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Daily Price (as of 5/22/2015)

NAV Per Share: 5.20
Closing Market Price: 4.72
Premium/Discount: -9.23%

Key Stats (as of 5/22/2015)

Inception: 2/24/2005
Ticker: DCA
CUSIP: 92829A103
Net Assets: $142,748,948
Total Managed Assets: $193,248,948

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Financials

Virtus Total Return Fund

Contact Us

Contact your financial representative for more information.

Email or call for service at
1-866-270-7788

Investment Opportunity

Invested in a balance of approximately 60% equity and 40% fixed income, the Fund's objective is total return, consisting of both capital appreciation and current income. The equity portion of the Fund invests globally in owners/operators of infrastructure in the communications, utility, energy, and transportation industries. The fixed income portion of the Fund is designed to generate high current income and total return through the application of extensive credit research and a time-tested approach that seeks to capitalize on opportunities across undervalued sectors of the bond market. The Fund pursues an options income strategy whereby it purchases and sells out-of-the money puts and calls, creating an options spread.

Management Team

Connie Luecke, CFA

Connie Luecke, CFA
Duff & Phelps Investment Management
Industry start date: 1983
Start date with Fund: 2011

Randle Smith, CFA

Randle Smith, CFA
Duff & Phelps Investment Management
Industry start date: 1990
Start date with Fund: 2011

David L. Albrycht, CFA

David L. Albrycht, CFA
Newfleet Asset Management
Industry start date: 1985
Start date with Fund: 2011

Performance (as of 4/30/2015)

Net Asset Value (NAV)
YTD One Year Five Years Ten Years Since Inception
6.23% 10.33% 15.85% -0.96% -0.99%
Market Price
YTD One Year Five Years Ten Years Since Inception
10.85% 18.73% 18.05% -1.56% -2.15%

Net Asset Value vs. Market Price

Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value reflects the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund on the New York Stock exchange. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. The fund has no control over the stock price on the New York Stock Exchange. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains.

Distribution History

Ex-Date Distribution Reinvest Price Note
4/9/2015 0.100000 4.786067
1/6/2015 0.100000 4.454601
10/9/2014 0.100000 4.634927
7/9/2014 0.100000 4.832541

Disclosures

The Virtus Total Return Fund is a closed-end fund traded on the New York Stock Exchange (Symbol DCA). Shares must be purchased through a professional financial advisor.

Shares of closed-end investment companies such as the fund trade in the market above, at, and below net asset value. This characteristic is a risk separate and distinct from the risk that the fund’s net asset value could decline. The fund is not able to predict whether its shares will trade above, below, or at net asset value in the future.

There can be no assurance that the fund will achieve its investment objectives.

This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.

Performance data quoted represents past results. Past performance is no guarantee of future results.

Contact your financial representative for more information, or email or call for service at 1-866-270-7788.

Fund Risks

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

Foreign Investing: Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.

High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.

Call/Put Spreads: Buying and selling call and put option spreads on the SPX Index risks the loss of the premium when buying, can limit upside participation and increase downside losses.

Market Price/NAV: Shares of closed-end funds often trade at a discount to their net asset value, which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below the fund’s NAV.