The Zweig Total Return Fund, Inc. Announces Completion of Rights Offering

NEW YORK, NY--(Marketwire - January 10, 2011) - The Zweig Total Return Fund, Inc. (the "Fund") (NYSE: ZTR) is pleased to announce the completion of its non-transferable rights offering, which expired on Friday, January 7, 2011, at 5:00 PM, New York City time. Under the terms of the rights offering, Record Date Shareholders were entitled to purchase one newly issued share of common stock of the Fund for every five rights held. Based on preliminary results provided by the Fund's Subscription Agent, the Fund received requests for approximately 56.05 million shares. The Fund expects to announce the aggregate number of shares subscribed for and the total net proceeds to the Fund next week. 

In accordance with the Prospectus, the subscription price was determined to be $3.34, which was equal to 95% of the lower of (i) the net asset value per share of the Fund's common stock at the close of business on January 7, 2011 (the "Pricing Date") or (ii) the average of the last reported sales price of a share of the Fund's common stock on the New York Stock Exchange on such date and the four preceding business days. The net asset value per share of the Fund's common stock on the Pricing Date was $3.99. The average of the last reported sales prices of the Fund's shares on the Pricing Date and the four preceding business days was $3.52.

The subscription price is lower than the original estimated subscription price of $4.00. Under the Prospectus, any excess subscription payment which would otherwise be refunded to a Record Date Shareholder who has exercised his or her right to acquire Shares pursuant to the Over-Subscription Privilege will first be applied by the Fund toward payment for the additional shares to be so acquired. Information regarding the Over-Subscription Privilege is set forth in the Prospectus. Any excess payments otherwise to be refunded by the Fund to Record Date Shareholders will be mailed by the Subscription Agent to them as promptly as possible. It is anticipated that confirmations will be issued on or shortly after January 14, 2011. Newly issued shares will not be entitled to the Fund's January distribution.

The Zweig Total Return Fund is a closed-end fund with an investment objective to seek the highest total return, consisting of capital appreciation and current income, consistent with the preservation of capital. The Fund is advised by Zweig Advisers LLC, an affiliated investment manager of Virtus Investment Partners, Inc. (NASDAQ: VRTS).

For more information on the Fund, contact Shareholder Services at 800.272.2700 or visit us on the web at www.virtus.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, or an exemption therefrom. A prospectus containing further information regarding the Fund may be obtained by contacting the information agent for the Fund's rights offering, Georgeson, Inc. Banks and brokers should call (212) 440-9800 and others should call (800) 891-3214.

Contact Information:

For Further Information:
Patricia Baronowski-Schneider
Pristine Advisers, LLC
(631) 756-2486

Zweig Funds Shareholder Services
(800) 272-2700