SOURCE: Zweig Total Return Fund

Zweig Total Return Fund

February 13, 2009 14:01 ET

Zweig Total Return Fund, Inc. Announces Shareholder Meeting and Shareholder Proxy

NEW YORK, NY--(Marketwire - February 13, 2009) - The Zweig Total Return Fund, Inc. (NYSE: ZTR) (the "Fund") announced today that, as required by its Articles of Incorporation, it will submit to a shareholder vote a proposal that the Fund convert from a closed-end fund to an open-end fund because its shares traded on the New York Stock Exchange during the quarter ended December 31, 2008 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. The conversion proposal, which would require the affirmative vote of a majority of the outstanding shares to carry for approval, will be voted on at the annual meeting of shareholders scheduled to be held on May 5, 2009.

The Board of Directors, including its independent directors, has voted unanimously to recommend against conversion to an open-end fund. The reason for the Board's view will be set forth in detail in the proxy statement to be furnished to shareholders in connection with the annual meeting.

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.

THE FUND WILL FILE A PROXY STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") IN CONNECTION WITH ITS 2009 ANNUAL MEETING OF SHAREHOLDERS, WHICH, WHEN FILED, WILL BE AVAILABLE FREE OF CHARGE AT THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE FUND'S PROXY STATEMENT, WHEN AVAILABLE, AND ANY OTHER MATERIALS TO BE FILED BY THE FUND RELATED TO THE PROXY SOLICITATION, WHEN AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. IN ADDITION, DOCUMENTS FILED WITH THE SEC BY THE FUND ARE AVAILABLE FREE OF CHARGE BY CONTACTING SHAREHOLDER SERVICES AT 800.272.2700 AND ON THE WEB AT WWW.VIRTUS.COM. THE IDENTITY OF THE PARTICIPANTS IN THE SOLICITATION AND A DESCRIPTION OF THEIR INTERESTS WILL BE CONTAINED IN THE PROXY STATEMENT.

Contact Information

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

    Patricia Baronowski
    The Altman Group
    (212) 400-2604