairman of the Board,  the procurement of an additional $5 million in independent director liability coverage that is solely for the benefit of the independent directors of the Funds (the “Independent Director Supplemental Coverage”) and is issued by an insurer having a rating of “A” or higher from A.M. Best, the Board having determined that each Fund’s participation in the Independent Director Supplemental Coverage is in the best interests of the Fund. 

FURTHER RESOLVED, that the Board, including a majority of the Independent Directors, hereby approves, as being fair and reasonable to each Fund, the allocation to each Fund of a portion of the premium for the Joint Professional Liability Program and the Independent Director Supplemental Coverage in accordance with the following formulas: (i) in the case of the Joint Professional Liability Program, the premium shall be allocated 55% to DPIM and 45% to the funds advised by DPIM; (ii) in the case of the Independent Director Supplemental Coverage, the premium shall be allocated 100% to the Funds; (iii) within each category, the premium shall be allocated among the covered entities based on each entity’s net assets or managed assets (as applicable) as of June 30, 2021 (or such other date approved by the Board or its Executive Committee as will provide for an equitable allocation among the covered entities); and (iv) in the case of the Funds, managed assets are defined as net assets applicable to common stock plus leverage represented by senior securities. 

FURTHER RESOLVED, that the officers of each Fund be, and they hereby are, authorized to acquiesce in the inclusion of other parties to the Joint Insured Bond, the Joint Professional Liability Program and the Independent Director Supplemental Coverage and the addition of parties to the Joint Insured Bond Agreement, from time to time, in each case upon the advice of counsel and without further approval, provided, however, that in the case of the Joint Insured Bond, the aggregate coverage limit of the bond shall at all times be at least equal to the

aggregate of the minimum required coverages for each named insured under such bond. 

FURTHER RESOLVED, that the renewal of the Joint Fidelity Bond, the Joint Professional Liability Program and the Independent Director Supplemental Coverage authorized by the foregoing resolutions is hereby made conditional upon the Treasurer of the Funds furnishing the Chairman of the Board with the final premium quotes for those insurance programs (and the respective portions thereof allocable to each Fund) and securing the approval of the Chairman of the Board for those amounts. 

FURTHER RESOLVED, that in granting the authorizations and approvals set forth above, the Chairman of the Board shall be acting as a committee of one, with full power to act on behalf of the Board of each Fund, pursuant to Section 3.01 of the bylaws of each Fund. 

FURTHER RESOLVED, that the officers of the Fund be, and each of them hereby is, authorized and directed to do all other acts and things and execute and deliver all documents and instruments as each of them shall deem necessary or appropriate to carry out the foregoing resolutions. 

FURTHER RESOLVED, that all actions heretofore taken by any officer of the Fund in connection with any matter referred to in any of the foregoing resolutions are hereby approved, ratified and confirmed in all respects as fully as if such actions had been presented to the Board for its approval prior to such actions being taken. 

  

  

  

  


CERTIFICATE OF SECRETARY 

OF 

DNP SELECT INCOME FUND INC. (“DNP”) 

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC. (“DPG”) 

DTF TAX-FREE INCOME INC. (“DTF”) 

(each, a “Fund”) 

  

  

The undersigned, Jennifer S. Fromm, being the Vice President and Secretary of DNP, DPG and DTF, each a Maryland corporation, hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Directors of each Fund on June 9, 2021. 

IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of July, 2021. 

  

/s/Jennifer S. Fromm 

Jennifer S. Fromm 

Vice President and Secretary of DNP, DPG and DTF and  

  Assistant Secretary of DUC 


 

ETFIS SERIES TRUST I 

VIRTUS ETF TRUST II 

  

  

RESOLUTIONS ADOPTED BY THE BOARD OF TRUSTEES ON MAY 17, 2021 

WITH RESPECT TO THE FIDELITY BOND FOR THE ABOVE-REFERENCED TRUSTS 

  

  

RESOLVED, that, due consideration having been given to the value of the aggregate assets of the funds of the Trust to which any officer or employee of the Trust may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of the securities in the funds of the Trust, it is hereby determined that a joint Investment Company Blanket Bond in an amount as presented to the Trustees will adequately protect the funds of the Trust against larceny and embezzlement by any officer or employee of the Trust, and is in the best interests of the funds of the Trust and shareholders, and is hereby approved; and further 

  

RESOLVED, that due consideration having been given to the amount of the Investment Company Blanket Bond, the coverage of investment advisers, the distributor of the funds of the Trust and their applicable affiliates including Virtus Partners, Inc. and Virtus Investment Partners, Inc. as parents to the affiliated service providers, in addition to the funds of the Trust, and the nature of the activities of such additional insureds, it is hereby determined that an allocation of the aggregate premiums among the funds of the Trust and the other covered funds on the basis of average net assets after applying a portion of the premium to those certain Virtus affiliated parties  is fair and reasonable; and further 

  

RESOLVED, that the officers of the Trust be, and they hereby are, authorized to acquiesce in the inclusion of other parties to the Investment Company Blanket Bond and the addition of parties to the Joint Insured Bond Agreement, from time to time, in each case upon the advice of counsel and without further approval, provided however, that in the case of the Investment Company Blanket Bond, the minimum coverage for each fund insured by such bond be, in the aggregate, no less than the amount required pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended. 

1540 Broadway, New York, NY  10036212.593.4383   

  

Securities distributed by ETF Distributors, LLC  

  


  

  

  

CERTIFICATE OF SECRETARY 

OF 

ETFis SERIES TRUST I 

VIRTUS ETF TRUST II 

(each, a “Trust”) 

  

  

The undersigned, Kevin J. Carr, being the Secretary of each Trust, each a Delaware statutory trust, hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Trustees of each Trust on May 17, 2021. 

  

IN WITNESS WHEREOF, I have hereunto set my hand this 27th day of July, 2021. 

  

  

  

/s/Kevin J. Carr

______ 

Kevin J. Carr 

Secretary 

  

  

1540 Broadway, New York, NY 10036212.593.4383   

  

Securities distributed by VP Distributors, LLC  

  

  


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 

VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND 

VIRTUS DIVIDEND, INTEREST & PREMIUM STRATEGY FUND 

(the “Funds”) 

  

RESOLUTIONS ADOPTED BY THE BOARDS OF TRUSTEES OF THE  

FUNDS ON JUNE 22, 2021 WITH RESPECT TO THE FIDELITY BOND 

  

  

RESOLVED:

That, due consideration having been given to the value of the aggregate assets of the Funds to which any officer or employee of the Funds may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of the securities in the Funds, it is hereby determined that a joint Investment Company Blanket Bond in an amount as presented to the Meeting is reasonable and adequate to protect the Funds against larceny and embezzlement by any officer or employee of the Funds, and is in the best interests of the Funds and shareholders, and is hereby approved;  

FURTHER 

RESOLVED:

That due consideration having been given to the amount of the Investment Company Blanket Bond, the coverage of investment advisers, the distributor of the Funds, as applicable, and their applicable affiliates including Virtus Partners, Inc. and Virtus Investment Partners, Inc. as parents to the affiliated service providers, in addition to the Funds, and the nature of the activities of such additional insureds, it is hereby determined that an allocation of the aggregate premiums among the Funds and other open-end and Closed-End fund insureds on the basis of assets after applying fifty-two percent of the premium to those certain Virtus affiliated parties as presented at the Meeting, is fair and reasonable; and 

FURTHER 

RESOLVED

That each Fund shall enter into an agreement with all of the other named insureds under the Joint Fidelity Bond (a “Joint Insured Bond Agreement”), providing that in the event recovery is received under the Joint Fidelity Bond as a result of a loss sustained by the Fund and one or more other named insureds, the Fund shall receive an equitable and proportionate share of the recovery, but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d)(1) under the 1940 Act;  

FURTHER 

RESOLVED:

That the officers of each Fund be, and they hereby severally are, authorized and directed to execute and deliver, in the name and on behalf of the Fund, a Joint Insured Bond Agreement, in such form as counsel may approve; and 

FURTHER 

RESOLVED:

That the officers of the Funds be, and they hereby are, authorized to bind such coverage and acquiesce in the inclusion of other parties to the Investment Company Blanket Bond and the addition of parties to the Joint Insured Bond Agreement, from time to time, in each case upon the advice of counsel and without further approval, provided however, that in the case of the Investment Company Blanket Bond, the minimum coverage for

each fund insured by such bond be, in the aggregate, no less than the amount required pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended.  

CERTIFICATE OF SECRETARY 

OF 

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 

VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND 

VIRTUS DIVIDEND, INTEREST & PREMIUM STRATEGY FUND 

(the “Funds”) 

  

The undersigned, Angela Borreggine, being the Vice President, Chief Legal Officer, Counsel and Secretary of the Funds, each a Massachusetts business trust, hereby certifies that attached hereto is a true and correct copy of resolutions adopted by the Board of Trustees of the Funds on June 22, 2021. 

  

IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of July, 2021. 

  

  

  

/s/Angela Borreggine

 

Angela Borreggine 

Vice President, Chief Legal Officer, Counsel and Secretary 


INVESTMENT COMPANY BLANKET BOND - SUMMARY PREMIUM ALLOCATION
7/1/2021 - 7/1/2022
Premium for $38M bond coverage limit( 40,018* + 21,450)61,468.00
Allocation: 13% VP Distributors7990.84
12% Virtus Fund Services7376.16
26% Investment Advisors15981.68 [SEE DISTRIBUTION BELOW]
1% Virtus Partners614.68
48% Mutual Funds29504.64 [SEE DISTRIBUTION BELOW]
FUNDGross Assets as of 6-30-2021% of (48%) TotalTotal Allocated Premium
Virtus Alternative Solutions Trust185,270,876.960.0020962031172710661.8477183419606
Virtus Asset Trust12,785,599,447.610.1446596133079554268.12981319042
Virtus Equity Trust18,334,228,550.670.2074382529585166120.39097576995
Virtus Investment Trust15,804,112,872.360.1788118629993715275.77964552575
Virtus Opportunities Trust21,029,250,433.990.2379304348147557020.05182425281
Virtus Strategy Trust5,719,257,457.940.06470917344660691909.2208672397
Virtus Variable Insurance Trust1,135,895,573.830.0128518193567515379.188303465984
DNP Select Income Fund, Inc. (DNP)$4,379,289,588.000.04954842680309791461.90849539175
DTF Tax Free Income, Inc. (DTF)$178,154,533.000.0020156869420507959.4721175779095
Duff & Phelps Global Utility and Infrastructure Fund, Inc. (DPG)741,559,888.980.00839020236979106247.549900447832
Virtus Global Multi-Sector Income Fund (VGI)193,551,076.250.0021898874558358964.611841024954
Virtus Total Return Fund Inc. (ZTR)611,152,658.090.00691474088123059204.016940393991
ETFis Series Trust I1,187,874,496.180.0134399224674524396.540074030095
Virtus ETF Series Trust II148,162,970.230.0016763545634175449.4602379059917
Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund (AIO) 1,049,903,995.480.0118788881678132350.482318991588
Virtus AllianzGI Convertible & Income Fund (NCV) 941,209,728.000.0106490928213473314.197650020436
Virtus AllianzGI Convertible & Income Fund II (NCZ) 716,936,401.350.0081116057960876239.330008835478
Virtus AllianzGI Convertible & Income 2024 Target Term Fund (CBH) 268,585,140.370.0030388424653370389.6599529564816
Virtus AllianzGI Diversified Income & Convertible Fund (ACV) 485,200,727.750.00548968782736062161.971263058657
Virtus AllianzGI Equity & Convertible Income Fund (NIE) 917,553,665.310.0103814419462243306.300707304249
Virtus Dividend, Interest & Premium Strategy Fund (NFJ) 1,571,278,847.630.0177778594917279524.529344274015
Total88384028929.98129504.64
INVESTMENT ADVISORGross Assets by Adviser as of 6-30-2021% of (26%) Total Allocated Premium
Virtus Investment Advisers
Virtus Alternative Investment Advisers
Virtus ETF Advisers
Virtus Fund Advisers
Ceredex
Duff & Phelps Investment Management
Kayne Anderson Rudnick Investment Management
Newfleet Asset Management
NFJ Investment Group
Seix
Silvant
Sustainable Growth Advisers
Total
* Great American premium reflects a pro-rata extension for the period 9/1/2021 to 7/1/2022.

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Investment Company Act
Section 270.17g-1 Required Bonding
as of June 30, 2021
FundTrust SizeBond Required
Virtus Alternative Solutions Trust185,270,876.96600,000
Virtus Asset Trust12,785,599,447.612,500,000
Virtus Equity Trust18,334,228,550.672,500,000
Virtus Investment Trust15,804,112,872.362,500,000
Virtus Opportunities Trust21,029,259,433.992,500,000
Virtus Strategy Trust5,719,257,457.942,500,000
Virtus Variable Insurance Trust1,135,895,573.831,250,000
DNP Select Income Fund, Inc. (DNP)$4,379,289,588.002,500,000
DTF Tax Free Income, Inc. (DTF)$178,154,533.00600,000
Duff & Phelps Utility and Infrastructure Fund, Inc. (DPG)741,559,888.98900,000
Virtus Global Multi-Sector Income Fund (VGI)193,551,076.25600,000
Virtus Total Return Fund Inc. (ZTR)611,152,658.09$900,000.00
ETF Series I1,187,874,496.181,250,000
Virtus ETF Trust II148,162,970.23525,000
Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund (AIO) 1,049,903,995.481,250,000
Virtus AllianzGI Convertible & Income Fund (NCV) 941,209,728.001,000,000
Virtus AllianzGI Convertible & Income Fund II (NCZ) 716,936,401.35900,000
Virtus AllianzGI Convertible & Income 2024 Target Term Fund (CBH) 268,585,140.37750,000
Virtus AllianzGI Diversified Income & Convertible Fund (ACV) 485,200,727.75750,000
Virtus AllianzGI Equity & Convertible Income Fund (NIE) 917,553,665.311,000,000
Virtus Dividend, Interest & Premium Strategy Fund (NFJ) 1,571,278,847.631,500,000
TOTAL88384037929.9828775000

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