EX-99.77B ACCT LTTR

Report of Independent Registered Public Accounting Firm



To the Board of Directors and Shareholders of
Virtus Total Return Fund


In planning and performing our audit of the financial
statements of the Virtus Total Return Fund, hereafter
referred to as ("the Fund") as of and for the year ended
December 31, 2011, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
we considered the Fund's internal control over financial
reporting, including controls over safeguarding securities,
as a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Fund's internal control over financial
reporting.

The management of the Fund is responsible for establishing
and maintaining effective internal control over financial
reporting.  In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls.  A fund's internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance with
generally accepted accounting principles.  A fund's internal
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the fund;
(2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of
management and directors of the fund; and (3)  provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
a fund's assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis.  A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Fund's annual or interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described in
the first paragraph and would not necessarily disclose all
deficiencies in internal control over financial reporting
that might be material weaknesses under standards
established by the Public Company Accounting Oversight Board
(United States).  However, we noted no deficiencies in the
Fund's internal control over financial reporting and its
operation, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 31, 2011.

This report is intended solely for the information and use
of management and the Board of Directors of the Virtus Total
Return Fund, and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other
than these specified parties.


PricewaterhouseCoopers, LLP
February 24, 2012
Philadelphia, PA

EX-99.77C VOTES

RESULTS OF SHAREHOLDER MEETING
DCA TOTAL RETURN FUND
SEPTEMBER 16, 2011

At a special meeting of shareholders of DCA Total Return Fund
(the "Fund") held on December 6, 2011, shareholders voted on
the following proposals:


Proposal 1.                           VOTES
Number of Eligible                 BEING CAST
Shares Voted:                          FOR                  WITHHELD

To elect two Trustees, each to
serve for a three-year tem or
until his successor has been
duly elected and qualified as
follows.

Jonathan F. Zeschin                15,609,560               1,234,307
David W. Agostine                  15,638,693               1,205,174

Shareholders of the Fund voted to approve the above proposal.


Proposal 2.                     FOR          AGAINST        ABSTAIN
Number of Eligible
Shares Voted:

Approval of the proposed      12,948,109     866,565        377,363
investment advisory
agreement between the
Fund and Virtus
Investment Advisers, Inc.

Shareholders of the Fund voted to approve the above proposal.


Proposal 3A.                    FOR          AGAINST         ABSTAIN
Number of Eligible Shares
Voted:

Approval of the proposed      12,697,214     847,992         376,831
subadvisory agreement
between the Fund and Duff
& Phelps Investment
Management Co.

Shareholders of the Fund voted to approve the above proposal.


Proposal 3B.                    FOR          AGAINST          ABSTAIN
Number of Eligible Shares
Voted:

Approval of the proposed      12,955,602     861,388          375,047

subadvisory agreement
between the Fund and
Newfleet Asset Management,
LLC

Shareholders of the Fund voted to approve the above proposal.

Proposal 4.                             VOTES
Number of Eligible Shares             BEING CAST
Voted:                                 FOR                  WITHHELD


To elect seven Trustees, each
to serve for a term of one to
three years or until his
successor has been duly elected
and qualified, and each to
take office only if Proposals
2, 3A and 3B are all approved
by shareholders of the Fund and
only after the resignation of
the current Board of trustees
is effective as follows:

Richard E. Segerson                  12,979,621             1,212,417
Ferdinand L. J. Verdonck             12,959,930             1,232,107
Philip R. McLoughlin                 19,962,802             1,229,236
James M. Oates                       12,957,165             1,234,873
Leroy Keith, Jr.                     12,948,613             1,243,424
Geraldine M. McNamara                12,962,172             1,229,866
George R. Aylward                    12,955,814             1,236,224

Shareholders of the Fund voted to approve the above proposal.

EX-99.77K CHNG ACCNT

Attachment for Item 77k of Form N-SAR

On December 9, 2011, Registrant's Audit Committee, recommended
and Registrant's Board approved, the replacement of
Registrant's current independent public accounting firm, Tait,
Weller and Baker, with PricewaterhouseCoopers.  The
replacement was the result of a change in service providers to
the Registrant and a change in control of the Registrant.
During the most recent two fiscal years there were no
disagreements between Registrant and Tait Weller and Baker.
In addition, none of the circumstances listed in Item 304
a.1.v. A-D is applicable.  Attached is the letter required by
Item 304 a.3.

EX-99.77Q1 OTHR EXHB

February 22, 2012



Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549

RE:  Exhibit B: Sub-Item 77K

Commissioners:

We have read the statements made by DCA Total Return Fund (the
"Fund") regarding Changes in the Registrant's Certifying
Accountant which was filed with the Securities and Exchange
Commission pursuant to Item 77K of the Fund's Form N-SAR for
the annual period ended December 31, 2011.   We agree with the
statements concerning our Firm in such Form N-SAR.

Very truly yours,
/s/Tait, Weller & Baker LLP
Tait, Weller & Baker LLP



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