It appears that Zweig Total Return Fund will remain a closed-end fund.
At the recent special meeting of Zweig TRF's shareholders, held October 27, the shareholders had the option of converting the fund to an open-ended fund, but only 8% of outstanding shares were voted in favor of such a proposal.
It seems that the conversion proposal was presented to shareholders in accordance with Zweig TRF's 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.
The amount of the discount is determined on the basis of the figure at the end of the last trading day in each week during the quarter.
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