HARTFORD, Conn., Dec. 2, 2016 /PRNewswire/ -- The Zweig Fund,
Inc. (NYSE: ZF) announced the following quarterly distribution:
|
Amount of
Distribution
|
Ex-Date
|
Record
Date
|
Payable
Date
|
|
$0.361
|
January 5,
2017
|
December 29,
2016
|
January 10,
2017
|
Under the terms of its managed distribution plan, the fund will
seek to maintain a consistent distribution level that may be paid
in part or in full from net investment income and realized capital
gains, or a combination thereof. Shareholders should note, however,
that if the fund's aggregate net investment income and net realized
capital gains are less than the amount of the distribution level,
the difference will be distributed from the fund's assets and will
constitute a return of the shareholder's capital. You should not
draw any conclusions about the fund's investment performance from
the amount of this distribution or from the terms of the fund's
managed distribution plan.
The fund provided this estimate of the sources of the
distributions:
|
Distribution
Estimates
|
September 2016
(QTD)
|
Year-to-date
(YTD) (1)
|
|
(Sources)
|
Per
Share
Amount
|
Percentage
of Current
Distribution
|
Per Share
Amount
|
Percentage
of Current
Distribution
|
|
Net Investment
Income
|
$0.056
|
15.4%
|
$0.131
|
12.1%
|
|
Net Realized Foreign
Currency Gains
|
-
|
0.0%
|
-
|
0.0%
|
|
Net Realized
Short-Term Capital Gains
|
-
|
0.0%
|
-
|
0.0%
|
|
Net Realized
Long-Term Capital Gains
|
0.305
|
84.6%
|
0.948
|
87.9%
|
|
Return of Capital (or
other Capital Source)
|
-
|
0.0%
|
-
|
0.0%
|
|
Total
Distribution
|
$0.361
|
100.0%
|
$1.079
|
100.0%
|
|
(1) YTD January 12,
2016 to January 11, 2017. (The distribution paid on January
11, 2016
was reportable for tax on Form 1099
in 2015)
|
Information regarding the fund's performance and distribution
rates is set forth below. Please note that all performance figures
are based on the fund's NAV and not the market price of the fund's
shares. Performance figures are not meant to represent individual
shareholder performance.
|
September 30,
2016
|
|
|
|
Average Annual
Total Return on NAV for the 5-year period ended this quarter
(2)
|
10.64%
|
|
|
Current Fiscal YTD
Annualized Distribution Rate (3)
|
10.15%
|
|
|
YTD Cumulative
Total Return on NAV (4)
|
1.58%
|
|
|
YTD Cumulative
Distribution Rate (5)
|
7.59%
|
|
|
(2)
|
Average Annual Total
Return on NAV is the annual compound return for the five-year
period. It reflects the change in the fund's NAV and
reinvestment of all distributions.
|
|
|
|
(3)
|
Current Fiscal YTD
Annualized Distribution Rate is the cumulative distribution rate
annualized as a percentage of the fund's NAV at quarter
end.
|
|
|
|
(4)
|
YTD Cumulative Total
Return on NAV is the percentage change in the fund's NAV from the
first day of the year to this quarter end, including distributions
paid and assuming reinvestment of those distributions.
|
|
|
|
(5)
|
YTD Cumulative
Distribution Rate is the dollar value of distributions from the
first day of the year to this quarter end as a percentage of the
fund's NAV at quarter end.
|
|
|
|
|
The amounts and sources of distributions reported in this notice
are estimates only and are not being provided for tax reporting
purposes. The actual amounts and sources of the distributions will
depend on the fund's investment experience during the remainder of
its fiscal year and may be subject to changes based on tax
regulations. The fund will send shareholders a Form 1099-DIV for
the calendar year that will tell shareholders what distributions to
report for federal income tax purposes.
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 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.
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SOURCE The Zweig Fund, Inc.