NEW YORK, Aug. 2, 2016 /PRNewswire/ -- Five closed-end funds managed by affiliates of Virtus Investment Partners (NYSE: VRTS) today announced the following changes to the membership of their respective boards of directors:
- Virtus Global Multi-Sector Income Fund (NYSE: VGI), Virtus Total Return Fund (NYSE: DCA) and Duff & Phelps Select Energy MLP Fund Inc. (NYSE: DSE) appointed James B. Rogers, Jr. and R. Keith Walton as directors. Each board also accepted the resignation of Thomas F. Mann and thanked him for his contributions to the funds.
- Duff & Phelps Select Energy MLP and Virtus Global Multi-Sector Income nominated Brian T. Zino for election as a director at a special joint meeting of shareholders that is scheduled for September 16, 2016.
- The Zweig Fund, Inc. (NYSE: ZF) and The Zweig Total Return Fund, Inc. (NYSE: ZTR) appointed Philip R. McLoughlin and James M. Oates as directors. Each board also accepted the resignations of Christopher Ruddy and William H. Wright and thanked them for their service to the funds.
Rogers, Walton and Zino are currently members of the boards of each of the Zweig funds; McLoughlin and Oates, along with William R. Moyer, are currently members of the Select Energy MLP, Global Multi-Sector Income, and Total Return fund boards. George R. Aylward, president and chief executive officer of Virtus Investment Partners, is a director of all five funds.
The changes will allow the funds to have coordinated joint board and shareholder meetings, and are expected to result in long-term efficiencies and other savings for the funds.
About the Funds
The Virtus Total Return Fund has an objective of total return, consisting of both capital appreciation and current income. The fund has been managed since December 9, 2011 by Duff & Phelps Investment Management Co. and Newfleet Asset Management, LLC, both affiliated managers of Virtus Investment Partners.
The Virtus Global Multi-Sector Income Fund seeks to maximize current income while preserving capital by giving investors an opportunity to benefit from broadly diversified holdings across the major domestic and international fixed-income sectors. It is managed by Newfleet Asset Management.
The Duff & Phelps Select Energy MLP Fund invests at least 80 percent of its managed assets in select energy master limited partnerships (MLPs), which offer exposure to the ongoing energy renaissance and the reshaping of the U.S. energy economy. It is managed by Duff & Phelps Investment Management.
The Zweig Fund has an investment objective of capital appreciation, with income as a secondary objective. The Zweig Total Return Fund has an investment objective of total return, consisting of capital appreciation and income. Both funds are advised by Zweig Advisers LLC.
SOURCE Virtus Closed-End Funds