SOURCE: The Zweig Total Return Fund

The Zweig Total Return Fund

November 18, 2010 16:09 ET

The Zweig Total Return Fund, Inc. Announces Record Date for Proposed Rights Offering

NEW YORK, NY--(Marketwire - November 18, 2010) - The Zweig Total Return Fund, Inc. (the "Fund") (NYSE: ZTR) announced today that it has set November 29, 2010 as the record date for its proposed offering of additional shares of common stock pursuant to its rights offering that was previously announced on September 16, 2010. The Fund filed a registration statement with respect to the rights offering with the Securities and Exchange Commission on September 21, 2010, which was amended on November 4, 2010.

The registration statement contemplates that the Fund will issue to shareholders non-transferable rights entitling them to acquire one share of Common Stock for each five rights held, with the right to subscribe for additional shares not subscribed for by others in the primary subscription. Shareholders of record will receive one right for each outstanding share owned on the record date. If a record date shareholder's total ownership is fewer than five shares, such shareholder may subscribe for one share. The subscription price per share will be equal to 95% of the lower of the net asset value per share of the Fund's common stock at the close of business on the expiration date of the subscription period or the average of the last reported sales price of a share of the Fund's common stock on the New York Stock Exchange on such date and the four preceding business days. No rights offering will be made until the Fund announces the definitive terms of the rights offering and the registration statement incorporating those terms is declared effective by the Securities and Exchange Commission.

The Zweig Total Return Fund 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 Fund is advised by Zweig Advisers LLC, an affiliated investment manager of Virtus Investment Partners, Inc. (NASDAQ: VRTS).

For more information on the Fund, contact Shareholder Services at 800.272.2700 or visit us on the web at

A registration statement relating to these rights has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, or an exemption therefrom. 

Contact Information

  • For Further Information:
    Patricia Baronowski
    The Altman Group
    (212) 400-2604

    Zweig Funds Shareholder Services
    (800) 272-2700