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Asset Allocation

Virtus Total Return Fund Inc.

Image specific to each asset class and market style grouping.
Ticker
CUSIP
Market Price
$
(as of )
Premium/Discount
%
Managed Assets
$
(as of )
Net Assets
$
(as of )
Inception
Product Overview

The Fund has a current target allocation of investing approximately 60% of its total assets in equity securities and 40% fixed income. The Fund's investment objective is capital appreciation, with current income as a secondary objective. 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 a time-tested approach of active sector rotation, extensive credit research and disciplined risk management 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, 2017, this Fund changed its name to Virtus Total Return Fund Inc.

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

Closed-End Fund Account Access

Management Team

Investment Partners

Duff & Phelps Investment Management Co.

The equity portion of the fund is managed by Duff & Phelps Investment Management Co., which offers an investment product mix comprised of Global Utilities, Real Estate and Infrastructure portfolios. The product mix emanated from the in-depth fundamental research expertise in income-producing securities that the firm established in 1932.

Visit the Duff & Phelps Investment Management Co. website

Newfleet Asset Management, LLC

The fixed income portion of the fund is managed by the Newfleet Multi-Sector Fixed Income Strategies team, which leverages the knowledge and skill of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets and remaining duration neutral to each strategy's stated benchmark.

Visit the Newfleet Asset Management, LLC website
Portfolio Managers
Connie Luecke
Connie Luecke, CFA

Senior Portfolio Manager and Senior Analyst

Industry start date: 1983

Start date with fund: 2016

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David Albrycht
David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985

Start date with fund: 2016

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Performance & Risk

Performance
Quarterly
As of
Monthly
As of
YTD 3 Month 1 Year 3 Years 5 Years 10 Years Since Inception

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Performance reflects the deduction of fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on market value shown in the table.

The Fund's historical performance prior to 4/3/2017 reflects the performance of the Virtus Total Return Fund (DCA). This change is due to the fact that DCA was the accounting survivor when the Fund and DCA merged on 4/3/2017.  Also, performance and characteristics prior to 12/9/2011 were attained by a different investment adviser using a different investment strategy.

Inception date shown reflects performance inception date. The Fund began operations on 10/2/1986.

Expenses

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 returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. 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. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. 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.

Automatic Reinvestment Plan

This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.

Fund Distributions and Managed Distribution Plan

Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.

The amounts and sources of distributions reported in Section 19(a) Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution History2
Ex-Date Distribution Reinvest Price Note
03/31/2017 $0.000000 4.954000
03/22/2017 $0.100000 4.310000
01/05/2017 $0.100000 4.498054
10/11/2016 $0.100000 4.566440
07/07/2016 $0.100000 4.633723

You should not necessarily draw any conclusions about the Fund’s investment performance from the amount of this distribution. Contact your financial representative for more information, or  or call Virtus Closed-End Funds for service at 1-866-270-7788.

Form 8937 Organization Actions

Section 16 SEC Filings (Forms 3, 4 & 5)

Disclosures

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.

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

Risk Considerations
Fundamental Risk of Investing: There can be no assurance that the Fund will achieve its investment objectives. An investment in the shares of the Fund is subject to the risk of loss of principal; shares may decrease in value.
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: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss.

Documents & Resources

Fact Sheet
Virtus Total Return Fund Fact Sheet
Distributions
July 5, 2017
June 7, 2017
March 14, 2017
January 3, 2017
December 19, 2016
December 2, 2016
September 21, 2016
July 1, 2016
Section 19a Notices
July 2017
March 2017
January 2017
October 2016
July 2016
April 2016
January 2016
October 2015
July 2015
News Releases/Communications
June 29, 2017 - Virtus Total Return Fund Inc Announces Final Results of Tender Offer
June 26, 2017 - Virtus Total Return Fund Inc Announces Preliminary Results of Tender Offer
June 7, 2017 - Results of Joint Annual Meeting of Shareholders
May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers
May 26, 2017 - Virtus Total Return Fund Inc Offer to Purchase
May 22, 2017 - Virtus Total Return Fund Inc Announces Retirement of Co-Portfolio Manager
April 28, 2017 - Proxy Statement
April 3, 2017 - Merger of Zweig Fund and Virtus Total Return Fund Completed Share Conversion Price Announced
March 20, 2017 - Zweig Fund Announces Conditions Met For Third Tender Offer
March 7, 2017 - Shareholders Approve Merger of Virtus Total Return Fund and Zweig Fund
February 16, 2017 - Special Meeting Proxy Reminder Letter
February 6, 2017 - Virtus Total Return Fund and Zweig Fund Announce Proposed Merger
February 2, 2017 - Special Meeting Proxy Statement
January 31, 2017 - Results of Special Meetings of Shareholders
January 9, 2017 - Special Meeting Proxy Reminder Letter
January 3, 2017 - Zweig Fund Announces Final Results of Tender Offer
December 27, 2016 - Zweig Fund Announces Preliminary Results of Tender Offer
December 6, 2016 - Special Meeting Proxy Statement
November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers
November 25, 2016 - Zweig Fund Inc Tender Offer to Purchase
September 27, 2016 - Zweig Fund Announces Proposed Merger Deferred
September 7, 2016 - Virtus and Zweig Closed-End Funds Announce Actions
August 22, 2016 - Zweig Fund And Zweig Total Return Fund Announce Conditions Met For Second Tender Offers
August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership
June 13, 2016 - Results of Joint Annual Meeting of Shareholders
June 3, 2016 - Zweig Fund Announces Final Results of Tender Offer
May 27, 2016 - Zweig Fund Announces Preliminary Results of Tender Offer
April 29, 2016 - Zweig Fund Inc Tender Offer to Purchase
April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers
April 5, 2016 - Zweig Fund and Zweig Total Return Fund Announce Tender Offer Programs
April 1, 2016 - Zweig Fund and Zweig Total Return Fund Announce Increases to Distribution Rates
Governance
Audit Committee Charter
Procedure for Complaints Regarding Accounting, Internal
Nominating Committee Charter
Financial Materials
DCA Annual Report
Annual Report
Semiannual Report
2016 Tax Information