EXHIBIT 99.1

 Marty Zweig Relinquishes Chairmanship of Zweig Closed-End Funds, Will Continue
               to Provide Investment Management Services to Funds

10/25/02 3:22pm

            NEW YORK--(BUSINESS WIRE)--Oct. 25, 2002--The boards of directors of
The Zweig Fund, Inc. and The Zweig Total Return Fund, Inc. (NYSE closed-end
funds: ZF and ZTR) announced today that Dr. Martin E. Zweig has informed them
that he wishes to relinquish his roles as chairman of the boards and officer of
the funds as of November 30. However, Dr. Zweig has made it clear that he and
Zweig Consulting Group will continue to provide sub-advisory services, including
asset allocation advice, to both of the Zweig closed-end funds.

            Philip R. McLoughlin, former chief executive officer, Phoenix
Investment Partners, Ltd., will become chairman of the Zweig closed-end fund
boards, effective November 30. Mr. McLoughlin serves on the boards of over 40
funds advised by affiliates of Phoenix Investment Partners, which acquired the
Zweig closed-end funds in 1999.

            Dr. Zweig said, "I've been working closely with Phil McLoughlin and
Phoenix for close to four years. I feel it is now time to turn the
administration of the funds to Phil McLoughlin's capable leadership, especially
since I prefer to concentrate on market and economic analysis, and on the asset
allocation of the funds, which I will continue to do, just as I have for the
past 16 years."

            Said Mr. McLoughlin, "Under Marty's leadership, both funds have
performed consistently well relative to other vehicles in a difficult market. I
am delighted to continue our close working relationship. We are pleased that
Marty will continue to provide his market, economic and asset allocation advice
to these funds."

            The Zweig Fund, Inc. (NYSE: ZF) is a closed-end fund with an
objective of increasing capital primarily through investment in equity
securities. The Fund also seeks to preserve capital through the use of certain
hedging and market timing techniques designed to eliminate unnecessary risk. The
Zweig Total Return Fund, Inc. (NYSE: ZTR) is a closed-end fund with an objective
to seek the highest total return, consisting of capital appreciation and current
income, consistent with the preservation of capital.

            The Zweig closed-end funds are not affiliated with the private hedge
funds managed by Zweig-DiMenna Associates, Inc.