SOURCE: Zweig Total Return Fund

Zweig Total Return Fund

October 30, 2009 12:22 ET

Zweig Total Return Fund, Inc.'s Special Meeting of Shareholders Concludes With Fund Remaining Closed-End

NEW YORK, NY--(Marketwire - October 30, 2009) - The Zweig Total Return Fund, Inc.'s (NYSE: ZTR) Special Meeting of Shareholders held on October 27, 2009 concluded with the Fund remaining closed-end. The number of in-person and proxy votes represented at the special meeting did not constitute a quorum and the chairman of the special meeting closed the meeting without adjournment, as permitted by the Fund's bylaws. The number of proxies received represented approximately 32% of the Fund's outstanding shares, with less than 8% of outstanding shares in favor of the conversion proposal. The affirmative vote of a majority of shares outstanding as of the record date would have been required to pass the proposal.

The Fund was required to submit the conversion proposal to its shareholders in accordance with its Articles of Incorporation because its shares traded on the New York Stock Exchange during the quarter ended June 30, 2009 at an average discount from their net asset value of 10% or more, determined on the basis of the discount as of the end of the last trading day in each week during such quarter. As set forth in the Fund's definitive proxy statement filed with the Securities and Exchange Commission on August 28, 2009, the Board of Directors, including its independent directors, voted unanimously to recommend against conversion to an open-end fund.

The Zweig Total Return Fund, Inc. is a closed-end fund with an investment objective to seek the highest total return, consisting of capital appreciation and current income, consistent with the preservation of capital. The Zweig closed-end funds are advised by Zweig Advisers LLC. For more information on the Fund, please contact shareholder services at 800.272.2700 or visit us on the web at www.virtus.com.

Contact Information

  • For Further Information:
    Zweig Funds Shareholder Services
    (800) 272-2700

    Patricia Baronowski
    The Altman Group
    (212) 400-2604