Ancora Advisors Sends Letter to the Board of Directors of The Zweig Total Return Fund, Inc. (NYSE: ZTR)

Ancora Advisors LLC (“Ancora”), a shareholder of The Zweig Total Return Fund, Inc. (“fund” or “ZTR”), sent a letter today toGeorge Aylward, the Board Chairman at ZTR.  Please find below a summary of and link to the full text of the letter.

Ancora Advisors LLC owns approximately 3.9% of the outstanding common shares of The Zweig Total Return Fund, Inc. (the “fund” or “ZTR”).  Ancora previously sent a letter and communicated with Mr. Aylward and the fund’s portfolio managers regarding its concerns over ZTR’s significant discount to net asset value (“NAV”).  Ancora’s current letter further highlights the need for The Zweig Total Return Fund’s board of directors to maximize shareholder value by proactively addressing the fund’s high discount to NAV and overall subpar performance.

Ancora’s letter rejected the justifications used by ZTR’s board of directors to not conduct a meaningful tender at or close to NAV.  Among other objections, Ancora noted that it was highly suspect for ZTR’s board to comment that shareholders have already rejected the open-ending or liquidation of the fund when considering, in all five circumstances the board recommended shareholders vote against taking this action, and the shareholder base wasn’t comparable to ZTR’s current highly institutional shareholder base.  Ancora encouraged ZTR’s board to let the shareholders decide again on whether to open-end or liquidate the fund at the 2016 shareholder meeting.   Ancora stated that it may seek board representation if the board failed to provide shareholders with a proposal to open-end or liquidate the fund.

On December 23, 2015, a limited partnership advised by Ancora Advisors LLC as the General Partner, separately sent the Board of Directors of The Zweig Total Return Fund, Inc. a proposal pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, calling for the termination of ZTR’s investment adviser (Zweig Advisers LLC), for inclusion in the company’s proxy statement for the 2016 annual meeting of shareholders.

About Ancora Advisors

Ancora Advisors LLC is a registered investment adviser with the Securities and Exchange Commission of the United States.  Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans.  A more detailed description of the company, its management and practices are contained in its “Firm Brochure” (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website,

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