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03.01.2017 18:22
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Virtus Global Dividend & Income Fund Inc. Declares Supplemental Distributions And Discloses Sources Of Distribution - Section 19(a) Notice
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PR Newswire
HARTFORD, Conn., Jan. 3, 2017
HARTFORD, Conn., Jan. 3, 2017 /PRNewswire/ -- Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR) today announced that it has declared a supplemental distribution of $0.50 per share of long term capital gains to meet requirements under the Internal Revenue Code of 1986, as amended.
| Type | Amount of | Declaration Date | Record Date | Payable Date |
| Long Term | $0.500 | January 3, 2017 | December 29, 2016 | January 10, 2017 |
In addition, the fund previously announced the following monthly income distribution:
| Type | Amount of | Declaration Date | Record Date | Payable Date |
| Income | $0.113 | December 2, 2016 | December 29, 2016 | January 10, 2017 |
The ex-dividend date for both distributions will be January 5, 2017. The fund also announced today the final results of its tender offer; tendered shares will be entitled to these distributions. Thus, shareholders as of the record date will receive an aggregate distribution of $0.613 per share on January 10, 2017.
The fund's total distributions for the 2016 calendar year were $1.774 per share, including this special distribution as well as the fund's monthly distributions. That is an annualized distribution rate of 13.9 percent, based on the fund's closing share price of $12.77 on December 30, 2016.
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 | December 2016 (MTD) | Year-to-date (YTD) (1) | ||
|
(Sources) | Per Share Amount | Percentage | Per Share | Percentage of Current |
| Net Investment Income | $0.022 | 3.6% | $0.295 | 16.6% |
| 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 | 0.591 | 96.4% | 1.479 | 83.4% |
| Return of Capital (or other Capital Source) | - | 0.0% | - | 0.0% |
| Total Distribution | $0.613 | 100.0% | $1.774 | 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.
| December 30, 2016 | | | |
| Average Annual Total Return on NAV for the 5-year period ended this quarter (2) | 6.49% | | |
| Current Fiscal YTD Annualized Distribution Rate (3) | 10.62% | | |
| YTD Cumulative Total Return on NAV (4) | 3.74% | | |
| YTD Cumulative Distribution Rate (5) | 13.89% | | |
| (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 current distribution rate (excluding the supplemental gain) annualized as a percentage of the fund's NAV at month 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 month 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 month end as a percentage of the fund's NAV at month 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 Virtus Global Dividend & Income Fund is a diversified closed-end fund that seeks to generate total return, consisting of capital appreciation and income. It currently targets an allocation of 60 percent equity securities and 40 percent fixed income. The equity allocation is invested exclusively in what the managers believe are high-quality companies within the high yielding global equity universe. The fixed income allocation is invested primarily in intermediate-term debt securities across 14 fixed income sectors. 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 Kayne Anderson Rudnick 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 Kayne Anderson Rudnick
Kayne Anderson Rudnick (KAR) believes that superior risk-adjusted returns may be achieved through investment in high-quality companies with market dominance, excellent management, financial strength, and consistent growth, purchased at reasonable prices. KAR's investment strategy is to build a portfolio of companies that have strong, consistent growth with low business and financial risk, and hold these companies over the long term based on its conviction that the investment returns of the portfolio will mirror the financial results of these companies.
About Newfleet Asset Management
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