HARTFORD, Conn., Dec. 27, 2016 /PRNewswire/ -- The Zweig
Fund, Inc. (NYSE: ZF) (the "Fund") announced today that the Fund's
tender offer for 853,340.20 of its issued and outstanding shares of
common stock, representing approximately 5 percent of the Fund's
outstanding shares, expired at 11:59
p.m., New York time, on
December 23, 2016.
Based upon current information, approximately 5,886,444.00
shares were tendered, including shares tendered pursuant to notices
of guaranteed delivery. Based on this preliminary information, the
pro-ration for each tendering stockholder is estimated to be
14.4967 percent of the shares properly tendered. These numbers are
subject to adjustment and should not be regarded as final. The
actual number of shares to be purchased is anticipated to be
announced on January 3, 2017. Payment
for such shares will be made on or about January 5, 2017. The purchase price of properly
tendered shares is 98 percent of the net asset value per share
determined as of the close of the regular trading session of the
New York Stock Exchange (NYSE) on December
23, 2016, which is equal to $13.1418 per share.
About the Fund
The Zweig Fund, Inc. is a diversified
closed-end fund whose investment objective is capital appreciation,
with current income as a secondary objective. It currently targets
an allocation of 60 percent of its assets in equity securities and
40 percent fixed income. The equity allocation invests globally in
owners/operators of infrastructure in the communications, utility,
energy, and transportation industries. The fixed income portion
utilizes a time-tested approach of active sector rotation,
extensive credit research and disciplined risk management 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.
Virtus Investment Advisers has been the investment adviser to
the fund and Duff & Phelps Investment Management Co. and
Newfleet Asset Management have been subadvisers since September 7, 2016. Performance and
characteristics prior to that date were attained by the previous
adviser using a different investment strategy.
For more information on the fund, 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 the fund is subject to
risk. The fund's shares may be worth less than what an investor
paid for them when they are sold. The options strategy may not be
successful in its objective of increasing distributable income
while limiting the risk of loss and could result in increased
losses for investors.
About Duff & Phelps Investment Management Co.
Duff
& Phelps Investment Management is a leader in investing in real
estate investment trusts, infrastructure, and utility companies 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful under the securities laws of any such state.
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SOURCE The Zweig Fund, Inc.