[LOGO]
THE ZWEIG TOTAL RETURN FUND, INC.
QUARTERLY REPORT
----------------
MARCH 31, 1998
<PAGE>
April 24, 1998
Dear Shareholder:
The Zweig Total Return Fund's net asset value increased 4.5% during the
quarter ended March 31, 1998, including $0.21 in reinvested dividends.
Consistent with our policy of seeking to minimize risk while earning
reasonable returns, the Fund's average overall exposure during the period was
approximately 85%.
- --------------------------------------------------------------------------------
DISTRIBUTION DECLARED
- --------------------------------------------------------------------------------
In accordance with our policy of distributing 10% of net asset value per
year, which equals 0.83% per month (10% divided by 12 months), the Fund will
announce a distribution of $0.07 per share payable on May 26, 1998 to
shareholders of record on May 11, 1998. The value of a distribution depends on
the exact net asset value at the time of declaration. For the May distribution,
0.83% of the Fund's net asset value was equivalent to $0.07 per share. Including
this distribution, the Fund's payout since its inception is now $8.66 per share.
- --------------------------------------------------------------------------------
MARKET OUTLOOK
- --------------------------------------------------------------------------------
At this writing our bond exposure is at 51%, little changed from the
year-end figure. If we were fully invested, our Fund would be at 62.5% in bonds
and 37.5% in stocks. Consequently, at 51% in bonds we are at 82% of a full
position (51%/62.5%), reflecting our moderately bullish position on bonds. Our
duration is at 5.5 years.
Despite some volatility, bond prices ended the first quarter virtually
unchanged from the year end. Prices rallied in January, gave it back in
February, and were flat in March. The Asian slump helped strengthen the market
last fall. It threatened an adverse effect on the U.S. economy which may have
encouraged the Federal Reserve to ease rates, making bonds more attractive
investments. We saw a so-called flight to quality, with people wanting to buy
dollars and invest in mostly short-term bonds in the U.S.
The flip side was that when the Asian crisis calmed down, a lot of people
sold. That is why the bond market went basically nowhere during the past couple
of months. However, the Asian troubles had a positive impact as domestic
commodity prices edged downward. Lower inflation historically is a plus for
bonds.
Reflecting the weakness in prices despite the strong economy, our bond
model is moderately bullish. Producer prices fell for the fifth consecutive
month in March and consumer prices were flat. A similar picture is shown by the
various indices compiled by the Commodity Research Bureau. Among other
indicators in our bond model, sentiment has improved and momentum is neutral.
The low inflation resulting from the sobering impact of the Asian slump has
been positive for stocks as well as bonds. Our current equity position is at
35%. At this figure, we are at about 93% of a full position (35%/37.5%). This is
in line with my bullish stock models.
Investors poured a record $37.5 billion into long-term mutual funds in
March, beating the previous peak of $33.2 billion in January, 1996. More and
more is going into so-called aggressive funds. Although I get a little nervous
when the flow into aggressive funds is so high, I remember that the market did
quite well after January, 1996.
Part of the reason for the heavy inflow is the strong economy that has put
an awful lot of money into the hands of more Americans. Baby boomers, in
particular, are approaching middle age and saving more. Meanwhile, legislation
has made available new and improved vehicles like 401Ks, IRAs, Roth IRAs, and
various annuities that make it more attractive to save through mutual funds.
Also, the lower tax rates on capital gains give investors a better break with
their earnings. All in all, we have seen a structual change which is beneficial
to the markets.
When fund managers know that they will continue to be inundated with new
money, they tend to hold less cash. The uninvested cash position at mutual funds
in March was down to 4.6% of domestic stock fund assets, the lowest point in two
or three decades. However cash levels were lower in the 1950s and 1960s and
1
<PAGE>
stocks went higher. I would feel better if mutual funds held more uninvested
cash but you can't have everything. It is late in the bull market and you can't
expect things to be as they are early in such a market.
Analysts have been commenting for some time about a resemblance between the
apparent excesses in the U.S. markets today and those of Japan in 1989. I do not
think the comparison is valid. Our price/earnings ratios are nowhere near
Japan's in the late 1980s. We don't have all the cross-ownerships of stocks. We
don't have a rigged economy and a rigged stock market. Things are not nearly as
bad here as they were in Japan. However I do have some concern about our own
valuations.
The markets are not cheap. That's okay for now because markets can stay
overvalued or undervalued for long periods of time. I have found that valuations
are a very poor forecaster for near-term and intermediate-term market movements.
When stocks get overvalued, their performance over the subsequent five to ten
years tends to be sub-normal but it doesn't really tell you much about the next
three to six months.
Summing up, major market positives include the strong economy, the absence
of inflation, and the huge amounts of savings and money pouring into the market
through mutual funds and other sources. The biggest negatives include the
potential problems developing out of Asia and the high levels of valuation.
At this writing, my key indicators are bullish. Counting bonds and stocks
we are about 86% invested, a pretty aggressive position for us. However I remain
committed to my risk-averse mandate. As always, I will react quickly to adjust
our market exposure as conditions warrant.
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PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
In accordance with our investment policy guidelines, all of our bonds are
U.S. Government obligations. As indicated earlier, the average duration of the
bond portion of our portfolio is 5.5 years. This compares with an average
duration of 5.3 years at the year-end. Since these bonds are liquid, they give
us the flexibility to adjust quickly to changing market conditions.
Implementing my basic allocation strategy, the majority of our equities
continue to be bought and sold on the basis of a proprietary computer-driven
model that is weighted toward a value approach with secondary emphasis on
growth.
Among our leading industry groups at the end of the first quarter were
financial services, utilities, oil and oil services, manufacturing,
telecommunications, and the automotive sector. All of the above groups also
occupied prominent positions at the close of 1997. The most significant change
during the quarter including an increse for financial services and a decline for
oil and oil services.
Among our largest individual positions were Ford, Bear Stearns, General
Motors, General Public Utilities, Providian, New York State Gas and Electric,
USX-U.S. Steel, PaineWebber, Dell and Sun.
New to our largest holdings are Providian, USX-U.S. Steel, PaineWebber, and
Dell. All were previously held but increased in market value without further
acquisitions. Dell, in particular, showed a noteworthy gain.
The quarter saw a decline for RJR/Nabisco, Columbia Gas, Edison
International, and CMS Energy. We reduced our holdings only in Columbia Gas.
Utilities, which had benefited from the so-called flight to quality in the
fourth quarter cooled down but financial services picked up. Strong performances
among our other holdings included those of Telefonica de Espana and Telebras.
Sincerely,
Martin E. Zweig, Ph.D.
Chairman
2
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<TABLE>
<CAPTION>
THE ZWEIG TOTAL RETURN FUND, INC.
STATEMENT OF NET ASSETS
March 31, 1998
(Unaudited)
Number of
Shares Value
---------- -----------
<S> <C> <C> <C>
COMMON STOCKS 36.85%
AEROSPACE & DEFENSE 0.40%
B.F.Goodrich & Co. ................................................. 34,100 $1,741,231
Raytheon Co. Class A ............................................... 17,673 1,005,152
-----------
2,746,383
-----------
APPAREL MANUFACTURER 0.10%
Russell Corp. ...................................................... 18,500 496,031
VF Corp. ........................................................... 3,700 194,481
-----------
690,512
-----------
AUTOMOTIVE 2.28%
Chrysler Corp. ..................................................... 72,700 3,021,594
Ford Motor Co. ..................................................... 112,800 7,310,850
General Motors Corp. ............................................... 71,500 4,821,781
Volvo AB, ADR ...................................................... 22,600 720,375
-----------
15,874,600
-----------
CHEMICALS 0.79%
Dow Chemical Corp. ................................................. 36,500 3,549,625
Millennium Chemicals, Inc. ......................................... 35,100 1,175,850
Wellman, Inc. ...................................................... 35,600 769,850
-----------
5,495,325
-----------
CONSUMER DURABLES 0.83%
Cooper Tire & Rubber Co. ........................................... 97,400 2,313,250
Whirlpool Corp. .................................................... 50,600 3,469,263
-----------
5,782,513
-----------
CONSUMER PRODUCTS 0.05%
American Greetings Corp. ........................................... 8,100 372,600
-----------
CONTAINERS & PACKAGING 0.07%
Sea Containers Ltd., Class A ....................................... 12,100 466,606
-----------
ELECTRONICS 0.61%
Avnet, Inc. ........................................................ 11,100 638,943
General Motors Corp., Class H ...................................... 53,400 2,416,350
Tektronix, Inc. .................................................... 27,100 1,209,338
-----------
4,264,631
-----------
ENGINEERING & CONSTRUCYION 0.35%
Fluor Corp. ........................................................ 49,500 2,462,625
-----------
</TABLE>
3
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<TABLE>
<CAPTION>
THE ZWEIG TOTAL RETURN FUND, INC.
STATEMENT OF NET ASSETS--(Continued)
March 31, 1998
(Unaudited)
Number of
Shares Value
---------- -----------
<S> <C> <C> <C>
FINANCIALS 5.86%
A.G. Edwards, & Sons, Inc. ......................................... 82,600 $3,613,750
Bear, Stearns & Co., Inc. .......................................... 94,882 4,874,562
Charter One Financial, Inc. ........................................ 23,545 1,576,043
Countrywide Credit Industries, Inc. ................................ 24,100 1,281,819
Fremont General Corp. .............................................. 15,400 905,712
GATX Corp. ......................................................... 13,300 1,037,400
H.F. Ahmanson, & Co. ............................................... 41,600 3,224,000
Hartford Financial Services Group, Inc. ............................ 10,800 1,171,800
Horace Mann Education Corp. ........................................ 13,800 484,725
Loews Corp. ........................................................ 22,700 2,366,475
Morgan Stanley Dean Witter ......................................... 23,500 1,712,563
Old Republic International Corp. ................................... 38,500 1,706,031
Orion Capital Corp. ................................................ 25,400 1,389,062
PaineWebber Group, Inc. ............................................ 102,100 4,096,763
PIMCO Advisors L.P. ................................................ 13,800 462,300
Providian Corp. .................................................... 75,300 4,325,044
Quinenco S.A., ADR ................................................. 6,200 76,338
Ryder Systems, Inc. ................................................ 82,000 3,116,000
Selective Insurance Group, Inc. .................................... 19,600 526,750
Travelers, Inc. .................................................... 36,400 2,184,000
USF & G Corp. ...................................................... 24,600 613,463
-----------
40,744,600
-----------
FOOD & BEVERAGE 0.26%
Adolph Coors Co., Class B .......................................... 50,600 1,771,000
-----------
HOME BUILDERS & MATERIALS 0.25%
Kaufman & Broad Home Corp. ......................................... 29,500 960,594
Lafarge Corp. ...................................................... 20,800 798,200
-----------
1,758,794
-----------
INDUSTRIAL SERVICES 0.39%
Browning-Ferris Industries, Inc. ................................... 48,500 1,582,312
Ogden Corp. ........................................................ 38,400 1,104,000
-----------
2,686,312
-----------
INVESTMENT COMPANIES 1.74%
Argentina Fund, Inc. ............................................... 28,600 377,163
Blackrock 2001 Term Trust, Inc. .................................... 29,000 251,938
Blackrock Strategic Term Trust, Inc. ............................... 29,000 250,125
Brazil Fund, Inc. .................................................. 25,800 591,787
Central European Equity Fund ....................................... 18,600 366,188
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
Number of
Shares Value
---------- -----------
<S> <C> <C> <C>
INVESTMENT COMPANIES (Continued)
Chile Fund, Inc. ................................................... 24,600 $425,887
Emerging Markets Infrastructure Fund, Inc. ......................... 73,700 902,825
Emerging Markets Telecommunications Fund, Inc. ..................... 30,800 462,000
Emerging Mexico Fund, Inc. ......................................... 21,300 209,006
G. T. Global Eastern Europe Fund ................................... 17,200 211,775
Gabelli Equity Trust, Inc. ......................................... 37,700 464,181
Gabelli Global Multimedia Trust Fund, Inc. ......................... 51,700 526,694
India Fund, Inc. ................................................... 19,200 139,200
Italy Fund, Inc. ................................................... 16,100 247,538
Mexico Equity Income Fund, Inc. .................................... 17,100 168,862
Mexico Fund, Inc. .................................................. 74,400 1,367,100
Morgan Stanley Emerging Markets Fund, Inc. ......................... 51,400 642,500
Morgan Stanley India Investment Fund, Inc. ......................... 28,300 224,631
New Germany Fund, Inc. ............................................. 61,100 1,023,425
Portugal Fund, Inc. ................................................ 16,700 355,918
Royce Value Trust, Inc. ............................................ 70,160 1,197,105
Scudder New Europe Fund, Inc. ...................................... 37,400 731,638
Swiss Helvetia Fund, Inc. .......................................... 28,400 899,925
-----------
12,037,411
-----------
LEISURE 0.01%
Fleetwood Enterprises, Inc. ........................................ 2,500 116,406
-----------
MANUFACTURING 2.74%
Aeroquip-Vickers, Inc. ............................................. 27,100 1,566,719
Borg-Warner Automotive, Inc. ....................................... 23,600 1,513,350
Cincinnati Milacron, Inc. .......................................... 24,600 784,125
Cummins Engine Company, Inc. ....................................... 51,900 2,860,987
Dexter Corp. ....................................................... 14,900 616,488
Eaton Corp. ........................................................ 10,900 1,037,543
Herman Miller, Inc. ................................................ 38,400 1,287,598
Interface, Inc. .................................................... 14,800 615,125
Johnson Controls, Inc. ............................................. 26,000 1,577,875
PACCAR, Inc. ....................................................... 13,400 798,138
Parker-Hannifin Corp. .............................................. 39,600 2,029,500
Quanex Corp. ....................................................... 13,800 414,862
Timken Co. ......................................................... 76,300 2,579,894
Trinity Industries, Inc. ........................................... 24,700 1,355,413
-----------
19,037,617
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</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
THE ZWEIG TOTAL RETURN FUND, INC.
STATEMENT OF NET ASSETS--(Continued)
March 31, 1998
(Unaudited)
Number of
Shares Value
---------- -----------
<S> <C> <C> <C>
METALS & MINING 2.13%
AK Steel Holding Corp. ............................................. 85,200 $1,799,850
Alcan Aluminum Ltd. ................................................ 71,200 2,225,000
ASARCO, Inc. ....................................................... 95,500 2,548,656
Birmingham Steel Corp. ............................................. 18,700 306,213
British Steel Plc, ADR ............................................. 80,700 1,956,975
Cleveland-Cliffs, Inc. ............................................. 6,400 344,000
Cyprus Amax Minerals Co. ........................................... 92,800 1,542,800
USX-U.S. Steel Group ............................................... 107,400 4,054,350
-----------
14,777,844
-----------
OIL & OIL SERVICES 4.04%
Apache Corp. ....................................................... 48,200 1,771,350
Ashland, Inc. ...................................................... 67,600 3,827,850
Elf Aquitaine S.A., ADR ............................................ 42,500 2,751,875
Equitable Resources, Inc. .......................................... 27,700 921,025
Helmerich & Payne, Inc. ............................................ 22,800 712,500
Murphy Oil Corp. ................................................... 22,500 1,127,812
Occidental Petroleum Corp. ......................................... 98,100 2,875,556
Pennzoil Co. ....................................................... 51,200 3,308,800
Sun Company, Inc. .................................................. 104,300 4,263,263
USX-Marathon Group ................................................. 75,500 2,840,688
YPF Sociedad Anonima, ADR .......................................... 108,100 3,675,400
-----------
28,076,119
-----------
PAPER & FOREST PRODUCTS 0.82%
Bowater, Inc. ...................................................... 66,600 3,758,738
Fort James Corp. ................................................... 42,600 1,951,612
-----------
5,710,350
-----------
R.E.I.T.S. 0.20%
Camden Property Trust .............................................. 18,500 548,063
Crescent Real Estate Equities Co. .................................. 23,100 831,600
-----------
1,379,663
-----------
RESTAURANTS 0.05%
Bob Evans Farms, Inc. .............................................. 4,900 103,819
Wendy's International, Inc. ........................................ 9,900 220,894
-----------
324,713
-----------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Number of Value
Shares (Note 1)
---------- -----------
<S> <C> <C> <C>
RETAIL TRADE & SERVICES 1.03%
Dayton Hudson Corp. ................................................ 23,300 $2,050,400
Fingerhut Co., Inc. ................................................ 24,600 638,062
Hasbro Inc. ........................................................ 37,300 1,317,156
Ross Stores, Inc. .................................................. 17,000 750,125
Supervalu, Inc. .................................................... 52,100 2,429,163
-----------
7,184,906
-----------
TECHNOLOGY 1.74%
Applied Materials, Inc. ............................................ 23,200(a) 819,250
Dell Computer Corp. ................................................ 61,600(a) 4,173,400
Digital Equipment Corp. ............................................ 14,500(a) 758,531
Harris Corp. ....................................................... 32,800 1,709,700
Intel Corp. ........................................................ 20,600 1,608,088
Microsoft Corp. .................................................... 33,800(a) 3,025,100
-----------
12,094,069
-----------
TELECOMMUNICATIONS 1.74%
BCE, Inc. .......................................................... 26,800 1,118,900
Telefonica Argentina S.A., ADR ..................................... 52,300 1,990,669
Telecomunicacoes Brasileiras S.A., ADR -- (Telebras) ............... 17,300 2,245,756
Telefonica de Espana S.A., ADR ..................................... 28,100 3,716,225
Telefonos de Mexico S.A., ADR ...................................... 53,400 3,010,425
-----------
12,081,975
-----------
TOBACCO 0.61%
RJR Nabisco Holdings Corp. ......................................... 116,100 3,635,381
Universal Corp. .................................................... 13,000 572,813
-----------
4,208,194
-----------
TRANSPORTATION 1.67%
Canadian Pacific Ltd. .............................................. 105,400 3,109,300
CNF Transportation, Inc. ........................................... 46,200 1,660,313
FDX Corp. .......................................................... 42,880 3,049,840
KLM Royal Dutch Airlines N.V., ADR ................................. 30,145 1,224,640
Laidlaw, Inc. ...................................................... 43,200 685,800
Rollins Truck Leasing Corp. ........................................ 24,700 341,169
US Freightways Corp. ............................................... 42,100 1,515,600
-----------
11,586,662
-----------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
THE ZWEIG TOTAL RETURN FUND, INC.
STATEMENT OF NET ASSETS--(Continued)
March 31, 1998
(Unaudited)
Number of Value
Shares (Note 1)
---------- -----------
<S> <C> <C> <C>
UTILITIES-ELECTRIC & NATURAL GAS 6.09%
Allegheny Energy, Inc. ............................................. 25,900 $869,269
American Electric Power Co., Inc. .................................. 9,400 472,350
CMS Energy Corp. ................................................... 87,200 4,092,950
Columbia Gas System, Inc. .......................................... 26,300 2,044,825
Consolidated Edison, Inc. .......................................... 29,600 1,383,800
DQE, Inc. .......................................................... 37,250 1,387,562
DTE Energy Co. ..................................................... 46,100 1,812,306
Edison International, Inc. ......................................... 140,200 4,118,375
FPL Group, Inc. .................................................... 60,200 3,867,850
FirstEnergy Co. .................................................... 22,900 705,606
GPU, Inc. .......................................................... 106,300 4,703,775
New York State Electric & Gas Corp. ................................ 108,000 4,306,500
Pacific Enterprises ................................................ 34,800 1,420,275
PECO Energy Co. .................................................... 52,700 1,165,988
PG&E Corp. ......................................................... 96,800 3,194,400
Pinnacle West Capital Corp. ........................................ 57,400 2,550,712
PP&L Resources, Inc. ............................................... 61,200 1,445,850
Public Service Co. of New Mexico ................................... 41,600 1,016,600
Sierra Pacific Resources ........................................... 9,300 349,331
UtiliCorp United, Inc. ............................................. 36,200 1,427,638
-----------
42,335,962
-----------
TOTAL COMMON STOCKS ................................................ $256,068,392
-----------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
Principal Value
Amount (Note 1)
---------- -----------
<S> <C> <C> <C>
UNITED STATES GOVERNMENT & AGENCY OBLIGATIONS 43.84%
United States Treasury Bonds, 10.750%, 5/15/2003 ........................... $15,000,000 $18,328,125
United States Treasury Bonds, 7.25%, 8/15/2022 ............................. 27,600,000 31,886,611
United States Treasury Bonds, 7.50%, 11/15/2024 ............................ 10,200,000 12,198,558
United States Treasury Notes, 6.25%, 8/31/2000 ............................. 13,500,000 13,689,837
United States Treasury Notes, 7.50%, 2/15/2005 ............................. 16,300,000 17,924,898
United States Treasury Notes, 6.50%, 5/15/2005 ............................. 7,600,000 7,937,250
United States Treasury Notes, 6.875%, 5/15/2006 ............................ 71,600,000 76,746,250
United States Treasury Notes, 6.50%, 10/15/2006 ............................ 80,100,000 84,029,866
United States Treasury Notes, 6.625%, 5/15/2007 ............................ 39,500,000 41,919,375
-----------
304,660,770
-----------
TOTAL UNITED STATES GOVERNMENT & AGENCY OBLIGATIONS ........................ 304,660,770
-----------
SHORT-TERM INVESTMENTS 18.16%
Allied Signal, Inc., 5.75%, 4/3/98 ......................................... 20,000,000 19,993,611
Baker Hughes, Inc., 6.00%, 4/1/98 .......................................... 30,000,000 30,000,000
BP America, 6.00%, 4/1/98 .................................................. 10,600,000 10,600,000
GMAC, 5.55%, 4/6/98 ........................................................ 24,200,000 24,181,346
Merrill Lynch & Co., Inc., 5.54%, 4/2/98 ................................... 20,000,000 19,996,922
Pitney Bowes Credit, 6.00%, 4/1/98 ......................................... 21,400,000 21,400,000
-----------
126,171,879
-----------
TOTAL SHORT-TERM INVESTMENTS ........................................ 126,171,879
-----------
TOTAL INVESTMENTS IN SECURITIES ................................................. 98.85% 686,901,041
CASH AND OTHER ASSETS LESS LIABILITIES .......................................... 1.15% 7,979,078
----------- -----------
NET ASSETS (Equivalent to $8.79 per share based on 79,017,119
shares of capital stock outstanding) .......................................... 100.00% $694,880,119
=========== ===========
Number of
Contracts
---------
<CAPTION>
<S> <C> <C>
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS
Standard and Poor's June 1998 Short futures ................................ 28(b) $ (177,800)
===========
</TABLE>
- ----------
(a) Non-income producing security.
(b) The market value of the short futures was $7,770,000 (representing 1.12%
of the Fund's net assets) with a cost of $7,592,200.
9
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<TABLE>
<CAPTION>
THE ZWEIG TOTAL RETURN FUND, INC.
FINANCIAL HIGHLIGHTS
March 31,1998
(Unaudited)
Net Asset Value
Total Net Assets per share
---------------------------- ----------------
<S> <C> <C> <C> <C>
Net Asset Value
Beginning of period:December 31,1997 ............................................ $677,133,054 $8.61
Net investment income ......................................................... $6,632,753 $0.08
Net realized and unrealized gains
on investments .............................................................. 24,084,931 0.31
Dividends from net investment income and
distributions from net long-term and
short-term capital gains .................................................... (16,538,645) (0.21)
Net asset value of shares issued to
shareholders for reinvestment of dividends
and distributions ........................................................... 3,568,026 0.00
----------- -----
Net increase in net assets/in net asset value ............................... 17,747,065 0.18
----------- ----
End of period: March 31,1998 ................................................... $694,880,119 $8.79
============ =====
</TABLE>
10
<PAGE>
KEY INFORMATION
1-800-272-2700 Zweig Shareholder
Relations:
For general information
and literature
(212) 486-3122 The Zweig Total Return
Fund Hot Line:
For updates on net asset
value, share price, major
industry groups and other
key information
- --------------------------------------------------------------------------------
REINVESTMENT PLAN
Many of you have questions about our reinvestment plan. We urge
shareholders who want to take advantage of this plan and whose shares are held
in "Street Name," to consult your broker as soon as possible to determine if you
must change registration into your own name to participate.
- --------------------------------------------------------------------------------
---------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may from time to time purchase its shares of
common stock in the open market when Fund shares are trading at a discount from
their net asset value.
11
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OFFICERS AND DIRECTORS
Martin E. Zweig, Ph.D.
Chairman of the Board and President
Jeffrey Lazar
Director, Vice President and Treasurer
Stuart B. Panish
Vice President and Secretary
Christopher M. Capano
Assistant Vice President
Charles H. Brunie
Director
Annemarie Gilly
Director
Elliot S. Jaffe
Director
Alden C. Olson, Ph.D.
Director
James B. Rogers, Jr.
Director
Anthony M. Santomero, Ph.D.
Director
Robert E. Smith
Director
Investment Adviser
Zweig Total Return Advisors, Inc.
900 Third Avenue
New York, New York 10022
Fund Administrator
Zweig/Glaser Advisers
900 Third Avenue
New York, New York 10022
Custodian
The Bank of New York
48 Wall Street
New York, New York 10015
Transfer Agent
State Street Bank & Trust Co.
225 Franklin Street
Boston, MA 02110
Legal Counsel
Rosenman & Colin LLP
575 Madison Avenue
New York, New York 10022
- --------------------------------------------------------------------------------
This report is transmitted to the shareholders of The Zweig Total Return
Fund, Inc. for their information. This is not a prospectus, circular or
representation intended for use in the purchase of shares of the Fund or any
securities mentioned in this report.
ZTR981 3206-1Q-98
