HARTFORD, Conn., March 7, 2017 /PRNewswire/ -- The Board of
Trustees of the Virtus Total Return Fund (NYSE: DCA) and the Board
of Directors of The Zweig Fund, Inc. (NYSE: ZF) today announced
that at a joint special meeting of shareholders held today, DCA
shareholders approved the reorganization of DCA into ZF and ZF
shareholders approved the issuance of additional shares of common
stock of ZF in connection with the reorganization.
The reorganization of the funds is expected to be effective as
of the open of the New York Stock Exchange on April 3, 2017 and DCA will cease trading as of
the market close on March 31, 2017.
Also effective April 3, The Zweig
Fund, Inc. will change its name to Virtus Total Return Fund Inc. It
will retain the "ZF" ticker symbol. Virtus Investment Advisers will
remain as the adviser to the fund and Duff & Phelps Investment
Management Co. and Newfleet Asset Management, LLC will remain as
subadvisers.
The voting results are as follows:
|
For
|
Against
|
Abstain
|
Proposal
1
Vote by DCA
shareholders on the Reorganization Agreement with ZF
|
15,511,765
|
2,399,908
|
327,896
|
|
|
|
|
Proposal
2
Vote by ZF
shareholders on the issuance of additional shares of ZF common
stock in connection with the Reorganization Agreement with
DCA
|
8,068,074
|
900,089
|
205,756
|
For more information about the funds, contact Shareholder
Services at (866) 270-7788, by email at closedendfunds@virtus.com,
or through the closed end fund section on the web at
www.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 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 Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co. has more than 35
years of experience managing investment portfolios, including
institutional separate accounts and open- and closed-end funds
investing in utilities, infrastructure, real estate investment
trusts (REITs), and master limited partnerships (MLPs). For more
information about Duff & Phelps, visit www.dpimc.com.
About Newfleet Asset Management
Newfleet Asset Management provides comprehensive fixed income
portfolio management in multiple strategies. Newfleet leverages the
knowledge and skill of a team 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.
Forward-Looking Information
This press release contains statements that are, or may be
considered to be, forward-looking statements. All statements that
are not historical facts, including statements about beliefs or
expectations, are "forward-looking statements" within the meaning
of The Private Securities Litigation Reform Act of 1995. These
statements may be identified by such forward-looking terminology as
"expect," "estimate," "plan," "intend," "believe," "anticipate,"
"may," "will," "should," "could," "continue," "project," or similar
statements or variations of such terms. Forward-looking statements
are based on a series of expectations, assumptions, and
projections; are not guarantees of future results or performance;
and may involve risks and uncertainty. All forward-looking
statements are as of the date of this release only; the funds
undertake no obligation to update or review any forward-looking
statements. The funds can give no assurance that such expectations
or forward-looking statements will prove to be correct. Actual
results may differ materially. You are urged to carefully consider
all such factors.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholders-approve-merger-of-virtus-total-return-fund-and-zweig-fund-300419806.html
SOURCE Virtus Total Return Fund