Virtus Total Return Fund Inc.is a diversified closed-end fund whose investment objective is capital appreciation, with income as a secondary objective. Virtus Investment Advisers, Inc. has been the investment adviser, and Duff & Phelps Investment Management Co.and Newfleet Asset Management, LLChave been subadvisers to the Fund since December 9, 2011. Performance and characteristics prior to December 9, 2011 were attained by the previous adviser using a different investment strategy.