Virtus Total Return Fund Declares Distribution

HARTFORD, Conn., Sept. 21, 2016

Distributions may represent earnings from net investment income, excess gains taxable as ordinary income or, if necessary, return of capital. Any portion of the Fund's distributions that is a return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. 

The Virtus Total Return Fund is a diversified closed-end fund with an objective of total return, consisting of both capital appreciation and current income, as determined by the Fund's investment adviser, Virtus Investment Advisers, Inc. The Fund has been managed since December 9, 2011 by Duff & Phelps Investment Management Co. and Newfleet Asset Management, LLC, both affiliated managers of Virtus Investment Partners.

For more information on the Fund, contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the closed end fund section on the web at www.virtus.com.

About Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management is a leader in investing in real estate investment trusts, infrastructure, and utility companies and in developing and managing focused investment strategies for specialized clients. For more information about Duff & Phelps, visit www.dpimc.com.

About Newfleet Asset Management