HARTFORD, Conn., Jan. 31, 2017 /PRNewswire/ -- The Board of
Directors of The Zweig Fund, Inc. (NYSE: ZF) today announced that
at two special meetings of shareholders, each held on January 31, shareholders approved the following:
an investment advisory agreement between the fund and Virtus
Investment Advisers, Inc. (VIA); subadvisory agreements between VIA
and each of Duff & Phelps Investment Management Co. and
Newfleet Asset Management, LLC.; and the election of William R. Moyer as a Class I director for a
three-year term or until a successor has been duly elected and
qualified.
The voting results are as follows:
|
For
|
Against
|
Abstain
|
Proposal
1A
Investment advisory
agreement with Virtus Investment Advisers (VIA)
|
8,369,791
|
728,367
|
803,728
|
Proposal
1B
Subadvisory agreement
between VIA and Duff & Phelps Investment Management
|
8,338,746
|
762,109
|
805,031
|
Proposal
1C
Subadvisory agreement
between VIA and Newfleet Asset Management
|
8,307,456
|
769,486
|
824,944
|
|
|
|
|
For
|
Withheld
|
Election of
Director
William R.
Moyer
|
12,665,911
|
1,525,932
|
About the Fund
The Zweig Fund 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 an
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.
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.
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.
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SOURCE The Zweig Fund, Inc.