HARTFORD, Conn., Feb. 6, 2017 /PRNewswire/ -- The Boards of
Trustees and Directors of the Virtus Total Return Fund (NYSE: DCA)
and The Zweig Fund, Inc. (NYSE: ZF) today announced the proposed
reorganization of DCA into ZF.
Subject to the approval of each fund's shareholders, DCA will
merge into ZF. The combined fund would adopt the name "Virtus Total
Return Fund Inc." and retain the "ZF" ticker symbol.
The proposed merger is a result of each board's ongoing
assessment of the respective fund and its competitive positioning
in the current market environment. Shareholders of both funds will
be asked to approve the proposed reorganization at special meetings
that are scheduled for March 7,
2017.
About the Funds
The Zweig Fund, Inc. is a diversified closed-end fund whose
investment objective is capital appreciation, with current income
as a secondary objective. Virtus Investment Advisers is the adviser
to the fund and Duff & Phelps Investment Management Co. and
Newfleet Asset Management, LLC, are subadvisers. The fund currently
targets an allocation of 60 percent equities, incorporating Duff
& Phelps' global investments in owners/operators of
infrastructure in the communications, utility, energy, and
transportation industries, and 40 percent fixed income, utilizing
Newfleet's multi-sector strategy that is designed to capitalize on
opportunities across undervalued areas of the fixed income markets.
The fund also pursues an options income strategy whereby it
purchases and sells out-of-the money puts and calls, creating an
options spread.
The Virtus Total Return Fund is a diversified closed-end fund
with an objective of total return, consisting of both capital
appreciation and current income, as determined by the fund's
investment adviser, Virtus Investment Advisers, Inc. Duff &
Phelps and Newfleet have served as subadvisers to the fund since
December 9, 2011, employing identical
investment strategies as they currently employ for The Zweig Fund,
Inc.
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 is a leader in investing
in real estate investment trusts, infrastructure, and utility
companies for institutional and retail clients and in developing
and managing focused investment strategies for specialized clients.
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.
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SOURCE Virtus Total Return Fund