HARTFORD, Conn., April 3, 2017 /PRNewswire/ -- The merger of Virtus Total Return Fund (NYSE: DCA) with and into The Zweig Fund, Inc. (NYSE: ZF) has been completed. DCA ceased trading as of the close of trading on the New York Stock Exchange ("NYSE") on March 31, 2017.
Prior to the open of trading on the NYSE today, each share of DCA common stock converted into an equivalent dollar amount (to the nearest $0.0001) of shares of common stock of ZF. The conversion price was based on each fund's net asset value (NAV) per share calculated at the close of business on Friday, March 31, 2017:
Based upon those conversion prices, former DCA shareholders received 0.391206 shares of common stock of ZF for every share of DCA common stock they held.
Also effective today, The Zweig Fund has changed its name to Virtus Total Return Fund Inc. and its CUSIP to 92837G100. It continues to trade with the "ZF" ticker symbol.
About the Fund
The Virtus Total Return Fund Inc. (formerly known as The Zweig Fund, Inc.) is a diversified closed-end fund and its investment objective is capital appreciation, with income as a secondary objective. DCA is the accounting survivor in the merger. Virtus Investment Advisers, Inc. has been the investment adviser, and Duff & Phelps Investment Management Co. and Newfleet Asset Management, LLC have been subadvisers, to the fund since December 9, 2011. Performance and characteristics prior to that date were attained by the previous adviser using a different investment strategy.
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), and international equity. For more information, 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. For more information, visit www.newfleet.com.
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 a 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" at the phone number or email address below.
SOURCE Virtus Total Return Fund