News Feed Item

Zweig Fund And Zweig Total Return Fund Extend Share Repurchase Programs

Boards authorize repurchases of up to an additional 10 percent of outstanding shares

NEW YORK, Feb. 10, 2014 /PRNewswire/ -- The Boards of Directors of The Zweig Fund, Inc. (NYSE: ZF) and The Zweig Total Return Fund, Inc. (NYSE: ZTR) today announced they have expanded and extended the open-market share repurchase program for each fund.

The reauthorizations allow each fund to repurchase, in open-market transactions, up to an additional 10 percent of its shares outstanding as of the start of the extended program. The repurchase programs, which are intended to narrow each fund's discount to its net asset value ("NAV"), allow each fund to acquire its own shares in the open market when such shares are trading at a discount to their NAV. Each fund's repurchase program is implemented on a discretionary basis under the direction of Zweig Advisors, the investment manager of the funds.

The original repurchase programs, which were approved in March 2012 and expanded in September 2012, authorized each fund to repurchase up to 10 percent of its shares outstanding as of the start of the program. From March 2012 through February 10, 2014, the Zweig Fund repurchased 2,185,297 shares, or 9.5 percent of outstanding shares when the program was initiated, and the Zweig Total Return Fund repurchased 3,270,753 shares, or 9.1 percent of initially outstanding shares.

As of the close of trading February 10, the Zweig Fund had 113,592 shares and the Zweig Total Return Fund had 331,616 shares remaining as authorized to be repurchased under the initial programs. These remaining shares will be added to the amounts available for repurchase under the extended repurchase programs. Thus, at the market open on February 11, the Zweig Fund has 2,197,541 shares and the Zweig Total Return Fund has 3,614,133 shares authorized to be repurchased under their respective programs.

Any share repurchase by either fund is subject to various factors, including the limitations imposed by the federal securities laws governing an issuer's repurchase of its stock; the ability of the fund's investment manager to raise cash to repurchase the fund's shares; and general market conditions. There is no assurance that either fund will purchase shares at any specific discount levels or in any specific amounts; that a fund's market price or discount to NAV will improve; or that the program will enhance shareholder value over the long-term. Each fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period, and each fund's Board of Directors may amend this program, solely in its discretion, at any time during the duration of the program. Any amendment to the program will be publicly disclosed.

About the Funds

The Zweig Fund, Inc. (NYSE: ZF) and The Zweig Total Return Fund, Inc. (NYSE: ZTR) are closed-end funds advised by Zweig Advisers LLC.  For more information on the funds, please contact Shareholder Services at 800.272.2700, by email at [email protected], or visit us on the web at virtus.com.

Net Asset Value vs. Market Price

Net Asset Value (NAV) represents the total value of all assets held by the fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value reflects the performance of the manager. Market price is the price at which investors may purchase or sell shares of the fund on the New York Stock exchange. Market price is determined in the open market by buyers and sellers, based on supply and demand. The fund's market price fluctuates throughout the day and may differ from its underlying NAV. Shares of the fund may trade at a premium (higher than) or a discount (lower than) to NAV. The difference between the fund's market price and its NAV (premium/discount) is expressed as a percentage of NAV.

Fund Risks

The Zweig Fund and The Zweig Total Return Fund are closed-end funds traded on the New York Exchange. Shares must be purchased through a professional financial advisor.

The market price of equity securities may be affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

There is no guarantee that the portfolio will meet its objective.

Shares of closed-end investment companies, such as these funds, trade in the market above, at, and below NAV. This characteristic is a risk separate and distinct from the risk that the fund's NAV could decline. The fund is not able to predict whether its shares will trade above, below, or at NAV in the future

An investment in a fund involves risk and a fund's shares may decline in value. There is no assurance that shares will be repurchased for a fund in the same or similar amount going forward.

Past performance is not an indication of future results.

Forward Looking Statement

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue" or other similar words. Such forward looking statements are based on each fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in each fund's filings with the Securities and Exchange Commission.

For Further Information:  
Zweig Funds Shareholder Services  
(800) 272-2700  
[email protected]  

SOURCE Zweig Advisers LLC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...