VIRTUS GLOBAL MULTI-SECTOR INCOME FUND HARTFORD, Conn., Nov. 18, 2021 /PRNewswire/ -- Virtus Global Multi-Sector Income Fund (NYSE: VGI), a diversified closed-end fund, today announced that it will remove its managed distribution plan, effective with the December distribution. The fund intends to maintain its level payout at the current distribution rate of $0.08 per share.
The fund implemented a managed distribution policy in 2015 when it was utilizing an option overlay strategy that has since been removed from the fund's investment strategy. As a result, the fund will remove the managed distribution plan and associated requirements, which may reduce certain fund expenses.
The Fund announced the following monthly distributions:
Amount of Distribution | Ex-Date | Record Date | Payable Date |
$0.08 | December 10, 2021 | December 13, 2021 | December 20, 2021 |
$0.08 | January 5, 2022 | December 31, 2021 | January 10, 2022 |
$0.08 | February 10, 2022 | February 11, 2022 | February 18, 2022 |
$0.08 | March 10, 2022 | March 11, 2022 | March 18, 2022 |
For the distribution with the record date of December 31, 2021, the Fund intends to distribute the greater of $0.08 per share or all available net investment income and net short- and long-term capital gains, in accordance with requirements under the Internal Revenue Code of 1986, as amended. The amount of a supplemental distribution over the $0.08 per share, if any, will be announced on January 3, 2022.
The amounts of distributions reported in this notice are estimates only and are 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 during the remainder of its fiscal year 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 Global Multi-Sector Income Fund is a diversified closed-end fund that seeks to maximize current income while preserving capital by investing in broadly diversified holdings across the major domestic and international fixed-income sectors. Virtus Investment Advisers, Inc. is the investment adviser to the Fund and Newfleet Asset Management, LLC is its subadviser.
For more information on the Fund, contact shareholder services at (866) 270-7788, 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.
About Newfleet Asset Management
Newfleet Asset Management, an affiliated manager of Virtus Investment Partners, provides comprehensive fixed income portfolio management in multiple strategies. The Newfleet Multi-Sector Strategies team that manages the Virtus Global Multi-Sector Income Fund leverages the knowledge and skill of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets and remaining duration neutral to each strategy's stated benchmark. For more information, visit newfleet.com.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. For more information, visit virtus.com.
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SOURCE Virtus Global Multi-Sector Income Fund
