NEW YORK, Feb. 10, 2014 /PRNewswire/ -- The Boards of Directors of The Zweig Fund, Inc. (NYSE: ZF) and The Zweig Total Return Fund, Inc. (NYSE: ZTR) today announced they have expanded and extended the open-market share repurchase program for each fund. The reauthorizations allow each fund to repurchase, in open-market transactions, up to an additional 10 percent of its shares outstanding as of the start of the extended program. The repurchase programs, which are intended to narrow each fund's discount to its net asset value ("NAV"), allow each fund to acquire its own shares in the open market when such shares are trading at a discount to their NAV. Each fund's repurchase program is implemented on a discretionary basis under the direction of Zweig Advisors, the investment manager of the funds. The original repurchase programs, which were approved in March 2012 and expanded in September 2012, authorized each fund to repurchase up to 10 percent of its shares outstanding as of the start of the program. From March 2012 through February 10, 2014, the Zweig Fund repurchased 2,185,297 shares, or 9.5 percent of outstanding shares when the program was initiated, and the Zweig Total Return Fund repurchased 3,270,753 shares, or 9.1 percent of initially outstanding shares. As of the close of trading February 10, the Zweig Fund had 113,592 shares and the Zweig Total Return Fund had 331,616 shares remaining as authorized to be repurchased under the initial programs. These remaining shares will be added to the amounts available for repurchase under the extended repurchase programs. Thus, at the market open on February 11, the Zweig Fund has 2,197,541 shares and the Zweig Total Return Fund has 3,614,133 shares authorized to be repurchased under their respective programs. Any share repurchase by either fund is subject to various factors, including the limitations imposed by the federal securities laws governing an issuer's repurchase of its stock; the ability of the fund's investment manager to raise cash to repurchase the fund's shares; and general market conditions. There is no assurance that either fund will purchase shares at any specific discount levels or in any specific amounts; that a fund's market price or discount to NAV will improve; or that the program will enhance shareholder value over the long-term. Each fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period, and each fund's Board of Directors may amend this program, solely in its discretion, at any time during the duration of the program. Any amendment to the program will be publicly disclosed.