Zweig Fund Announces Conditions Met For Third Tender Offer

HARTFORD, Conn., March 20, 2017

The fund will purchase up to 5 percent of its outstanding shares at a price equal to 98 percent of its net asset value (NAV) per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires. If more than 5 percent of the fund's outstanding shares are tendered, the fund will purchase shares from tendering stockholders on a pro-rata basis.

This tender offer follows tender offers that were completed in May and December 2016 for 15 percent and 5 percent, respectively, of the fund's then outstanding shares. The fund had previously announced it would commence the current tender offer within six months after the completion of the December tender if the fund's average trading discount, calculated as the percentage difference between NAV and the volume-weighted average price on each trading day, was more than 8 percent for a specified 12-week period. That condition was met as of March 17, 2017.

The tender offer is being made on the terms and subject to the conditions set forth in the Issuer Tender Offer Statement and related Letter of Transmittal that will be filed with the Securities and Exchange Commission. The tender offer is expected to commence on May 26, 2017 and terminate at 11:59 p.m. (Eastern) on June 23, 2017, unless extended. The pricing date will also be June 23, 2017, unless the tender offer is extended.

Further information about the tender offer will be announced by a future press release. Additional terms and conditions of the tender offer will be set forth in the fund's offering materials. This announcement is not a recommendation, an offer to purchase, or a solicitation of an offer to sell shares of the fund. The fund has not yet commenced the tender offer described in this release. Any tender offer will be made only by an offer to purchase, a related letter of transmittal, and other documents that will be filed with the Securities and Exchange Commission (SEC) as exhibits to a tender offer statement on Schedule TO and will be available free of charge at the SEC's website at www.sec.gov. Shareholders should read the offer to purchase and tender offer statement on Schedule TO and related exhibits when those documents are filed and become available as they will contain important information about the tender offer. The fund will also make available, without charge, the offer to purchase and the letter of transmittal.

About the Fund
The Zweig Fund is a diversified closed-end fund whose investment objective is capital appreciation, with current income as a secondary objective. Virtus Investment Advisers is the adviser to the fund and Duff & Phelps Investment Management and Newfleet Asset Management are subadvisers. The fund currently targets an allocation of 60 percent equities, incorporating Duff & Phelps' global investments in owners/operators of infrastructure in the communications, utility, energy, and transportation industries, and 40 percent fixed income, utilizing Newfleet's multi-sector strategy that is designed to capitalize on opportunities across undervalued areas of the fixed income markets. The fund also pursues an options income strategy whereby it purchases and sells out-of-the money puts and calls, creating an options spread.

Effective April 3, Virtus Total Return Fund (NYSE: DCA) will merge into The Zweig Fund and The Zweig Fund will change its name to Virtus Total Return Fund Inc. in connection with the merger. It will retain the "ZF" ticker symbol. Virtus Investment Advisers will remain as the adviser to the fund and Duff & Phelps Investment Management and Newfleet Asset Management will remain as subadvisers.