# EDGAR Filing Document

**Accession Number:** 0000836412
**File Stem:** 0001193125-23-025583
**Filing Date:** 2023-2
**Character Count:** 343788
**Document Hash:** ae31b49207300d1dc5e8d946e96132c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-025583.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001193125-23-025583

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Total Return Fund Inc.
- **CENTRAL INDEX KEY:** 0000836412
- **IRS NUMBER:** 133474242
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05620
- **FILM NUMBER:** 23590825

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-272-2700

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZWEIG TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19920703

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-05620** 

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## Virtus Total Return Fund Inc.
**(Exact name of registrant as specified in charter)** 

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**101 Munson Street** 

**Greenfield, MA 01301-9683** 

**(Address of principal executive offices) (Zip code)** 

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**Jennifer Fromm, Esq.** 

**Vice President, Chief Legal Officer, Counsel and Secretary for Registrant** 

**One Financial Plaza** 

**Hartford, CT 06103-2608** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: 866-270-7788** 

**Date of fiscal year end: November 30** 

**Date of reporting period: November 30, 2022** 

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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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**Item 1.** **Reports to Stockholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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![](g392392imgf55e2aee1.gif)

ANNUAL REPORT

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November 30, 2022

Virtus Total Return Fund Inc.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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FUND DISTRIBUTIONS AND MANAGED DISTRIBUTION PLAN

The Board of Directors (the "Board," or the "Directors") of Virtus Total Return Fund Inc. (the "Fund") has adopted a Managed Distribution Plan (the "Plan") which provides for the Fund to make a monthly distribution at the rate of $0.08 per share. Under the terms of the Plan, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income, realized capital gains, and a return of capital, or a combination thereof.

If the Fund estimates that it has distributed more than its income and capital gains in a particular period, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

You should not draw any conclusions about the Fund's investment performance from the amount of the Fund's distributions or from the terms of the Fund's Plan.

The amounts and sources of distributions reported in the Fund's notices issued pursuant to Section 19(a) of the Investment Company Act of 1940 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 results during its fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The Board may amend, suspend or terminate the Plan at any time, without prior notice to shareholders, if it deems such action to be in the best interest of the Fund and its shareholders.

Information on the Fund is available through the closed-end fund section on the web at<br> <u>www.Virtus.com</u>. Section 19(a) notices are posted on the website at:

<u>https://www.virtus.com/ZTR</u> 

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**Table of Contents**

---

| | |
|:---|:---|
| [Message to Shareholders](#xx_71b995c6-81b8-4a5a-b888-e2de617c0ab2_1)<br>| 1 |
| [Manager's Discussion of Fund Performance](#xx_49df6edb-5d97-4500-b48b-59cddbfe96ca_1)<br>| 2 |
| [Portfolio Holdings Summary Weightings](#xx_7decc587-eed2-4547-be2f-378e5ccffd8b_1)<br>| 8 |
| [Key Investment Terms](#xx_0ee397e0-c8b2-4138-884d-025c9bf600a4_1)<br>| 9 |
| [Schedule of Investments](#xx_0ee5f8ab-1f89-4c70-9d05-c7566d72c88b_1)<br>| 11 |
| [Statement of Assets and Liabilities](#xx_5df51352-8225-4844-9fef-8e4a73fc8d2f_1)<br>| 32 |
| [Statement of Operations](#xx_0b6f11a7-f67f-4b66-a22d-89376547a4a1_1)<br>| 33 |
| [Statements of Changes in Net Assets](#xx_d813a644-d9d9-419b-96ab-6de5432c1c35_1)<br>| 34 |
| [Statement of Cash Flows](#xx_1c7a4a5e-ef72-44d5-9205-7511a96a7aa5_1)<br>| 35 |
| [Financial Highlights](#xx_1ee633ef-9686-44b0-b8a5-3447fd4d3cde_1)<br>| 36 |
| [Notes to Financial Statements](#xx_89601712-e093-4768-976a-2e2d34ad4dc8_1)<br>| 38 |
| [Report of Independent Registered Public Accounting Firm](#xx_b6bf0eee-fd8d-4270-9927-d73cab60d451_1)<br>| 48 |
| [Tax Information Notice](#xx_bf1081c5-6231-435b-bad6-3f7ca045aa61_1)<br>| 49 |
| [Investment Objective, Principal Strategies and Principal Risks](#xx_5a2de50a-9afd-4bff-813b-75940ced1b90_1)<br>| 51 |
| [Automatic Reinvestment and Cash Purchase Plan](#xx_4ab6c121-269f-45c2-9bd1-93349f182459_1)<br>| 55 |
| [Consideration of Advisory and Subadvisory Agreements by the Board of Directors](#xx_8690ca24-737a-4989-a4a7-c1dd4e97c42e_1)<br>| 58 |
| [Fund Management Tables](#xx_5377f2b1-a92d-434b-85f0-d8c9c927879f_1)<br>| 62 |

---

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

MESSAGE TO SHAREHOLDERS

Dear Virtus Total Return Fund Inc. Shareholder:

![](g392392img8f32d76e2.gif)

I am pleased to present this annual report, which reviews the performance of the Virtus Total Return Fund Inc. for the 12 months ended November 30, 2022.

This report contains commentary from the portfolio management teams at Duff & Phelps Investment Management and Newfleet Asset Management about the financial markets and the performance of the Fund's equity and fixed income investments, respectively.

On September 16, 2022, the Fund issued more than 20 million new shares of common stock through a rights offering. Net proceeds of the offering, which totaled approximately $140.6 million, were used to pursue investment opportunities across all sectors of global infrastructure, particularly those focused on the transition to a clean energy economy. We thank those shareholders who participated in the rights offering for their continued confidence in the Fund's management.

The fiscal year was marked by higher inflation, rising interest rates, the war in Ukraine, and increased market volatility. For the 12 months ended November 30, 2022, the Fund's net asset value (NAV) returned -1.45%, including $0.96 in reinvested distributions, and its market price returned -16.43%. For the same period, the Fund's composite benchmark, which consists of 60% FTSE Developed Core Infrastructure 50/50 Index (net) (representing equities) and 40% Bloomberg U.S. Aggregate Bond Index (representing fixed income), returned -2.89%. The underlying indices returned 3.71% for equities and -12.84% for fixed income.

As 2023 begins, inflation has shown signs of slowing, and the Federal Reserve (the"Fed") has indicated it may reduce the size of its interest rate increases. We maintain our focus on the long term, and our commitment to your financial success. Please call our customer service team at 866-270-7788 if you have questions about your account or require assistance.

Sincerely,

![](g392392imgd37738ed3.jpg)

George R. Aylward<br> President, Chief Executive Officer, and Director<br> Virtus Total Return Fund Inc.<br> January 2023

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*Refer to the Manager's Discussion section for your Fund's performance. 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 above. Investing involves risk, including the risk of loss of principal invested.*

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.<br> MANAGER'S DISCUSSION OF FUND PERFORMANCE (Unaudited)

#### November 30, 2022

#### About the Fund:
Virtus Total Return Fund Inc. (NYSE: ZTR) (the "Fund") has an investment objective of capital appreciation, with current income a secondary objective. The Fund seeks to meet its objectives through a balance of equity and fixed income investments. There is no guarantee that the Fund will achieve its investment objectives.

The use of leverage currently enables the Fund to borrow at short-term rates with the expectation of investing at higher yields on its investments. As of November 30, 2022, the Fund's leverage consisted of $207 million of borrowings made pursuant to a line of credit, which represented approximately 28% of the Fund's total assets.

#### Duff & Phelps Investment Management Co. (DPIM)
*The equity portion of the Fund is invested globally in owners/operators of infrastructure in the communications, utility, energy, and transportation industries (also referred to as "essential services"). DPIM manages the equity portion of the Fund's portfolio, utilizing its global infrastructure strategy that leverages the company's in-depth fundamental research expertise in income-producing securities. The following commentary is provided by the portfolio management team at DPIM and covers the Fund's equity portion for the fiscal year ended November 30, 2022.*

#### How did the equity markets perform during the Fund's fiscal year ended November 30, 2022?
Global equity markets struggled over the 12-month period, declining 10.86% as measured by the MSCI World Index (net). As the year progressed, investor sentiment grew increasingly negative, weighed down by high inflation, rising interest rates, the war in Ukraine, a developing energy crisis, and the overhang of China's zero-Covid policy. Actions and commentary by the Federal Reserve (the Fed) and the European Central Bank (ECB) made it clear that rate hikes would continue as part of the effort to tame inflation. Investors' expectation of higher interest rates for a longer time frame pressured nearly every sector in the market.

Despite this laundry list of challenges, global listed infrastructure provided some relief as it outperformed the broader global equity and fixed income markets. Outperformance was driven by attractive relative valuations for infrastructure assets, as well as durable business models designed to withstand challenging economic conditions. The benchmark for the equity portion of the Fund, the FTSE Developed Core Infrastructure 50/50 Index (net), returned 3.71%, significantly outperforming the broader global equity markets during the fiscal year.

The energy infrastructure sector led performance, with improving company fundamentals supported by solid commodity prices and robust volume growth. The sector experienced substantial increases in cash flow while management teams maintained capital discipline, which led to stronger balance sheets and a return of cash to shareholders. Returns for the utilities sector outperformed the infrastructure benchmark and were substantially better than the broader market. Utilities provided another year of steady growth as they continued to benefit from strong capital programs and efficient operating expense management. Transportation stocks posted positive returns, bolstered by encouraging volume growth across the sector. The communications sector was the worst performer, as higher interest rates took a toll on the tower stocks.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 9.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.<br> MANAGER'S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

#### November 30, 2022

#### What factors affected the performance of the Fund's equity portfolio during its fiscal year?
The equity portion of the Fund, including the impact of leverage employed by the Fund, outperformed its equity benchmark for the fiscal year. The portfolio returned 7.02% (gross of fees and expenses), while the benchmark returned 3.71%. Favorable stock selection in the energy infrastructure sector was offset by negative selection in communications, transportation, and utilities. Sector allocation was positive, primarily driven by an overweight to energy infrastructure. The portfolio's overweight in communications and underweight in utilities negatively impacted allocation. The allocation impact of the underweight in transportation had a negligible influence.

Focusing on the security-level impacts to the equity portfolio, the two largest positive contributors to performance were Cheniere Energy and Sempra Energy. Cheniere is an industry leading producer of liquefied natural gas (LNG), while Sempra Energy operates regulated utilities in California and Texas and produces LNG. Both stocks outperformed as favorable supply/demand conditions caused LNG prices to be notably higher in 2022 compared with recent years. As Europe looked to wean itself from Russian natural gas, U.S.-sourced LNG represented a natural alternative, and was expected to see continued strong demand. Other top contributors to performance were overweight positions in Targa Resources, Atmos Energy, and Enbridge.

The two largest negative contributors to performance were both wireless tower companies, Cellnex Telecom SA, based in Spain, and American Tower. Higher interest rates and the decline in the equity market had an adverse impact on the stocks. Cellnex was also affected by the changing mergers & acquisitions (M&A) landscape for towers in Europe which caused a shift in the company's strategic focus from acquisitions to organic growth. However, we believe the global 5G buildout and predictable cash flows of the tower business provided by their long-term contracts will make the tower companies more resilient to macroeconomic challenges that may be ahead in 2023, and therefore continued to hold the stock as of the end of the Fund's fiscal year. Rounding out the top five detractors were overweight positions in Crown Castle, Dominion Energy, and Orsted A/S.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 9.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.<br> MANAGER'S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

#### November 30, 2022

#### Newfleet Asset Management (Newfleet)
*Newfleet manages the Fund's fixed income portfolio, which has a target allocation of 40%, utilizing its multi-sector core plus strategy. The following commentary is provided by the portfolio management team at Newfleet, and it covers the Fund's fixed income portfolio for the year ended November 30, 2022.*

#### How did the fixed income markets perform during the Fund's fiscal year ended November 30, 2022?
Central banks embarked on the first meaningful tightening of monetary policy in several years in response to elevated inflation during the fiscal year. Their messaging was consistent:<br> they are focused on fighting high inflation. The monetary backdrop clouded the outlook for global and regional economies, and led to an increased probability of recession. This resulted in negative total returns for most assets. The pandemic remained a global issue, with China's zero-COVID policy continuing to delay the normalization of supply chains, though there were signs that the rigid policy may be eased. Meanwhile, the war between Russia and Ukraine presented an ongoing economic shock to food and energy prices. These unresolved issues made economic forecasting and modeling a challenge and contributed to a volatile investing environment during the fiscal year.

The Federal Reserve (the Fed) and other major central banks shifted their rhetoric sharply hawkish, indicating that keeping inflation under control is their primary goal, in response to elevated inflation data. The Fed raised its main policy interest rate 3.75% during the fiscal year, including four jumbo moves of 0.75% each, and indicated its resolve to restore price stability. The Fed began to shrink its $8.9 trillion balance sheet, and increased its pace in September. The European Central Bank (ECB) also joined the inflation fight, raising its policy rate to 2.00% over three meetings, marking the first increases from zero interest rates since 2016. In addition to managing the start of its own balance sheet wind-down, the ECB was managing the complex task of preventing financial fragmentation among its member countries. The Bank of Japan was relatively less concerned about inflation given local economic conditions, but weakness in the yen was challenging that stance.

During the 12-month period, volatility in the fixed income markets increased due to both the more hawkish Fed policy and the Russian invasion of Ukraine. U.S. Treasuries generally outperformed spread sectors (non-governmental fixed income investments) on an excess return basis. Excess return refers to the difference in return – positive or negative – between an individual security and a comparable risk-free asset, in this case a U.S. Treasury with the same duration (interest rate sensitivity). With the spike in U.S. Treasury yields, less interest rate-sensitive sectors such as high yield bank loans, and other shorter-duration asset classes, including asset-backed securities, generally outperformed on a total return basis.

During the 12-month period, the U.S. Treasury yield curve shifted higher, with the largest increase on the front end, resulting in an inverted yield curve. This occurs when the yields on longer-term investments drop below the yields on shorter-term investments with the same risk profile.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 9.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.<br> MANAGER'S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

#### November 30, 2022

#### What factors affected the performance of the Fund's fixed income portfolio during its fiscal year?
The fixed income portion of the Fund, including the impact of leverage employed by the Fund, returned -11.19% (before fees and expenses), while the Bloomberg U.S. Aggregate Bond Index, which serves as the portfolio's benchmark, returned -12.84%.

The portfolio's allocations to high yield bank loans, asset-backed securities, corporate high yield, the underweight to corporate high quality securities, and the allocation to non-agency mortgage-backed securities over agency mortgage-backed securities all had a positive impact on performance for the 12-month period. Overall issue selection was positive for the period.

The portfolio's allocation to yankee high quality securities had a negative impact during the period.

*The preceding information is the opinion of portfolio management only through the end of the period of the report as stated on the cover. Any such opinions are subject to change at any time based upon market conditions and should not be relied upon as investment advice.*

*The Fund's portfolio holdings are subject to change and may not be representative of the portfolio managers' current or future investment decisions. The mention of individual securities held by the Fund is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional.*

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 9.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.<br> MANAGER'S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

#### November 30, 2022

#### Average Annual Total Returns<sup>1</sup> for periods ended 11/30/22

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| **Market Value<sup>1,2</sup>** | &nbsp;&nbsp;**-16.43%** | &nbsp;&nbsp;**1.17%** | &nbsp;&nbsp;**7.81%** |
| **Net Asset Value<sup>1,2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-1.45%** | &nbsp;&nbsp;**2.53%** | &nbsp;&nbsp;**7.60%** |
| **Virtus Total Return Fund Inc. Linked Benchmark<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-2.89%** | &nbsp;&nbsp;**3.10%** | &nbsp;&nbsp;**4.65%** |
| **Bloomberg U.S. Aggregate Bond Index<sup>1,3</sup>** | &nbsp;&nbsp;**-12.84%** | &nbsp;&nbsp;**0.21%** | &nbsp;&nbsp;**1.09%** |
| **FTSE Developed Core Infrastructure 50/50 Index (net)<sup>1,3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**3.71%** | &nbsp;&nbsp;**4.58%** | &nbsp;&nbsp;**7.75%** |

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*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Please visit Virtus.com for performance data current to the most recent month-end.*

#### Growth of $10,000 for periods ended 11/30

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This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the years indicated. For comparison, the same investment is shown in the indicated index.

![](g392392img67d80cae4.jpg)

 *<sup>1</sup>* *Past performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods.* 

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 9.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.<br> MANAGER'S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

#### November 30, 2022
 *<sup>2</sup>* *Total return on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the beginning and ending values.* 

 *<sup>3</sup>* *The indexes are unmanaged and not available for direct investment; therefore, their performance does not reflect the expenses associated with active management of an actual portfolio.* 

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 9.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.<br> PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

#### November 30, 2022
The following tables present the portfolio holdings within certain sectors or countries as a percentage of total investments at November 30, 2022.

<u>Asset Allocations</u>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Common Stocks |  | &nbsp;&nbsp; 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 36% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | &nbsp;&nbsp;8 |  |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds and Notes | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;Mortgage-Backed Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Asset-Backed Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Leveraged Loans |  | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;U.S. Government Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Foreign Government Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |

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<u>Country Weightings</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;United States | &nbsp;&nbsp; 62% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |

---

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### KEY INVESTMENT TERMS (Unaudited)

#### November 30, 2022

#### Bloomberg U.S. Aggregate Bond Index
The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### European Central Bank ("ECB")
The ECB is responsible for conducting monetary policy for the Euro zone. The ECB was established as the core of the Eurosystem and the European System of Central Banks ("ESCB"). The ESCB comprises the ECB and the National Central Banks of all 17 European Union Member States whether or not they have adopted the Euro.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Federal Reserve (the "Fed")
The central bank of the U.S., responsible for controlling money supply, interest rates, and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches, and all national and state banks that are part of the system.

#### FTSE Developed Core Infrastructure 50/50 Index (net)
The FTSE Developed Core Infrastructure 50/50 Index (net) is a free float-adjusted market capitalization-weighted index that gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights for the index are 50% utilities, 30% transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### London Interbank Offered Rate ("LIBOR")
A benchmark rate that some of the world's leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

#### MSCI World Index (net)
The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### MSCI World Infrastructure Sector Capped Index
The MSCI World Infrastructure Sector Capped Index is a market capitalization-weighted index that measures performance of global infrastructure companies by capturing broad and diversified opportunities across telecommunication, utilities, energy, transportation and social infrastructure sectors. The telecommunication infrastructure and utilities sector each represent one-third of the index weight, while energy, transportation and social infrastructure sectors have a combined weight of the remaining one-third of the index. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### KEY INVESTMENT TERMS (Unaudited) (Continued) <br> November 30, 2022

#### Payment-in-Kind ("PIK")
A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

#### Real Estate Investment Trust ("REIT")
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

#### Secured Overnight Financing Rate ("SOFR")
A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

#### S&P 500<sup>®</sup> Index
The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Virtus Total Return Fund Inc. Linked Benchmark
The Virtus Total Return Fund Inc. Linked Benchmark consists of 60% FTSE Developed Core Infrastructure 50/50 Index (net) and 40% Bloomberg U.S. Aggregate Bond Index. Performance of the Virtus Total Return Fund Linked benchmark prior to 3/1/2017 represents an allocation of 60% MSCI World Infrastructure Sector Capped lndex and 40% Bloomberg U.S. Aggregate Bond Index.

#### Yankee Bond
A Yankee bond is a bond issued by a foreign entity, such as a bank or company, but is issued and traded in the United States and denominated in U.S. dollars.

#### Yield Curve
A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The most frequently reported yield curve compares the three-month, two-year, five-year and 30-year U.S. Treasury debt. This yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth.

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS <br> November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—3.2%** | **U.S. Government Securities—3.2%** | **U.S. Government Securities—3.2%** |
| U.S. Treasury Bonds<br> 1.875%, 11/15/51<sup>(1)</sup> | $1145 | $753 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 3/31/23 | &nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp; 3608 |
| &nbsp;&nbsp;&nbsp;0.125%, 8/31/23<sup>(1)</sup> | &nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp; 2193 |
| &nbsp;&nbsp;&nbsp;2.500%, 4/30/24<sup>(1)</sup> | &nbsp;&nbsp; 5140 | &nbsp;&nbsp;&nbsp; 4992 |
| &nbsp;&nbsp;&nbsp;0.250%, 5/31/25 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 3530 | &nbsp;&nbsp;&nbsp; 2919 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/32 | &nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp; 840 |
| **Total U.S. Government Securities<br> (Identified Cost $17,796)** | **Total U.S. Government Securities<br> (Identified Cost $17,796)** | &nbsp;&nbsp;&nbsp; **16711** |
| **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** |
| **California—0.0%** | **California—0.0%** |  |
| University of California, Series B-A, Taxable<br> 4.428%, 5/15/48 | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 246 |
| **Florida—0.1%** | **Florida—0.1%** |  |
| Broward County, Water & Sewer Utility Revenue Series A<br> 4.000%, 10/1/47 | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 358 |
| **Idaho—0.1%** | **Idaho—0.1%** |  |
| Idaho Health Facilities Authority St. Luke's Health System Revenue Taxable<br> 5.020%, 3/1/48 | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 325 |
| **Illinois—0.0%** | **Illinois—0.0%** |  |
| Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)<br> 3.411%, 1/1/43 | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 64 |
| **New York—0.1%** | **New York—0.1%** |  |
| Metropolitan Transportation Authority Revenue Taxable Series A<br> 5.000%, 11/15/45 | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 565 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—0.0%** | **Texas—0.0%** |  |
| State of Texas, General Obligation Taxable<br> 3.211%, 4/1/44 | $110 | $89 |
| **Virginia—0.1%** | **Virginia—0.1%** |  |
| City of Bristol, General Obligation Taxable (State AID Withholding Insured)<br> 4.210%, 1/1/42 | &nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp; 487 |
| **Total Municipal Bonds<br> (Identified Cost $2,428)** | **Total Municipal Bonds<br> (Identified Cost $2,428)** | &nbsp;&nbsp;&nbsp; **2134** |
| **Foreign Government Securities—2.1%** | **Foreign Government Securities—2.1%** | **Foreign Government Securities—2.1%** |
| Abu Dhabi Government International Bond 144A<br> 3.125%, 4/16/30<sup>(2)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 278 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(3)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.250%, 10/13/24<sup>(3)(4)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.650%, 4/21/25<sup>(3)(4)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 69 |
| Dominican Republic 144A<br> 4.875%, 9/23/32<sup>(2)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 745 |
| Emirate of Dubai Government International Bonds RegS<br> 5.250%, 1/30/43<sup>(4)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp; 737 |
| Kingdom of Morocco |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 3.000%, 12/15/32<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A <br> 5.500%, 12/11/42<sup>(2)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 252 |
| Republic of Angola 144A<br> 8.250%, 5/9/28<sup>(2)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 618 |
| Republic of Argentina<br> 3.500%, 7/9/41<sup>(5)</sup> | &nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp; 315 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 3/15/29 | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;3.125%, 4/15/31 | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 152 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Ecuador 144A<br> 5.500%, 7/31/30<sup>(2)(5)</sup> | $380 | $230 |
| Republic of Egypt 144A<br> 7.600%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 544 |
| Republic of Guatemala 144A<br> 5.250%, 8/10/29<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 384 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, 2/14/30 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;144A <br> 4.350%, 1/8/27<sup>(2)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 540 |
| Republic of Ivory Coast 144A<br> 6.375%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 307 |
| Republic of Nigeria 144A<br> 7.375%, 9/28/33<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 292 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;3.298%, 1/19/33 | &nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;4.300%, 4/29/53 | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 149 |
| Republic of Philippines<br> 3.700%, 3/1/41 | &nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 573 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, 9/27/27 | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;5.875%, 4/20/32 | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 307 |
| Republic of Turkey<br> 7.625%, 4/26/29 | &nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp; 799 |
| Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 5.500%, 10/25/32<sup>(2)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;144A <br> 4.500%, 10/26/46<sup>(2)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 559 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(2)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 485 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 2/12/34 | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;4.500%, 1/31/50 | &nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp; 372 |
| **Total Foreign Government Securities<br> (Identified Cost $12,951)** | **Total Foreign Government Securities<br> (Identified Cost $12,951)** | &nbsp;&nbsp;&nbsp; **10873** |
| **Mortgage-Backed Securities—5.2%** | **Mortgage-Backed Securities—5.2%** | **Mortgage-Backed Securities—5.2%** |
| **Non-Agency—5.2%** | **Non-Agency—5.2%** |  |
| Ajax Mortgage Loan Trust 2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(2)(5)</sup> | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 218 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| American Homes 4 Rent Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-SFR2, C 144A<br> 4.705%, 10/17/36<sup>(2)</sup> | $1000 | $961 |
| &nbsp;&nbsp;&nbsp;2015-SFR1, A 144A<br> 3.467%, 4/17/52<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;2015-SFR2, C 144A<br> 4.691%, 10/17/52<sup>(2)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 325 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 218 |
| Angel Oak Mortgage Trust I LLC 2018-3, A1 144A<br> 3.649%, 9/25/48<sup>(2)(5)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(2)(5)</sup> | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(2)(5)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.175%, 10/25/48<sup>(2)(5)</sup> | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 156 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(2)(5)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(2)</sup> | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 656 |
| CF Hippolyta Issuer LLC 2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 376 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(2)(5)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(2)(5)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 332 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NR4, A1 144A<br> 2.816%, 10/25/61<sup>(2)(5)</sup> | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(2)(5)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 85 |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(2)(5)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 302 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| COLT Mortgage Loan Trust 2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(2)(5)</sup> | $485 | $459 |
| CoreVest American Finance Trust 2019-3, C 144A<br> 3.265%, 10/15/52<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 333 |
| Credit Suisse Mortgage Capital Trust 2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(2)(5)</sup> | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 289 |
| Dominion Mortgage Trust 2021-RTL1, A1 144A<br> 2.487%, 7/25/27<sup>(2)(5)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 632 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;2021-2, A3 144A<br> 1.291%, 6/25/66<sup>(2)(5)</sup> | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 494 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, B 144A<br> 1.567%, 10/19/37<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 588 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, A21 144A<br> 3.500%, 7/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| Hilton USA Trust 2016-SFP, B 144A<br> 3.323%, 11/5/35<sup>(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 390 |
| Imperial Fund Mortgage Trust 2021-NQM4, A1 144A<br> 2.091%, 1/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 810 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.790%, 10/25/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(2)(5)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 82 |
| LHOME Mortgage Trust 2021-RTL1, A1 144A<br> 2.090%, 9/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 322 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.303%, 4/25/55<sup>(2)(5)</sup> | $241 | $209 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 54 |
| MFA Trust 2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 199 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(2)(5)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(2)(5)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 300 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(2)(5)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;2016-3A, B1 144A<br> 4.000%, 9/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;2016-4A, B1A 144A<br> 4.500%, 11/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;2019-RPL2, M2 144A<br> 3.750%, 2/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 368 |
| OBX Trust 2019-INV1, A3 144A<br> 4.500%, 11/25/48<sup>(2)(5)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 2.857%, 6/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 259 |
| Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 2.363%, 11/25/25<sup>(2)(5)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 2.115%, 3/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.867%, 4/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp;2021-9, A1 144A<br> 2.363%, 10/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;2021-RPL1, A1 144A<br> 1.319%, 7/25/51<sup>(2)(5)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 116 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR3, B 144A<br> 2.571%, 9/17/36<sup>(2)</sup> | $280 | $265 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(2)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp;2021-SFR6, C 144A<br> 1.855%, 7/17/38<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 196 |
| RCKT Mortgage Trust 2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(2)(5)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 173 |
| RCO VI Mortgage LLC 2022-1, A1 144A<br> 3.000%, 1/25/27<sup>(2)(5)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 303 |
| RCO VII Mortgage LLC 2021-2, A1 144A<br> 2.116%, 9/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 164 |
| Residential Mortgage Loan Trust 2019-2, A1 144A<br> 2.913%, 5/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26 |
| Roc Mortgage Trust 2021-RTL1, A1 144A<br> 2.487%, 8/25/26<sup>(2)(5)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 540 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.487%, 6/25/43<sup>(5)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 81 |
| Starwood Mortgage Residential Trust 2021-3, A3 144A<br> 1.518%, 6/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 54 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.868%, 7/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;2017-1, A2 144A<br> 3.500%, 10/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(2)(5)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(2)(5)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-1, M1 144A<br> 3.500%, 1/25/60<sup>(2)(5)</sup> | $220 | $171 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(2)(5)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 362 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(2)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 546 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(2)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 160 |
| TVC Mortgage Trust 2020-RTL1, M 144A<br> 5.193%, 9/25/24<sup>(2)(5)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 493 |
| UBS Commercial Mortgage Trust 2012-C1, D 144A<br> 6.661%, 5/10/45<sup>(2)(5)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32 |
| VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-NPL3, A1 144A<br> 1.743%, 5/25/51<sup>(2)(5)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;2021-NPL4, A1 144A<br> 1.868%, 8/25/51<sup>(2)(5)</sup> | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 425 |
| Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A<br> 1.992%, 5/25/51<sup>(2)(5)</sup> | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 153 |
| Vericrest Opportunity Loan Trust CVI LLC 2021-NP12, A1 144A<br> 2.734%, 12/26/51<sup>(2)(5)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 166 |
| Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A<br> 1.893%, 2/27/51<sup>(2)(5)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 409 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4, M1 144A<br> 3.207%, 11/25/59<sup>(2)(5)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(2)(5)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 373 |
| Visio Trust 2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(2)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 72 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Wells Fargo Commercial Mortgage Trust 2014-C24, AS<br> 3.931%, 11/15/47 | $160 | $152 |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(2)(5)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 108 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $30,031)** | **Total Mortgage-Backed Securities<br> (Identified Cost $30,031)** | &nbsp;&nbsp;&nbsp; **26640** |
| **Asset-Backed Securities—4.4%** | **Asset-Backed Securities—4.4%** | **Asset-Backed Securities—4.4%** |
| **Automobiles—1.7%** | **Automobiles—1.7%** |  |
| ACC Auto Trust 2021-A, C 144A<br> 3.790%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 697 |
| ACC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, C 144A<br> 2.080%, 12/20/24<sup>(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;2022-1, C 144A<br> 3.240%, 10/20/25<sup>(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 637 |
| ACM Auto Trust 2022-1A, B 144A<br> 4.470%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 421 |
| American Credit Acceptance Receivables Trust 2022-1, E 144A<br> 3.640%, 3/13/28<sup>(2)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 491 |
| Avid Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, C 144A<br> 3.140%, 7/15/26<sup>(2)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;2021-1, E 144A<br> 3.390%, 4/17/28<sup>(2)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 203 |
| Avis Budget Rental Car Funding LLC (AESOP) 2019-2A, D 144A<br> 3.040%, 9/22/25<sup>(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 540 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2A, D 144A<br> 3.280%, 1/15/25<sup>(2)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 351 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2019-3A, D 144A<br> 3.040%, 4/15/25<sup>(2)</sup> | $318 | $313 |
| &nbsp;&nbsp;&nbsp;2019-3A, E 144A<br> 4.600%, 7/15/26<sup>(2)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 511 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2A, E 144A<br> 4.680%, 5/15/26<sup>(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;2019-1A, D 144A<br> 4.130%, 12/16/24<sup>(2)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 112 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4A, D 144A<br> 4.090%, 8/17/26<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 4.310%, 7/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 489 |
| GLS Auto Receivables Trust 2018-3A, C 144A<br> 4.180%, 7/15/24<sup>(2)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 76 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(2)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 388 |
| Skopos Auto Receivables Trust 2019-1A, C 144A<br> 3.630%, 9/16/24<sup>(2)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp;&nbsp; 8596 |
| **Consumer Loans—0.1%** | **Consumer Loans—0.1%** |  |
| Republic Finance Issuance Trust 2020-A, A 144A<br> 2.470%, 11/20/30<sup>(2)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 448 |
| **Credit Card—0.2%** | **Credit Card—0.2%** |  |
| Avant Credit Card Master Trust 2021-1A, A 144A<br> 1.370%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 537 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Credit Card—continued** | **Credit Card—continued** |  |
| Mercury Financial Credit Card Master Trust 2021-1A, A 144A<br> 1.540%, 3/20/26<sup>(2)</sup> | $590 | $559 |
|  |  | &nbsp;&nbsp;&nbsp; 1096 |
| **Other—2.4%** | **Other—2.4%** |  |
| Amur Equipment Finance Receivables IX LLC 2021-1A, C 144A<br> 1.750%, 6/21/27<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 654 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 3.720%, 11/15/35<sup>(2)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;2020-AA, D 144A<br> 7.150%, 7/17/46<sup>(2)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 419 |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(2)</sup> | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 489 |
| Business Jet Securities LLC 2020-1A, A 144A<br> 2.981%, 11/15/35<sup>(2)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 196 |
| BXG Receivables Note Trust 2020-A, B 144A<br> 2.490%, 2/28/36<sup>(2)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 291 |
| Cajun Global LLC 2021-1, A2 144A<br> 3.931%, 11/20/51<sup>(2)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 287 |
| Conn's Receivables Funding LLC 2022-A, B 144A<br> 9.520%, 12/15/26<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 490 |
| Dext ABS LLC 2020-1, D 144A<br> 7.210%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 443 |
| Diamond Resorts Owner Trust 2021-1A, B 144A<br> 2.050%, 11/21/33<sup>(2)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 188 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 4.750%, 4/25/51<sup>(2)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 569 |
| Foundation Finance Trust 2019-1A, A 144A<br> 3.860%, 11/15/34<sup>(2)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 122 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(2)</sup> | $590 | $505 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(2)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 98 |
| Hotwire Funding LLC 2021-1, C 144A<br> 4.459%, 11/20/51<sup>(2)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 575 |
| Jack in the Box Funding LLC 2022-1A, A2I 144A<br> 3.445%, 2/26/52<sup>(2)</sup> | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 471 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 390 |
| Lendmark Funding Trust 2021-1A, A 144A<br> 1.900%, 11/20/31<sup>(2)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 497 |
| Mariner Finance Issuance Trust 2020-AA, A 144A<br> 2.190%, 8/21/34<sup>(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 565 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 395 |
| Oasis Securitization Funding LLC 2021-1A, A 144A<br> 2.579%, 2/15/33<sup>(2)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, C 144A<br> 4.740%, 6/20/25<sup>(2)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;2020-1A, B 144A<br> 1.980%, 6/20/25<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 687 |
| Orange Lake Timeshare Trust 2019-A, B 144A<br> 3.360%, 4/9/38<sup>(2)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 111 |
| Pawneee Equipment Receivables LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 484 |
| Purchasing Power Funding LLC 2021-A, B 144A<br> 1.920%, 10/15/25<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 675 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(2)</sup> | $354 | $340 |
| Upstart Securitization Trust 2022-2, A 144A<br> 4.370%, 5/20/32<sup>(2)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 357 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp; 567 |
|  |  | &nbsp;&nbsp;&nbsp; 12367 |
| **Student Loan—0.0%** | **Student Loan—0.0%** |  |
| Commonbond Student Loan Trust 2019-AGS, A1 144A<br> 2.540%, 1/25/47<sup>(2)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 114 |
| **Total Asset-Backed Securities<br> (Identified Cost $24,354)** | **Total Asset-Backed Securities<br> (Identified Cost $24,354)** | &nbsp;&nbsp;&nbsp; **22621** |
| **Corporate Bonds and Notes—15.1%** | **Corporate Bonds and Notes—15.1%** | **Corporate Bonds and Notes—15.1%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 134 |
| Altice France S.A. 144A<br> 5.125%, 1/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 240 |
| CCO Holdings LLC 144A<br> 4.750%, 3/1/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 576 |
| CT Trust 144A<br> 5.125%, 2/3/32<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 388 |
| DISH DBS Corp.<br> 7.750%, 7/1/26<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 297 |
| Level 3 Financing, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 247 |
| McGraw-Hill Education, Inc. 144A<br> 8.000%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 356 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 252 |
| Northwest Fiber LLC 144A<br> 10.750%, 6/1/28<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 221 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 224 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Telecomunicaciones Digitales S.A. 144A<br> 4.500%, 1/30/30<sup>(2)</sup> | $600 | $503 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 83 |
| VZ Secured Financing B.V. 144A<br> 5.000%, 1/15/32<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 331 |
|  |  | &nbsp;&nbsp;&nbsp; 3852 |
| **Consumer Discretionary—1.5%** | **Consumer Discretionary—1.5%** |  |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 8/15/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/11/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 249 |
| At Home Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 7/15/28<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 255 |
| Brunswick Corp.<br> 2.400%, 8/18/31<sup>(1)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 315 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 7/1/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 7/1/27<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
| Carriage Services, Inc. 144A<br> 4.250%, 5/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 270 |
| Clarios Global LP 144A<br> 8.500%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 269 |
| Cooper-Standard Automotive, Inc. 144A<br> 13.000%, 6/1/24<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| Dick's Sporting Goods, Inc.<br> 3.150%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 320 |
| Dornoch Debt Merger Sub, Inc. 144A<br> 6.625%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 193 |
| eG Global Finance plc 144A<br> 8.500%, 10/30/25<sup>(2)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 358 |
| Ford Motor Co.<br> 3.250%, 2/12/32<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 134 |
| Ford Motor Credit Co. LLC<br> 4.125%, 8/17/27<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 260 |
| Jacobs Entertainment, Inc. 144A<br> 6.750%, 2/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 320 |
| M/I Homes, Inc.<br> 4.950%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 439 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Mclaren Finance plc 144A<br> 7.500%, 8/1/26<sup>(2)</sup> | $520 | $420 |
| Metis Merger Sub LLC 144A<br> 6.500%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 206 |
| Mohegan Gaming & Entertainment 144A<br> 8.000%, 2/1/26<sup>(2)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 352 |
| NMG Holding Co., Inc. 144A<br> 7.125%, 4/1/26<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 433 |
| Nordstrom, Inc.<br> 4.250%, 8/1/31<sup>(1)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 427 |
| Premier Entertainment Sub LLC 144A<br> 5.625%, 9/1/29<sup>(2)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 424 |
| PulteGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;6.375%, 5/15/33<sup>(1)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 348 |
| Royal Caribbean Cruises Ltd. 144A<br> 9.250%, 1/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| Scientific Games International, Inc. 144A<br> 7.000%, 5/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 124 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 288 |
|  |  | &nbsp;&nbsp;&nbsp; 7705 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| BAT Capital Corp.<br> 7.750%, 10/19/32<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 727 |
| Central American Bottling Corp. 144A<br> 5.250%, 4/27/29<sup>(2)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 201 |
| HLF Financing S.a.r.l. LLC 144A<br> 4.875%, 6/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 329 |
| Turning Point Brands, Inc. 144A<br> 5.625%, 2/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 522 |
|  |  | &nbsp;&nbsp;&nbsp; 1779 |
| **Energy—3.0%** | **Energy—3.0%** |  |
| Alliance Resource Operating Partners LP 144A<br> 7.500%, 5/1/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 638 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Antero Midstream Partners LP 144A<br> 5.750%, 1/15/28<sup>(1)(2)</sup> | $490 | $463 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 409 |
| BP Capital Markets plc<br> 4.875% <sup>(1)(6)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 409 |
| Callon Petroleum Co. 144A<br> 7.500%, 6/15/30<sup>(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 181 |
| Calumet Specialty Products Partners LP 144A<br> 8.125%, 1/15/27<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 331 |
| CITGO Petroleum Corp. 144A<br> 7.000%, 6/15/25<sup>(2)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 236 |
| Coronado Finance Pty Ltd. 144A<br> 10.750%, 5/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 546 |
| CrownRock LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 10/15/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 5/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 157 |
| DCP Midstream Operating LP<br> 3.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 263 |
| Ecopetrol S.A.<br> 4.625%, 11/2/31 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 441 |
| Enbridge, Inc.<br> 7.625%, 1/15/83<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 543 |
| Energy Transfer LP Series H<br> 6.500% <sup>(1)(6)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 430 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 331 |
| HF Sinclair Corp.<br> 5.875%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 523 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 266 |
| International Petroleum Corp. RegS, 144A<br> 7.250%, 2/1/27<sup>(1)(2)(4)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 350 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(2)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 443 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Kinder Morgan Energy Partners LP<br> 7.500%, 11/15/40<sup>(1)</sup> | $440 | $484 |
| Kinder Morgan, Inc.<br> 7.750%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 29 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.000%, 8/1/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 368 |
| Mesquite Energy Escrow, Inc. 144A<br> 7.250%, 2/15/23<sup>(2)(7)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 1 |
| Nabors Industries Ltd. 144A<br> 7.250%, 1/15/26<sup>(2)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 274 |
| Northriver Midstream Finance LP 144A<br> 5.625%, 2/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 341 |
| Occidental Petroleum Corp.<br> 6.125%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 563 |
| Odebrecht Oil & Gas Finance Ltd. 144A<br> 0.000% <sup>(2)(6)(7)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — <sup>(8)</sup> |
| Parsley Energy LLC 144A<br> 4.125%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 317 |
| Pertamina Persero PT 144A<br> 2.300%, 2/9/31<sup>(2)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 389 |
| Petroleos de Venezuela S.A. 144A<br> 6.000%, 5/16/24<sup>(2)(9)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 28 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 415 |
| Petronas Capital Ltd. 144A<br> 3.500%, 4/21/30<sup>(2)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 344 |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(2)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 469 |
| Saudi Arabian Oil Co. 144A<br> 2.250%, 11/24/30<sup>(2)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 459 |
| State Oil Co. of the Azerbaijan Republic RegS<br> 6.950%, 3/18/30<sup>(4)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 284 |
| Targa Resources Partners LP<br> 4.875%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 109 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 299 |
| Transcanada Trust<br> 5.600%, 3/7/82<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 485 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Transocean Guardian Ltd. 144A<br> 5.875%, 1/15/24<sup>(2)</sup> | $60 | $58 |
| Transocean, Inc. 144A<br> 11.500%, 1/30/27<sup>(2)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| USA Compression Partners LP<br> 6.875%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 230 |
| Var Energi ASA 144A<br> 7.500%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 8/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 8/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 293 |
|  |  | &nbsp;&nbsp;&nbsp; 15216 |
| **Financials—3.8%** | **Financials—3.8%** |  |
| Acrisure LLC 144A<br> 7.000%, 11/15/25<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 668 |
| Allstate Corp. (The) Series B<br> 5.750%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 502 |
| Ally Financial, Inc. Series B<br> 4.700% <sup>(1)(6)</sup> | &nbsp;&nbsp; 819 | &nbsp;&nbsp; 593 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 501 |
| Australia & New Zealand Banking Group Ltd. 144A<br> 4.400%, 5/19/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 377 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(2)(6)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 496 |
| Banco Santander Chile 144A<br> 3.177%, 10/26/31<sup>(2)</sup> | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 600 |
| Bancolombia S.A.<br> 4.625%, 12/18/29 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 171 |
| Bank of America Corp.<br> 2.482%, 9/21/36<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 458 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, 10/25/33 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;Series G<br> 4.700%<sup>(1)(6)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 508 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 471 |
| BBVA Bancomer S.A. 144A<br> 5.125%, 1/18/33<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 416 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Blackstone Private Credit Fund<br> 2.625%, 12/15/26<sup>(1)</sup> | $317 | $269 |
| Blue Owl Finance LLC 144A<br> 3.125%, 6/10/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 312 |
| Brighthouse Financial, Inc.<br> 5.625%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 545 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 229 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(1)(6)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 473 |
| Citadel LP 144A<br> 4.875%, 1/15/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 490 |
| Cobra Acquisition Co. LLC 144A<br> 6.375%, 11/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 241 |
| Corebridge Financial, Inc. 144A<br> 6.875%, 12/15/52<sup>(1)(2)</sup> | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 299 |
| Credit Suisse Group AG 144A<br> 9.016%, 11/15/33<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
| Discover Financial Services<br> 6.700%, 11/29/32 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 409 |
| Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A<br> 5.250%, 5/30/23<sup>(2)</sup> | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 192 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 655 |
| Intercorp Peru Ltd. 144A<br> 3.875%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 514 |
| Itau Unibanco Holding S.A. 144A<br> 3.875%, 4/15/31<sup>(2)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 675 |
| JPMorgan Chase & Co.<br> 1.953%, 2/4/32<sup>(1)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 906 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 301 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Lincoln National Corp. (3 month LIBOR + 2.040%)<br> 6.283%, 4/20/67<sup>(1)(5)</sup> | $515 | $363 |
| MetLife, Inc. Series G<br> 3.850% <sup>(1)(6)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 395 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 414 |
| Morgan Stanley<br> 6.342%, 10/18/33 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 596 |
| Navient Corp.<br> 6.750%, 6/25/25<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 526 |
| Northern Trust Corp.<br> 6.125%, 11/2/32<sup>(1)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 564 |
| OWL Rock Core Income Corp.<br> 4.700%, 2/8/27<sup>(1)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 289 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 6/15/43<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52<sup>(1)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;6.000%, 9/1/52<sup>(1)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 82 |
| Santander Holdings USA, Inc.<br> 4.400%, 7/13/27<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 418 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31<sup>(1)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 618 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 487 |
| Wells Fargo & Co. Series BB<br> 3.900% <sup>(1)(6)</sup> | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 788 |
|  |  | &nbsp;&nbsp;&nbsp; 19744 |
| **Health Care—0.9%** | **Health Care—0.9%** |  |
| 1375209 BC Ltd. 144A<br> 9.000%, 1/30/28<sup>(2)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 47 |
| Akumin, Inc. 144A<br> 7.000%, 11/1/25<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 308 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 2/1/27<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 9/30/28<sup>(2)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;144A 14.000%, 10/15/30<sup>(2)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 9 |
| Bio-Rad Laboratories, Inc.<br> 3.700%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 128 |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 586 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/15/29<sup>(2)</sup> | $35 | $19 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 209 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 431 |
| Endo Dac 144A<br> 9.500%, 7/31/27<sup>(2)(9)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 13 |
| GE Healthcare Holding LLC 144A<br> 5.857%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 487 |
| Illumina, Inc.<br> 2.550%, 3/23/31<sup>(1)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 392 |
| Lannett Co., Inc. 144A<br> 7.750%, 4/15/26<sup>(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 36 |
| Legacy LifePoint Health LLC 144A<br> 6.750%, 4/15/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(2)(10)</sup> | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 141 |
| Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 7/1/25<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| Team Health Holdings, Inc. 144A<br> 6.375%, 2/1/25<sup>(2)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 230 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, 10/1/26 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 207 |
| Universal Health Services, Inc. 144A<br> 2.650%, 1/15/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 450 |
|  |  | &nbsp;&nbsp;&nbsp; 4778 |
| **Industrials—1.1%** | **Industrials—1.1%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 8/15/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 434 |
| Aviation Capital Group LLC 144A<br> 3.500%, 11/1/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 523 |
| Avolon Holdings Funding Ltd. 144A<br> 4.375%, 5/1/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 304 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)(2)</sup> | $250 | $202 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;3.750%, 2/1/50<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;5.930%, 5/1/60<sup>(1)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 136 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 3/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 405 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 488 |
| Deluxe Corp. 144A<br> 8.000%, 6/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 157 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 359 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 37 |
| OT Merger Corp. 144A<br> 7.875%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 105 |
| Pentair Finance S.a.r.l.<br> 5.900%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 474 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 281 |
| Sempra Global 144A<br> 3.250%, 1/15/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 482 |
| Titan Acquisition Ltd. 144A<br> 7.750%, 4/15/26<sup>(2)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 235 |
| TransDigm, Inc.<br> 5.500%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 382 |
|  |  | &nbsp;&nbsp;&nbsp; 5746 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| CDW LLC<br> 3.569%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 581 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 104 |
| Dell International LLC<br> 8.100%, 7/15/36<sup>(1)</sup> | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 546 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(1)(2)</sup> | $485 | $439 |
| HP, Inc.<br> 5.500%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 583 |
| Kyndryl Holdings, Inc.<br> 3.150%, 10/15/31<sup>(1)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 381 |
| Leidos, Inc.<br> 2.300%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 321 |
| Micron Technology, Inc.<br> 6.750%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 463 |
| Motorola Solutions, Inc.<br> 4.600%, 5/23/29<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
| Oracle Corp.<br> 6.150%, 11/9/29 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 642 |
| TD SYNNEX Corp.<br> 2.375%, 8/9/28<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 590 |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 139 |
|  |  | &nbsp;&nbsp;&nbsp; 4897 |
| **Materials—1.2%** | **Materials—1.2%** |  |
| Albemarle Corp.<br> 5.050%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 524 |
| ArcelorMittal S.A.<br> 6.800%, 11/29/32 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 475 |
| ARD Finance S.A. PIK 144A<br> 6.500%, 6/30/27<sup>(2)(11)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 363 |
| Avient Corp. 144A<br> 7.125%, 8/1/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 63 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(1)(2)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 511 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, 7/5/24<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;6.165%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 152 |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
| International Flavors & Fragrances, Inc. 144A<br> 2.300%, 11/1/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 405 |
| Inversiones CMPC S.A. 144A<br> 3.850%, 1/13/30<sup>(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 529 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 448 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| New Enterprise Stone & Lime Co., Inc. 144A<br> 9.750%, 7/15/28<sup>(2)</sup> | $450 | $415 |
| Suzano Austria GmbH<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 409 |
| Taseko Mines Ltd. 144A<br> 7.000%, 2/15/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 545 |
| Teck Resources Ltd.<br> 6.125%, 10/1/35<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 424 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 8/1/24<sup>(2)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 11/1/25<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 344 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp;&nbsp; 6374 |
| **Real Estate—0.8%** | **Real Estate—0.8%** |  |
| EPR Properties<br> 4.750%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 509 |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 6/1/25<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;5.750%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;3.250%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 37 |
| Iron Mountain, Inc. 144A<br> 4.500%, 2/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 322 |
| Kite Realty Group Trust<br> 4.750%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 542 |
| MPT Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;3.500%, 3/15/31<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 190 |
| Office Properties Income Trust<br> 4.500%, 2/1/25<sup>(1)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 434 |
| Ontario Teachers' Cadillac Fairview Properties Trust 144A<br> 2.500%, 10/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 277 |
| Phillips Edison Grocery Center Operating Partnership I LP<br> 2.625%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 453 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;4.375%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 161 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 2/15/30<sup>(1)</sup> | $135 | $128 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 6/15/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 184 |
|  |  | &nbsp;&nbsp;&nbsp; 4304 |
| **Utilities—0.7%** | **Utilities—0.7%** |  |
| CMS Energy Corp.<br> 4.750%, 6/1/50<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 474 |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 494 |
| Eskom Holdings SOC Ltd. 144A<br> 7.125%, 2/11/25<sup>(2)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp; 650 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)(2)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 109 |
| Perusahaan Listrik Negara PT 144A<br> 4.125%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 804 |
| Southern California Edison Co.<br> 5.950%, 11/1/32 | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 135 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51<sup>(1)</sup> | &nbsp;&nbsp; 628 | &nbsp;&nbsp;&nbsp; 504 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(2)(6)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 181 |
|  |  | &nbsp;&nbsp;&nbsp; 3466 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $88,992)** | **Total Corporate Bonds and Notes<br> (Identified Cost $88,992)** | &nbsp;&nbsp;&nbsp; **77861** |
| **Leveraged Loans—4.1%** | **Leveraged Loans—4.1%** | **Leveraged Loans—4.1%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(5)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 82 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| Amentum Government Services Holdings LLC (3-6 month Term SOFR + 4.000%)<br> 7.206% - 7.558%, 2/15/29<sup>(5)</sup> | $165 | $162 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.571%, 6/7/28<sup>(5)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 202 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 8.777%, 6/21/27<sup>(5)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 293 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche E (3 month LIBOR + 2.250%)<br> 5.924%, 5/30/25<sup>(5)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;Tranche F (3 month LIBOR + 2.250%)<br> 5.924%, 12/9/25<sup>(5)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp;&nbsp; 1087 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Aruba Investments Holdings LLC First Lien (1 month LIBOR + 4.000%)<br> 8.044%, 11/24/27<sup>(5)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 200 |
| Ineos Finance Plc 2027 (1 month Term SOFR + 3.850%)<br> 7.936%, 11/8/27<sup>(5)</sup> | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 466 |
|  |  | &nbsp;&nbsp;&nbsp; 666 |
| **Consumer Non-Durables—0.1%** | **Consumer Non-Durables—0.1%** |  |
| DS Parent, Inc. Tranche B (3-6 month LIBOR + 5.750%)<br> 9.424% - 9.920%, 12/8/28<sup>(5)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 211 |
| Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)<br> 8.071%, 6/30/24<sup>(5)</sup> | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 203 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Non-Durables—continued** | **Consumer Non-Durables—continued** |  |
| ZEP, Inc. First Lien (3 month LIBOR + 4.000%)<br> 7.674%, 8/12/24<sup>(5)</sup> | $325 | $281 |
|  |  | &nbsp;&nbsp;&nbsp; 695 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Citgo Petroleum Corp. 2019, Tranche B (1 month LIBOR + 6.250%)<br> 10.321%, 3/28/24<sup>(5)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 273 |
| Hamilton Projects Acquiror LLC Tranche B (3 month LIBOR + 4.500%)<br> 8.174%, 6/17/27<sup>(5)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 272 |
| Medallion Midland Acquisition LLC (3 month LIBOR + 3.750%)<br> 7.424%, 10/18/28<sup>(5)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 178 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(5)</sup> | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 318 |
| Traverse Midstream Partners LLC (1 month Term SOFR + 4.250%)<br> 8.405%, 9/27/24<sup>(5)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 486 |
|  |  | &nbsp;&nbsp;&nbsp; 1527 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Asurion LLC Tranche B-9 (1 month LIBOR + 3.250%)<br> 7.321%, 7/31/27<sup>(5)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 186 |
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%)<br> 7.077%, 6/15/25<sup>(5)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 206 |
| Citadel Securities LP Tranche B (1 month Term SOFR + 3.114%)<br> 7.201%, 2/2/28<sup>(5)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp;&nbsp; 516 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| H-Food Holdings LLC (1 month LIBOR + 3.688%)<br> 7.759%, 5/23/25<sup>(5)</sup> | $261 | $225 |
| Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)<br> 8.515%, 7/12/29<sup>(5)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 186 |
| Shearer's Foods LLC First Lien (1 month LIBOR + 3.500%)<br> 7.571%, 9/23/27<sup>(5)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 180 |
| Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)<br> 7.174%, 3/31/28<sup>(5)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp;&nbsp; 758 |
| **Forest Prod / Containers—0.2%** | **Forest Prod / Containers—0.2%** |  |
| Anchor Glass Container Corp. 2017 (1-3 month LIBOR + 2.750%)<br> 6.424% - 6.534%, 12/7/23<sup>(5)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 117 |
| Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%)<br> 7.018%, 4/3/24<sup>(5)</sup> | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 360 |
| Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.321%, 1/31/25<sup>(5)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 207 |
| TricorBraun, Inc. (1 month LIBOR + 3.250%)<br> 7.321%, 3/3/28<sup>(5)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp;&nbsp; 857 |
| **Gaming / Leisure—0.4%** | **Gaming / Leisure—0.4%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 6.821%, 12/23/24<sup>(5)</sup> | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 467 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Carnival Corp. Tranche B (3 month LIBOR + 3.000%)<br> 5.877%, 6/30/25<sup>(5)</sup> | $93 | $89 |
| ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%)<br> 11.571%, 5/1/28<sup>(5)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 208 |
| J&J Ventures Gaming LLC (3 month LIBOR + 4.000%)<br> 7.674%, 4/26/28<sup>(5)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 213 |
| Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)<br> 6.820%, 4/29/24<sup>(5)</sup> | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 684 |
| Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 7.602%, 11/1/26<sup>(5)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 112 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(5)</sup> | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 214 |
|  |  | &nbsp;&nbsp;&nbsp; 1987 |
| **Health Care—0.5%** | **Health Care—0.5%** |  |
| CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.321%, 9/29/28<sup>(5)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 312 |
| Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 7.674%, 10/1/27<sup>(5)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 180 |
| LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)<br> 8.165%, 11/16/25<sup>(5)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 195 |
| Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)<br> 7.424%, 11/30/27<sup>(5)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 203 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)<br> 6.821%, 2/14/25<sup>(5)</sup> | $419 | $386 |
| Phoenix Guarantor, Inc. Tranche B-1 (1 month LIBOR + 3.250%)<br> 7.321%, 3/5/26<sup>(5)</sup> | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 287 |
| Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.321%, 11/15/28<sup>(5)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 124 |
| Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%)<br> 7.424%, 10/1/26<sup>(5)</sup> | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 163 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%)<br> 8.065%, 11/20/26<sup>(5)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 208 |
| Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)<br> 7.821%, 7/2/25<sup>(5)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 273 |
|  |  | &nbsp;&nbsp;&nbsp; 2331 |
| **Healthcare—0.0%** | **Healthcare—0.0%** |  |
| Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%)<br> 7.924%, 8/19/28<sup>(5)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 185 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%)<br> 7.071%, 6/9/28<sup>(5)</sup> | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 353 |
| SRS Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.500%)<br> 7.571%, 6/2/28<sup>(5)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 161 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| &nbsp;&nbsp;&nbsp;2022 (1 month Term SOFR + 3.600%)<br> 7.686%, 6/2/28<sup>(5)</sup> | $35 | $33 |
|  |  | &nbsp;&nbsp;&nbsp; 547 |
| **Information Technology—0.5%** | **Information Technology—0.5%** |  |
| Applied Systems, Inc. Second Lien (3 month LIBOR + 5.500%)<br> 9.174%, 9/19/25<sup>(5)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 206 |
| CDK Global, Inc. (3 month Term SOFR + 4.500%)<br> 8.112%, 7/6/29<sup>(5)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114 |
| ConnectWise LLC (3 month LIBOR + 3.500%)<br> 7.174%, 9/29/28<sup>(5)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 104 |
| Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%)<br> 7.321%, 7/30/27<sup>(5)</sup> | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 187 |
| Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%)<br> 8.071%, 12/1/27<sup>(5)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 257 |
| Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%)<br> 7.571%, 7/1/24<sup>(5)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 473 |
| Infinite Bidco LLC First Lien (3 month LIBOR + 3.250%)<br> 6.924%, 3/2/28<sup>(5)</sup> | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 240 |
| Open Text Corp. Tranche B (3 month LIBOR + 4.750%)<br> 4.000%, 11/16/29<sup>(5)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 223 |
| Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%)<br> 7.321%, 3/10/28<sup>(5)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 242 |
| Proofpoint, Inc. (3 month LIBOR + 3.250%)<br> 7.985%, 8/31/28<sup>(5)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 104 |
| RealPage, Inc. First Lien (1 month LIBOR + 3.000%)<br> 7.071%, 4/24/28<sup>(5)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 173 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Sophia LP Tranche B (3 month LIBOR + 3.500%)<br> 7.174%, 10/7/27<sup>(5)</sup> | $249 | $239 |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021, Second Lien (3 month LIBOR + 5.250%)<br> 8.998%, 5/3/27<sup>(5)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(5)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 204 |
|  |  | &nbsp;&nbsp;&nbsp; 2784 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)<br> 7.409%, 10/8/27<sup>(5)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 180 |
| Arcline FM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (1 month LIBOR + 4.750%)<br> 8.392%, 6/23/28<sup>(5)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month LIBOR + 8.250%)<br> 0.000%, 6/25/29<sup>(5)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 86 |
| Filtration Group Corp. (1 month LIBOR + 3.000%)<br> 7.071%, 3/31/25<sup>(5)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 289 |
| Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)<br> 7.869%, 2/23/29<sup>(5)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 |
| Star U.S. Bidco LLC (1 month LIBOR + 4.250%)<br> 8.321%, 3/17/27<sup>(5)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 199 |
|  |  | &nbsp;&nbsp;&nbsp; 977 |
| **Media / Telecom - Cable/Wireless<br> Video—0.1%** | **Media / Telecom - Cable/Wireless<br> Video—0.1%** |  |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.071%, 8/2/27<sup>(5)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 248 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified<br> Media—0.2%** | **Media / Telecom - Diversified<br> Media—0.2%** |  |
| Cinemark USA, Inc. (1-3 month LIBOR + 1.750%)<br> 5.430% - 6.170%, 3/31/25<sup>(5)</sup> | $230 | $221 |
| McGraw-Hill Education, Inc. (1-6 month LIBOR + 4.750%)<br> 8.316% - 8.821%, 7/28/28<sup>(5)</sup> | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 208 |
| Neptune Bidco U.S., Inc. Tranche B (3 month LIBOR + 4.750%)<br> 0.000%, 4/11/29<sup>(5)(12)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 197 |
| William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%)<br> 6.830%, 5/18/25<sup>(5)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp;&nbsp; 851 |
| **Media / Telecom -<br> Telecommunications—0.0%** | **Media / Telecom -<br> Telecommunications—0.0%** |  |
| Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.625%, 10/2/27<sup>(5)</sup> | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 134 |
| **Metals / Minerals—0.1%** | **Metals / Minerals—0.1%** |  |
| Covia Holdings Corp. (3 month LIBOR + 4.000%)<br> 7.748%, 7/31/26<sup>(5)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 328 |
| Peabody Energy Corp. Tranche B (1 month LIBOR + 2.750%)<br> 6.766%, 3/31/25<sup>(5)</sup> | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 219 |
|  |  | &nbsp;&nbsp;&nbsp; 547 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%)<br> 7.239%, 11/8/27<sup>(5)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 199 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%)<br> 7.821%, 3/6/28<sup>(5)</sup> | $234 | $225 |
| PetsMart LLC (1 month LIBOR + 3.750%)<br> 7.820%, 2/11/28<sup>(5)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 160 |
| Rising Tide Holdings, Inc. First Lien (3 month LIBOR + 4.750%)<br> 9.485%, 6/1/28<sup>(5)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 147 |
|  |  | &nbsp;&nbsp;&nbsp; 731 |
| **Service—0.5%** | **Service—0.5%** |  |
| Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%)<br> 8.258%, 7/27/28<sup>(5)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 169 |
| Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%)<br> 6.566%, 3/20/25<sup>(5)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 236 |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.294%, 2/6/26<sup>(5)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 295 |
| DXP Enterprises, Inc. (3 month Term SOFR + 5.350%)<br> 9.955%, 12/23/27<sup>(5)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 196 |
| Garda World Security Corp. Tranche B-2 (3 month LIBOR + 4.250%)<br> 8.930%, 10/30/26<sup>(5)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 72 |
| Grab Holdings, Inc. (1 month LIBOR + 4.500%)<br> 8.260%, 1/29/26<sup>(5)</sup> | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 272 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 6.703%, 11/23/28<sup>(5)</sup> | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 183 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 7.821%, 2/1/28<sup>(5)</sup> | $175 | $170 |
| PODS LLC (1 month LIBOR + 3.000%)<br> 7.071%, 3/31/28<sup>(5)</sup> | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 199 |
| St. George's University Scholastic Services LLC (1 month LIBOR + 3.250%)<br> 7.321%, 2/10/29<sup>(5)</sup> | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 198 |
| Sweetwater Borrower LLC (1 month LIBOR + 4.250%)<br> 8.375%, 8/7/28<sup>(5)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 221 |
| Weld North Education LLC 2021 (1 month LIBOR + 3.750%)<br> 7.821%, 12/21/27<sup>(5)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 283 |
|  |  | &nbsp;&nbsp;&nbsp; 2494 |
| **Transportation - Automotive—0.1%** | **Transportation - Automotive—0.1%** |  |
| Clarios Global LP First Lien (1 month LIBOR + 3.250%)<br> 7.321%, 4/30/26<sup>(5)</sup> | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 220 |
| Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<br> 6.071%, 11/2/23<sup>(5)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 276 |
| PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%)<br> 8.165%, 10/28/27<sup>(5)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 101 |
|  |  | &nbsp;&nbsp;&nbsp; 597 |
| **Utilities—0.1%** | **Utilities—0.1%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 6.821%, 8/1/25<sup>(5)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 204 |
| Generation Bridge II LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 5.000%)<br> 9.201%, 2/23/29<sup>(5)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.000%)<br> 9.201%, 2/23/29<sup>(5)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Lightstone HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 5.750%)<br> 9.836%, 1/29/27<sup>(5)</sup> | $204 | $186 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 5.750%)<br> 9.836%, 1/29/27<sup>(5)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp;&nbsp; 544 |
| **Total Leveraged Loans<br> (Identified Cost $21,763)** | **Total Leveraged Loans<br> (Identified Cost $21,763)** | &nbsp;&nbsp;&nbsp; **21063** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stocks—0.5%** | **Preferred Stocks—0.5%** | **Preferred Stocks—0.5%** |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 <sup>(13)</sup> | &nbsp;&nbsp; 267 |
| JPMorgan Chase & Co. Series HH, 4.600%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 <sup>(13)</sup> | &nbsp;&nbsp; 253 |
| MetLife, Inc. Series D, 5.875%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 <sup>(13)</sup> | &nbsp;&nbsp; 304 |
| Truist Financial Corp. Series Q, 5.100%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 <sup>(13)</sup> | &nbsp;&nbsp; 506 |
| Zions Bancorp NA, 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 17485 | &nbsp;&nbsp; 444 |
|  |  | &nbsp;&nbsp; 1774 |
| **Industrials—0.1%** | **Industrials—0.1%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 6.623%<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 <sup>(13)</sup> | &nbsp;&nbsp; 604 |
| **Total Preferred Stocks<br> (Identified Cost $2,595)** | **Total Preferred Stocks<br> (Identified Cost $2,595)** | **2378** |
| **Common Stocks—104.5%** | **Common Stocks—104.5%** | **Common Stocks—104.5%** |
| **Communication Services—1.8%** | **Communication Services—1.8%** |  |
| Cellnex Telecom S.A. | &nbsp;&nbsp;&nbsp;&nbsp; 279253 | &nbsp;&nbsp; 9603 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| MYT Holding LLC Class B<sup>(7)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22362 | &nbsp;&nbsp; 19 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| NMG Parent LLC<sup>(7)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | $53 |
|  |  | &nbsp;&nbsp;&nbsp; 72 |
| **Energy—15.9%** | **Energy—15.9%** |  |
| Cheniere Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137955 | &nbsp;&nbsp; 24192 |
| DT Midstream, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108655 | &nbsp;&nbsp; 6555 |
| Enbridge, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;376426 | &nbsp;&nbsp; 15543 |
| Frontera Energy Corp.<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp; 2 |
| ONEOK, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96035 | &nbsp;&nbsp; 6427 |
| Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;&nbsp;312045 | &nbsp;&nbsp; 11392 |
| Targa Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63451 | &nbsp;&nbsp; 4720 |
| TC Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114792 | &nbsp;&nbsp; 5106 |
| Williams Cos., Inc. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;239970 | &nbsp;&nbsp; 8327 |
|  |  | &nbsp;&nbsp;&nbsp; 82264 |
| **Industrials—26.4%** | **Industrials—26.4%** |  |
| Aena SME S.A.<sup>(1)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132019 | &nbsp;&nbsp; 17035 |
| Atlas Arteria Ltd.<sup>(1)</sup> | 3058306 | &nbsp;&nbsp; 14722 |
| Auckland International Airport Ltd.<sup>(1)(14)</sup> | 2209846 | &nbsp;&nbsp; 11262 |
| Canadian National Railway Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77705 | &nbsp;&nbsp; 9980 |
| Canadian Pacific Railway Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123175 | &nbsp;&nbsp; 10089 |
| Ferrovial S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;332655 | &nbsp;&nbsp; 8946 |
| Flughafen Zurich AG Registered Shares<sup>(1)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49960 | &nbsp;&nbsp; 8307 |
| Norfolk Southern Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25926 | &nbsp;&nbsp; 6650 |
| Transurban Group<sup>(1)</sup> | 3617623 | &nbsp;&nbsp; 35368 |
| Union Pacific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30242 | &nbsp;&nbsp; 6576 |
| Vinci S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70311 | &nbsp;&nbsp; 7099 |
|  |  | &nbsp;&nbsp;&nbsp; 136034 |
| **Real Estate—9.5%** | **Real Estate—9.5%** |  |
| American Tower Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132770 | &nbsp;&nbsp; 29375 |
| Crown Castle, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137495 | &nbsp;&nbsp; 19446 |
|  |  | &nbsp;&nbsp;&nbsp; 48821 |
| **Utilities—50.9%** | **Utilities—50.9%** |  |
| Ameren Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102480 | &nbsp;&nbsp; 9154 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| American Electric Power Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170190 | $16474 |
| APA Group<sup>(1)</sup> | 1361126 | &nbsp;&nbsp;&nbsp; 10385 |
| Atmos Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91075 | &nbsp;&nbsp;&nbsp; 10947 |
| CenterPoint Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;461325 | &nbsp;&nbsp;&nbsp; 14352 |
| CMS Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124315 | &nbsp;&nbsp;&nbsp; 7592 |
| Dominion Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;288355 | &nbsp;&nbsp;&nbsp; 17621 |
| DTE Energy Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57760 | &nbsp;&nbsp;&nbsp; 6701 |
| EDP - Energias de Portugal S.A.<sup>(1)</sup> | 1456128 | &nbsp;&nbsp;&nbsp; 6909 |
| Emera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256420 | &nbsp;&nbsp;&nbsp; 9983 |
| Enel SpA<sup>(1)</sup> | 1452375 | &nbsp;&nbsp;&nbsp; 7835 |
| Entergy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74885 | &nbsp;&nbsp;&nbsp; 8707 |
| Eversource Energy<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;167080 | &nbsp;&nbsp;&nbsp; 13844 |
| Iberdrola S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;620223 | &nbsp;&nbsp;&nbsp; 7007 |
| National Grid plc | 1278130 | &nbsp;&nbsp;&nbsp; 15722 |
| NextEra Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;397134 | &nbsp;&nbsp;&nbsp; 33637 |
| Orsted AS<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67138 | &nbsp;&nbsp;&nbsp; 5879 |
| Public Service Enterprise Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170651 | &nbsp;&nbsp;&nbsp; 10333 |
| Sempra Energy<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;111905 | &nbsp;&nbsp;&nbsp; 18598 |
| Severn Trent plc | &nbsp;&nbsp;&nbsp;&nbsp;254042 | &nbsp;&nbsp;&nbsp; 8361 |
| Southern Co. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120195 | &nbsp;&nbsp;&nbsp; 8130 |
| Xcel Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;202675 | &nbsp;&nbsp;&nbsp; 14232 |
|  |  | &nbsp;&nbsp;&nbsp; 262403 |
| **Total Common Stocks<br> (Identified Cost $516,521)** | **Total Common Stocks<br> (Identified Cost $516,521)** | &nbsp;&nbsp;&nbsp; **539197** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Vistra Energy Corp.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp; 2 |
| **Total Rights<br> (Identified Cost $2)** | **Total Rights<br> (Identified Cost $2)** | &nbsp;&nbsp;&nbsp; **2** |
| **Total Long-Term Investments—139.5%<br> (Identified Cost $717,433)** | **Total Long-Term Investments—139.5%<br> (Identified Cost $717,433)** | &nbsp;&nbsp;&nbsp; **719480** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.3%** | **Short-Term Investment—0.3%** | **Short-Term Investment—0.3%** |
| **Money Market Mutual Fund—0.3%** | **Money Market Mutual Fund—0.3%** | **Money Market Mutual Fund—0.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(15)</sup> | 1655997 | $1656 |
| **Total Short-Term Investment<br> (Identified Cost $1,656)** | **Total Short-Term Investment<br> (Identified Cost $1,656)** | &nbsp;&nbsp;&nbsp; **1656** |
| **TOTAL INVESTMENTS—139.8%<br> (Identified Cost $719,089)** | **TOTAL INVESTMENTS—139.8%<br> (Identified Cost $719,089)** | &nbsp;&nbsp; **$721136** |
| Other assets and liabilities, net—(39.8)% | Other assets and liabilities, net—(39.8)% | &nbsp;&nbsp;&nbsp;&nbsp;(205457) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$515679** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee Corp. |
| BAM | Build America Municipal Insured |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LP | Limited Partnership |
| NA | National Association |
| PIK | Payment-in-Kind Security |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | All or a portion of securities is segregated as collateral for borrowings. The value of securities segregated as collateral is $387,005. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities amounted to a value of $97,778 or 19.0% of net assets. |

---

<sup>(3)</sup> Security in default; no interest payments are being received.

<sup>(4)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

<sup>(5)</sup> Variable rate security. Rate disclosed is as of November 30, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(6)</sup> No contractual maturity date.

<sup>(7)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(8)</sup> Amount is less than $500.

<sup>(9)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(10)</sup> Security in default, interest payments are being received during the bankruptcy proceedings.

<sup>(11)</sup> 100% of the income received was in cash.

<sup>(12)</sup> This loan will settle after November 30, 2022, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(13)</sup> Value shown as par value.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

For information regarding the abbreviations, see the Key Investment Terms starting on page 9.

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.

#### SCHEDULE OF INVESTMENTS (Continued)

#### November 30, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$721136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$366785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$354276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75 |

---

Securities held by the Fund with an end of period value of $927 were transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

Security held by the Fund with an end of period value of $72 was transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended November 30, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### STATEMENT OF ASSETS AND LIABILITIES <br> November 30, 2022
(Reported in thousands except shares and per share amounts)

---

| | |
|:---|:---|
| **Assets** |  |
| Investment in securities at value (Identified cost $719,089)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$721136 |
| Foreign currency at value (cost $193)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
| Receivables |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| Prepaid Directors' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other assets (Note 3) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726474 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp; Borrowings (Note 7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207000 |
| Payables |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 |
| &nbsp;&nbsp;&nbsp; Interest on borrowings (Note 7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| &nbsp;&nbsp;&nbsp; Director deferred compensation plan (Note 3) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210795 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$515679** |
| **Net Assets Consist of:** |  |
| Common stock ($0.001 par value; 500,000,000 shares authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69 |
| Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515747 |
| Total distributable earnings (accumulated losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$515679** |
| **Common Shares Outstanding<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;68578328 |
| **Net Asset Value Per Share<sup>(a)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.52 |

---

<sup>(a)</sup> Net Asset Value Per Share is calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### STATEMENT OF OPERATIONS <br> YEAR ENDED November 30, 2022
($ reported in thousands)

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;$10620 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;19565 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| &nbsp;&nbsp;&nbsp; Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 |
| &nbsp;&nbsp;&nbsp; Interest expense on borrowings (Note 7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses after interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9871** |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;18703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(34335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**(15681)** |
| **Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;**$(5810)** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### STATEMENTS OF CHANGES IN NET ASSETS
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended<br> November 30, 2022 | &nbsp;&nbsp;Year Ended<br> November 30, 2021 |
| **Increase (Decrease) In Net Assets<br> From Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9871 | &nbsp;&nbsp;$10385 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17337 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(34350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763) |
| **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26959 |
| **From Dividends and Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income and net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;(24057) | &nbsp;&nbsp;&nbsp;&nbsp;(11277) |
| &nbsp;&nbsp;&nbsp; Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;(25365) | &nbsp;&nbsp;&nbsp;&nbsp;(34376) |
| **Dividends and Distributions to Shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(49422) | &nbsp;&nbsp;&nbsp;&nbsp;(45653) |
| **From Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from the sale of shares during rights offering (net of expenses of $750) (Note 9)<br>| &nbsp;&nbsp;&nbsp;&nbsp;140617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions resulting in the issuance of common stock (443,426 and 388,052 shares, respectively)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 |
| **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;144450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89218 | &nbsp;&nbsp;&nbsp;&nbsp;(15091) |
| **Net Assets** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;426461 | &nbsp;&nbsp;&nbsp;&nbsp;441552 |
| **End of period<br>**  | &nbsp;&nbsp;**$515679** | &nbsp;&nbsp;**$426461** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### STATEMENT OF CASH FLOWS

#### YEAR ENDED November 30, 2022
($ reported in thousands)

---

| | |
|:---|:---|
| **Increase (Decrease) in cash** |  |
| **Cash flows provided by (used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations <br>| &nbsp;&nbsp;&nbsp;$(5810) |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales and paydowns of long-term investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;280785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in investment securities sold receivable <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;(429649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in investment securities purchased payable <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (purchases) or sales of short-term investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation)/depreciation on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain)/loss on investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;(18703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital distributions on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discounts on investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from litigation settlements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in tax reclaims receivable <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in dividends and interest receivable <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in prepaid expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in prepaid Directors' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in interest payable on borrowings <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in affiliated expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in non-affiliated expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| &nbsp;&nbsp;&nbsp; Cash provided by (used for) operating activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;(142756) |
| **Cash provided by (used for) financing activities:** |  |
| &nbsp;&nbsp;&nbsp; Cash receipts from borrowings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58250 |
| &nbsp;&nbsp;&nbsp; Cash payments to reduce borrowings <br>| &nbsp;&nbsp;&nbsp;&nbsp;(11000) |
| &nbsp;&nbsp;&nbsp; Cash distributions paid to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(45589) |
| &nbsp;&nbsp;&nbsp; Net proceeds from sale of shares during rights offering<br>| &nbsp;&nbsp;&nbsp;&nbsp;140617 |
| Cash provided by (used for) financing activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;142278 |
| **Net increase (decrease) in cash<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) |
| &nbsp;&nbsp;&nbsp; Cash and foreign currency at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
| &nbsp;&nbsp;&nbsp; **Cash and foreign currency at end of period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$630** |
| Supplemental cash flow information: |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3833 |
| &nbsp;&nbsp;&nbsp; Cash paid during the period for interest expense on borrowings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### FINANCIAL HIGHLIGHTS

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 <sup>(1)</sup> |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$8.92 | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;$10.33 | &nbsp;&nbsp;&nbsp;$11.01 | &nbsp;&nbsp;&nbsp;$13.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) |
| Payment from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) |
| Total dividends and distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) |
| **Fund Share Transactions (Note 9)** |  |  |  |  |  |
| Dilutive effect on net asset value as a result of rights offering<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7.52 | &nbsp;&nbsp;&nbsp;&nbsp;$8.92 | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;$10.33 | &nbsp;&nbsp;&nbsp;$11.01 |
| Market value, end of period<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$6.95 | &nbsp;&nbsp;&nbsp;&nbsp;$9.37 | &nbsp;&nbsp;&nbsp;&nbsp;$8.41 | &nbsp;&nbsp;&nbsp;$10.98 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 |
| Total return, net asset value<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.17)% |
| Total return, market value<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.43)%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.51)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of net expenses to average net assets<sup>(8)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| Ratio of total expenses after interest expense to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| Ratio of net investment income (loss) to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% |
| Net assets, end of period (000's)<br>| &nbsp;&nbsp;$515679 | &nbsp;&nbsp;$426461 | &nbsp;&nbsp;$441552 | &nbsp;&nbsp;$487899 | &nbsp;&nbsp;$227954 |
| Borrowings, end of period (000's)<br>| &nbsp;&nbsp;$207000 | &nbsp;&nbsp;$159750 | &nbsp;&nbsp;$159750 | &nbsp;&nbsp;$184750 | &nbsp;&nbsp;$84250 |
| Asset coverage, per $1,000 principal amount of borrowings<sup>(11)</sup><br>| &nbsp;&nbsp;&nbsp;$3491 | &nbsp;&nbsp;&nbsp;$3670 | &nbsp;&nbsp;&nbsp;$3764 | &nbsp;&nbsp;&nbsp;$3641 | &nbsp;&nbsp;&nbsp;$3706 |

---

<sup>(1)</sup> On November 18, 2019, Virtus Total Return Inc. (ZF) was reorganized into the Fund. The net asset values and other per share information for periods prior to the reorganization on November 18, 2019 were revised to reflect the share conversion ratio from the reorganization of 1.039518.

<sup>(2)</sup> Calculated using average shares outstanding.

<sup>(3)</sup> Amount is less than $0.005 per share.

<sup>(4)</sup> Shares were sold at a 5% discount from a 5-day average market price from 9/12/22 to 9/16/22.

<sup>(5)</sup> Closing Price – New York Stock Exchange.

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### FINANCIAL HIGHLIGHTS (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD
<sup>(6)</sup> Total return on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the beginning and ending values.

<sup>(7)</sup> Total return on market value includes the dilutive effect of the 2022 rights offering. Without this effect, the total market return would have been (16.12%).

<sup>(8)</sup> Ratio of total expenses, before interest expense on the line of credit, was 1.32%, 1.34%, 1.38%, 1.79% and 1.63% for the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively.

<sup>(9)</sup> The Fund incurred certain non-recurring merger costs in 2019. When excluding these costs, the ratio of total expenses after interest expense and before expense waivers to average net assets would be 2.83%, the ratio of net expenses to average net assets would be 2.83% and the ratio of net investment income (loss) to average net assets would be 2.36%.

<sup>(10)</sup> Portfolio turnover increased due to repositioning of the portfolio related to the reorganization on November 18, 2019.

<sup>(11)</sup> Represents value of net assets plus the borrowings at the end of the period divided by the borrowings at the end of the period multiplied by $1,000.

See Notes to Financial Statements

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS <br>November 30, 2022

#### Note 1. Organization
Virtus Total Return Fund Inc. (the "Fund") is a closed-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund was incorporated under the laws of the State of Maryland on July 21, 1988. The Fund's investment objectives are outlined in the Manager's Discussion of Fund Performance pages.

#### Note 2. Significant Accounting Policies
The Fund is an investment company that follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | • Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
|  | • Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | • Level 3 – prices determined using significant unobservable inputs (including the Adviser's Valuation Committee's own assumptions in determining the fair value of investments). |
|  | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows: |
|  | Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the Adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy. |
|  | Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange |

---

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022
("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the Adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. |
|  | Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |

---

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | It is the Fund's intention to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income and capital gains, if any, to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
|  | The Fund has a Managed Distribution Plan which currently provides for the Fund to make a monthly distribution of $0.08 per share. Distributions may represent earnings from net investment income, realized capital gains, or, if necessary, return of capital. Shareholders should not draw any conclusions about the Fund's investment performance from the terms of the Fund's Managed Distribution Plan. |
| **E.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income securities, the Fund bifurcates that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with |

---

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
|  | the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **F.** | **Payment-In-Kind Securities** |
|  | The Fund may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **G.** | **When-Issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | The Fund may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by the Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Fund records when-issued and forward commitment securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |
| **H.** | **Leveraged Loans** |
|  | The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |

---

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | The Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **I.** | **Expenses** |
|  | Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to the Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **J.** | **Cash and Cash Equivalents** |
|  | Cash and cash equivalents include deposits held at financial institutions, which are available for the Fund's use with no restrictions, and are inclusive of dollar denominated and foreign currency. |

---

#### Note 3. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, Inc. (the "Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Fund. The Adviser manages the Fund's investment program and general operations of the Fund, including oversight of the Fund's subadvisers. |
|  | As compensation for its services to the Fund, the Adviser receives a fee at an annual rate of 0.70% of the Fund's average daily Managed Assets, which is calculated daily and paid monthly. "Managed Assets" is defined as the value of the total assets of the Fund minus the sum of all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings or other indebtedness, entered into for the purpose of leverage). |
| **B.** | **Subadvisers** |
|  | Duff & Phelps Investment Management Co. ("DPIM"), an indirect, wholly-owned subsidiary of Virtus, is the subadviser of the equity portion of the Fund's portfolio. |

---

------

[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
|  | Effective July 1, 2022, Newfleet Asset Management, LLC, the subadviser of the fixed-income portion of the Fund's portfolio, merged with and into Virtus Fixed Income Advisers, LLC ("VFIA"), a wholly-owned subsidiary of Virtus. The investment professionals previously with Newfleet Asset Management, LLC, now operate in the Newfleet Asset Management division ("Newfleet") of VFIA. The subadvisory agreement for the fixed-income portion of the Fund's portfolio,was transferred to, and assumed by, VFIA with no other changes. For the period, these two subadvisers were, in the aggregate, responsible for the day-to-day portfolio management of the Fund for which they were each paid a fee by the Adviser. |
| **C.** | **Administration Services** |
|  | Virtus Fund Services, LLC ("VFS"), an indirect, wholly-owned subsidiary of Virtus, serves as administrator to the Fund. For the services provided by the administrator under the Administration Agreement, the Fund pays the administrator an asset-based fee calculated on the Fund's average daily Managed Assets. This fee is calculated daily and paid monthly. |
|  | For the year ended November 30, 2022, the Fund incurred administration fees totaling $597 which are included in the Statement of Operations within the line item "Administration and accounting fees." |
| **D.** | **Directors' Fees** |
|  | For the year ended November 30, 2022, the Fund incurred Directors' fees totaling $179 which are included in the Statement of Operations within the line item "Directors' fees and expenses." |
| **E.** | **Investments with Affiliates** |
|  | The Fund is permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. |
|  | During the year ended November 30, 2022, the Fund did not engage in transactions pursuant to Rule 17a-7 under the 1940 Act. |
| **F.** | **Director Deferred Compensation Plan** |
|  | The Fund provides a deferred compensation plan for its Directors who receive compensation from the Fund. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Directors. Investments in such instruments are included in "Other assets" in the Statement of Assets and Liabilities at November 30, 2022. |

---

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022

#### Note 4. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. Government and agency securities, and short-term securities) during the year ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$401942 | &nbsp;&nbsp;$265797 |

---

Purchases and sales of long-term U.S. Government and agency securities during the year<br> ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27707 | &nbsp;&nbsp;$14988 |

---

#### Note 5. Federal Income Tax Information

#### ($ reported in thousands)
At November 30, 2022, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Federal <br> Tax Cost** | &nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;$720127 | &nbsp;&nbsp;$40372 | &nbsp;&nbsp;$(39363) | &nbsp;&nbsp;$1009 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Fund consist of the following:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Post-October <br> Capital Loss<br> Deferred** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$963 |

---

The differences between the book and tax basis distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022
The tax character of dividends and distributions paid during the fiscal years ended November 30, 2022 and 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income<br>| &nbsp;&nbsp;$10064 | &nbsp;&nbsp;$11277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Capital Gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;13993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;25365 | &nbsp;&nbsp;&nbsp;&nbsp;34376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total<br>| &nbsp;&nbsp;$49422 | &nbsp;&nbsp;$45653 |

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Fund. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

#### Note 6. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's portfolio manager(s) to invest the Fund's assets as intended.

In July 2017, the head of the United Kingdom Financial Conduct Authority ("FCA") announced the intention to phase out the use of LIBOR by the end of 2021. However, after subsequent announcements by the FCA, the LIBOR administrator and other regulators, certain of the most widely used LIBORs are expected to continue until June 30, 2023. The ICE Benchmark Administration Limited, which is regulated and authorized by FCA, and the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Fund. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain the effects such changes will have on the Fund, issuers of instruments in which the Fund invests, and the financial markets generally.

In countries with limited or developing markets, investments may present greater risks than in more developed markets, and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022
and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadvisers to accurately predict risk.

The Fund may invest a high percentage of its assets in specific sectors of the market in the pursuit of its investment objectives. Fluctuations in these sectors of concentration may have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

The Fund borrows through its line of credit for the purpose of leveraging its portfolio. While leverage presents opportunities for increasing the Fund's total return, it also has the effect of potentially increasing losses. Accordingly, any event which adversely affects the value of an investment held by the Fund would be magnified to the extent the Fund is leveraged.

At November 30, 2022, the Fund held securities issued by various companies in specific sectors as detailed below:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;36% |

---

#### Note 7. Borrowings

#### ($ reported in thousands)
Effective December 17, 2020, the Fund entered into a Master Margin Loan Agreement (the "Agreement") with a commercial bank (the "Bank") that allows the Fund to borrow cash from the Bank, up to a limit of $235,000 (the "Commitment Amount"). Cash borrowings under the Agreement are secured by assets of the Fund that are held with the Fund's custodian in a separate account. Starting on October 21, 2022, interest is charged at the Overnight Bank Funding Rate (prior to this date, the base rate was LIBOR) plus an additional percentage rate on the amount borrowed, and commitment fees are charged on the undrawn balance, if less than 75% of the Commitment Amount is borrowed at a given time. For the year ended November 30, 2022, the Fund had average borrowings of $168,971 with an average interest rate of 2.26%. For the same period, the interest expense and commitment fees related to the borrowings amounted to $3,880 and $154 respectively, and are included within the "Interest expense on borrowings" line on the Statement of Operations.

At November 30, 2022, the amount of outstanding borrowings was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding <br> Borrowings** | &nbsp;&nbsp;&nbsp;**Interest <br> Rate** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207000 | &nbsp;&nbsp;4.65% |

---

#### Note 8. Indemnifications
Under the Fund's organizational documents, its Directors and officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide a variety of indemnifications to other parties. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### November 30, 2022
Fund and that have not occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

#### Note 9. Capital Transactions
At November 30, 2022, the Fund had one class of common stock, par value $0.001 per share, of which 500,000,000 shares are authorized and 68,578,328 shares are outstanding.

In a non-transferable rights offering ended September 16, 2022, shareholders exercised rights to purchase 20,311,323 shares of common stock at an offering price of $6.96 per share for proceeds, net of estimated expenses, of $140,617,000.

#### Note 10. Regulatory Matters and Litigation
From time to time, the Fund, the Adviser, the subadvisers, and/or their respective affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, and laws and regulations affecting their activities. At this time, the Fund and the Adviser believe that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.

#### Note 11. Recent Accounting Pronouncement
In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

#### Note 12. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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![](g392392imgb2d7fec15.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Virtus Total Return Fund Inc.

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Virtus Total Return Fund Inc. (the "Fund") as of November 30, 2022, the related statements of operations and cash flows for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania

January 25, 2023

We have served as the auditor of one or more closed-end investment companies affiliated with Virtus Investment Partners, Inc. or its predecessors since at least 1990. We have not been able to determine the specific year we began serving as auditor.

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#### VIRTUS TOTAL RETURN FUND INC.

#### TAX INFORMATION NOTICE (Unaudited)

#### November 30, 2022
The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2023, the Fund will notify applicable shareholders of amounts for use in preparing 2022 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended November 30, 2022, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Qualified Dividend Income %<br> (for non-corporate shareholders) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Received Deduction %<br> (for corporate shareholders) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term <br> Capital Gain Distributions ($) |
| &nbsp;&nbsp;98.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13993 |

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#### CERTIFICATION
The Fund files the required annual Chief Executive Officer ("CEO") certification regarding compliance with the NYSE's listing standards no more than 30 days after each annual shareholder meeting for the Fund. The Fund has included the certifications of the Fund's CEO and Principal Financial Officer required by Section 302 of the Sarbanes-Oxley Act in the Fund's Form N-CSR filed with the SEC for the period of this report.

#### KEY INFORMATION

#### Shareholder Relations: 1-866-270-7788
For general information and literature, as well as updates on net asset value, share price, major industry groups and other key information.

#### REINVESTMENT PLAN
The Automatic Reinvestment and Cash Purchase Plan (the "Plan") offers shareholders a convenient way to acquire additional shares of the Fund. Registered holders will be automatically placed in the Plan and may opt out by calling Shareholder Relations at the number listed above. If shares are held at a brokerage firm, contact your broker about participation in the Plan.

#### REPURCHASE OF SECURITIES
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Fund may from time to time purchase its shares of common stock in the open market when Fund shares are trading at a discount from their net asset value.

#### PROXY VOTING INFORMATION (FORM N-PX)
The subadvisers vote proxies relating to portfolio securities in accordance with procedures that have been approved by the Fund's Board. You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-866-270-7788. This information is also available through the SEC's website at *<u>https://www.sec.gov.</u>*

#### PORTFOLIO HOLDINGS INFORMATION
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form NPORT-P. Form NPORT-P is available on the SEC's website at *<u>https://www.sec.gov</u>.*

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#### VIRTUS TOTAL RETURN FUND INC.

#### INVESTMENT OBJECTIVE, PRINCIPAL STRATEGIES

#### AND PRINCIPAL RISKS (Unaudited)

#### Investment Objective: The Fund's investment objective is capital appreciation, with current income as a secondary objective.

#### Principal Strategies:
The Fund seeks to meet its objectives through a balance of equity and fixed income investments.

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 active sector rotation, extensive credit research, and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets.

#### Principal Risks:
**Equity Securities: Generally, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities will rise and fall in response to a number of different factors. In particular, equity securities will respond to events that affect entire financial markets or industries (such as changes in inflation or consumer demand) and to events that affect particular issuers (such as news about the success or failure of a new product). Equity securities also are subject to "stock market risk," meaning that stock prices in general may decline over short or extended periods of time. When the value of the stocks held by the Fund goes down, the net asset value of the Fund's shares will be affected.**

**Infrastructure-Related Investments: Infrastructure-related entities are subject to a variety of factors that may adversely affect their businesses or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.**

**Utilities Industry: Public utility companies are subject to intrinsic risks, including difficulty in obtaining an adequate return on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on operations and increased costs and delays attributable to environmental considerations and regulation, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, technological innovations that may render existing plants, equipment or products obsolete, the potential impact of natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced availability and high costs of natural gas and other fuels, the effects of energy conservation, the effects of a national energy policy and lengthy delays and greatly increased costs and other problems associated with the design, construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other considerations, the problems associated with the use of radioactive materials, the disposal of radioactive wastes, shutdown of facilities or release of radiation**

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#### VIRTUS TOTAL RETURN FUND INC.

#### INVESTMENT OBJECTIVE, PRINCIPAL STRATEGIES

#### AND PRINCIPAL RISKS (Unaudited) (Continued)
resulting from catastrophic events, disallowance of costs by regulators which may reduce profitability, and changes in market structure that increase competition. There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given regulatory agency may make major shifts in policy from time to time.

**Foreign Investing: Investing in securities of non-U.S. companies involves special risks and considerations not typically associated with investing in U.S. companies, and the values of non-U.S. securities may be more volatile than those of U.S. securities. The values of non-U.S. securities are subject to economic and political developments in countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies, and to changes in currency exchange rates. Values may also be affected by restrictions on receiving the investment proceeds from a non-U.S. country.**

In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. Certain foreign issuers classified as passive foreign investment companies may be subject to additional taxation risk.

**Bank Loans: Investing in loans (including floating rate loans, loan assignments, loan participations and other loan instruments) carries certain risks in addition to the risks typically associated with high-yield/high-risk fixed income securities. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. In the event a borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. There is a risk that the value of the collateral securing the loan may decline after the Fund invests and that the collateral may not be sufficient to cover the amount owed to the Fund. If the loan is unsecured, there is no specific collateral on which the Fund can foreclose. In addition, if a secured loan is foreclosed, the Fund may bear the costs and liabilities associated with owning and disposing of the collateral, including the risk that collateral may be difficult to sell.**

Transactions in many loans settle on a delayed basis that may take more than seven days. As a result, sale proceeds related to the sale of loans may not be available until potentially a substantial period of time after the sale of the loans. No active trading market may exist for some loans, which may impact the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded loans. Loans also may be subject to restrictions on resale, which can delay the sale and adversely impact the sale price. Difficulty in selling a loan can result in a loss. Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Certain loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the strong anti-fraud protections of the federal securities laws. With loan participations, the Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly, so that delays and expense may be greater than those that would be involved if the Fund could enforce its rights directly against the borrower.

**Credit: There is a risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of the security to decline. Debt instruments rated below investment-grade are especially susceptible to this risk.**

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#### VIRTUS TOTAL RETURN FUND INC.

#### INVESTMENT OBJECTIVE, PRINCIPAL STRATEGIES

#### AND PRINCIPAL RISKS (Unaudited) (Continued)
**Interest Rate: The values of debt instruments usually rise and fall in response to changes in interest rates. Declining interest rates generally increase the value of existing debt instruments, and rising interest rates generally decrease the value of existing debt instruments. Changes in a debt instrument's value usually will not affect the amount of interest income paid to the Fund, but will affect the value of the Fund's shares. Interest rate risk is generally greater for investments with longer maturities.**

Certain instruments pay interest at variable or floating rates. Variable rate instruments reset at specified intervals, while floating rate instruments reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the effect of changes in market interest rates on the value of the instrument. However, some instruments do not track the underlying index directly, but reset based on formulas that can produce an effect similar to leveraging; others may also provide for interest payments that vary inversely with market rates. The market prices of these instruments may fluctuate significantly when interest rates change.

Some investments give the issuer the option to call or redeem an investment before its maturity date. If an issuer calls or redeems an investment during a time of declining interest rates, the Fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore it might not benefit from any increase in value as a result of declining interest rates.

**High Yield Fixed Income Securities: Securities rated below the four highest rating categories of a nationally recognized statistical rating organization, may be known as "high-yield" securities and commonly referred to as "junk bonds." The highest of the ratings among these nationally recognized statistical rating organizations is used to determine the security's classification. Such securities entail greater price volatility and credit and interest rate risk than investment-grade securities. Analysis of the creditworthiness of high-yield/high-risk issuers is more complex than for higher-rated securities, making it more difficult for the Fund's subadviser to accurately predict risk. There is a greater risk with high-yield/high-risk fixed income securities that an issuer will not be able to make principal and interest payments when due. If the Fund pursues missed payments, there is a risk that the Fund's expenses could increase. In addition, lower-rated securities may not trade as often and may be less liquid than higher-rated securities, especially during periods of economic uncertainty or change. As a result of all of these factors, these bonds are generally considered to be speculative.**

**Asset-Backed and Mortgage-Backed Securities: Mortgage-backed securities represent interests in pools of residential mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements. These two types of securities share many of the same risks.**

The impairment of the value of collateral or other assets underlying a mortgage-backed or asset-backed security, such as that resulting from non-payment of loans, may result in a reduction in the value of such security and losses to the Fund. Early payoffs in the loans underlying such securities may result in the Fund receiving less income than originally anticipated. The variability in prepayments will tend to limit price gains when interest rates drop and exaggerate price declines when interest rates rise. In the event of high prepayments, the Fund may be required to invest proceeds at lower interest rates, causing the Fund to earn less than if the prepayments had not occurred. Conversely, rising interest rates may cause prepayments to occur at a slower than expected rate, which may effectively change a security

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#### VIRTUS TOTAL RETURN FUND INC.

#### INVESTMENT OBJECTIVE, PRINCIPAL STRATEGIES

#### AND PRINCIPAL RISKS (Unaudited) (Continued)
that was considered short- or intermediate-term into a long-term security. Long-term securities tend to fluctuate in value more widely in response to changes in interest rates than shorter-term securities.

**Management: The Fund is subject to management risk because it is an actively managed investment portfolio. The subadviser's judgments about the attractiveness and potential appreciation of an investment may prove to be inaccurate and may not produce the desired results. The subadviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result.**

**Market Volatility: The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods. Local, regional, or global events such as war (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's portfolio managers to invest the Fund's assets as intended.**

#### No Guarantee: There is no guarantee that the Fund will meet its objective.
**Leverage: The Fund employs leverage through margin financing. While this leverage often serves to increase yield, it also subjects the Fund to increased risks. These risks may include the likelihood of increased price and NAV volatility and the possibility that the Fund's common stock income will fall if the interest rate on any borrowings rises. The use of leverage is premised upon the expectation that the cost of leverage will be lower than the return on the investments made with the proceeds. However, if the income or capital appreciation from the securities purchased with such proceeds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return to common stockholders will be less than if the leverage had not been used. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.**

**Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.**

**Managed Distribution Plan: The Board of Directors has adopted a Managed Distribution Plan (the "Plan") which currently provides for the Fund to make a monthly distribution at the rate of $0.08 per share. Under the terms of the Plan, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income, realized capital gains, and a return of capital, or a combination thereof. The Board may amend, suspend or terminate the Plan at any time, without prior notice to shareholders, if it deems such action to be in the best interests of the Fund and its shareholders.**

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#### VIRTUS TOTAL RETURN FUND INC.

#### Automatic Reinvestment and Cash Purchase Plan (Unaudited)
Virtus Total Return Fund Inc. (the "Fund") allows you to conveniently reinvest distributions monthly in additional Fund shares thereby enabling you to compound your returns from the Fund. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

#### Enrollment in the Reinvestment Plan
It is the policy of the Fund to automatically reinvest distributions payable to shareholders. A "registered" shareholder automatically becomes a participant in the Fund's Automatic Reinvestment and Cash Purchase Plan (the "Plan"). The Plan authorizes the Fund to credit all shares of common stock to participants upon a distribution regardless of whether the shares are trading at a discount or premium to the net asset value. Registered shareholders may terminate their participation and receive distributions in cash by contacting Computershare Trust Company, N.A. (the "Plan Administrator"). The termination will become effective with the next distribution if the Plan Administrator is notified at least 7 business days prior to the distribution payment date. Registered shareholders that wish to change their distribution option from cash payment to reinvest may do so by contacting the Fund at 1-866-270-7788. In the case of banks, brokers, or other nominees which hold your shares for you as the beneficial owner, the Plan Administrator will administer the Plan based on the information provided by the bank, broker or nominee. To the extent that you wish to participate in the Plan, you should contact the broker, bank or nominee holding your shares to ensure that your account is properly represented. If necessary, you may have your shares taken out of the name of the broker, bank or nominee and register them in your own name.

#### How shares are purchased through the Reinvestment Plan
When a distribution is declared, nonparticipants in the plan will receive cash. Participants in the Plan will receive shares of the Fund valued as described below:

If on the payable date of the distribution, the market price of the Fund's common stock is less than the net asset value, the Plan Administrator will buy Fund shares on behalf of the Participant in the open market, on the New York Stock Exchange (NYSE) or elsewhere. The price per share will be equal to the weighted average price of all shares purchased, including commissions. Commission rates are currently $0.02 per share, although the rate is subject to change and may vary. If, following the commencement of purchases and before the Plan Administrator has completed its purchases, the trading price equals or exceeds the most recent net asset value of the common shares, the Plan Administrator may cease purchasing shares on the open market and the Fund may issue the remaining shares at a price equal to the greater of (a) the net asset value on the last day the Plan Administrator purchased shares or (b) 95% of the market price on such day. In the case where the Plan Administrator has terminated open market purchase and the Fund has issued the remaining shares, the number of shares received by the Participant in respect of the cash distribution will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the Fund issued the remaining shares. Under certain circumstances, the rules and regulations of the Securities and Exchange Commission may require limitation or temporary suspension of market purchases of shares under the Plan. The Plan Administrator will not be accountable for its inability to make a purchase during such a period.

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#### VIRTUS TOTAL RETURN FUND INC.

#### Automatic Reinvestment and Cash Purchase Plan
(Unaudited) (Continued)

If on the payable date of the distribution, the market price is equal to or exceeds the net asset value, Participants will be issued new shares by the Fund at the greater of the (a) the net asset value on the payable date or (b) 95% of the market price on such date.

The automatic reinvestment of distributions will not relieve Participants of any income tax which may be payable on such distributions. A Participant in the Plan will be treated for federal income tax purposes, as having received on a payment date, a distribution in an amount equal to the cash the participant could have received instead of shares. If you participate in the Plan, you will receive a Form 1099-DIV concerning the Federal tax status of distributions paid during the year.

#### Charges to Participate in the Plan
As a Participant in the Plan, you will not pay any charge to have your distributions reinvested in additional shares. The Plan Administrator's fees for handling the reinvestment of distributions will be paid by the Fund. There will be no brokerage commissions for shares issued directly by the Fund in payment of distributions. However, each Participant will pay a pro rata share of brokerage commissions incurred (currently $0.02 per share, but may vary and is subject to change) with respect to the Plan Administrator's open market purchases in connection with the reinvestment of distributions.

#### Voluntary Cash Purchase Plan
Participants in the Plan have the option of making additional cash payments for investment in shares of the Fund. Such payments can be made in any amount from $100 per payment to $3,000 per month. The Plan Administrator will use the funds received to purchase Fund shares in the open market on the 15th of each month or the next business day if the 15th falls on a weekend or holiday (the "Investment Date"). The purchase price per share will be equal to the weighted average price of all shares purchased on the Investment Date, including commissions. There is no charge to shareholders for Cash Purchases. The plan administrator's fee will be paid by the Fund. However, each participating shareholder will pay pro rata share of brokerage commissions incurred (currently $0.02 per share, but may vary and is subject to change) with respect to the Plan Administrator's open market purchases in connection with all cash investments. Voluntary cash payments should be sent to Computershare, P.O. Box 6006, Carol Stream, IL 60197-6006.

Participants have an unconditional right to obtain the return of any cash payment if the Plan Administrator receives written notice at least 5 business days before such payment is to be invested.

#### Automatic Monthly Investment
Participants in the Plan may purchase additional shares by means of an Automatic Monthly Investment of not less than $100 nor more than $3,000 per month by electronic funds transfer from a predesignated U.S bank account. If a Participant has already established a Plan account and wishes to initiate Automatic Monthly Investments, the Participant must complete and sign an automatic monthly investment form and return it to the Plan Administrator together with a voided check or deposit slip for the account from which funds are to be withdrawn. Automatic monthly investment forms may be obtained from the Fund by calling 1-866-270-7788.

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#### VIRTUS TOTAL RETURN FUND INC.

#### Automatic Reinvestment and Cash Purchase Plan
(Unaudited) (Continued)

#### Termination of Shares
Shareholders wishing to liquidate shares held with the Plan Administrator must do so in writing or by calling 1-866-270-7788. The Plan Administrator does not charge a fee for liquidating your shares; however, a brokerage commission of $0.02 will be charged. This charge may vary and is subject to change.

Once terminated, you may re-enroll in the Plan (provided you still have shares registered in your name) by contacting the Fund at 1-866-270-7788.

#### Additional Information
For more information regarding the Automatic Reinvestment and Cash Purchase Plan, please contact the Fund at 1-866-270-7788 or visit Virtus.com.

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such distribution. The Plan also may be amended or terminated by the Plan Administrator with at least 90 days' written notice to participants in the Plan.

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

#### BY THE BOARD OF DIRECTORS OF VIRTUS TOTAL

#### RETURN FUND INC. (Unaudited)
The Board of Directors (the "Board") of Virtus Total Return Fund Inc. (the "Fund") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Fund and Virtus Investment Advisers, Inc. ("VIA") and the continuation of each of the subadvisory agreements (the "Subadvisory Agreements", and collectively with the Advisory Agreement, the "Agreements") with Virtus Fixed Income Advisers, LLC, acting through its division Newfleet Asset Management, and Duff & Phelps Investment Management Company (each, a "Subadviser" and together, "Subadvisers"). At a meeting held on November 1, 2022, in a virtual meeting format in light of public health concerns regarding the spread of COVID-19, and at an in-person meeting held on November 16, 2022 (the "Meetings"), the Board, including a majority of the Directors who are not interested persons, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Fund (the "Independent Directors") considered and approved the continuation of each Agreement, as further discussed below.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadvisers which, in the Board's view, constituted information necessary for the Board to evaluate each of the Agreements. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from each of the Subadvisers with respect to the Fund. The Board noted the affiliation of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. The Board considered all factors that it considered relevant, including those discussed below. The Board did not identify any one factor as all-important or controlling, and each Director may have attributed different weights to the various factors. The Independent Directors also discussed the proposed approval of the Agreements in executive sessions with their independent legal counsel at which no representatives of VIA or the Subadvisers were present.

<u>Nature, Extent and Quality of Services</u>

The Directors received in advance of the Meetings various data and information regarding the nature, extent and quality of the services provided under the Agreements, including responses by VIA and the Subadvisers to detailed requests submitted by independent legal counsel to the Independent Directors on their behalf, as well as responses by VIA and the Subadvisers to follow-up questions. The Directors also previously had received presentations by VIA's and each Subadviser's senior management personnel. The responses to the information requests and the presentations included, among other things, information about the: background, experience and investment philosophy of senior management and investment personnel responsible for managing the Fund; resources, operations and compliance structure of VIA and the Subadvisers; and investment process, investment strategies, personnel, compliance procedures, and overall performance of VIA and the Subadvisers.

In considering the Agreement with VIA, the Board considered VIA's process for supervising and managing the Subadvisers, including: (a) VIA's ability to select and monitor the Subadvisers; (b) VIA's ability to provide the services necessary to monitor each Subadviser's compliance with the Fund's investment objectives, policies and restrictions, as well as to provide other

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

#### BY THE BOARD OF DIRECTORS OF VIRTUS TOTAL

#### RETURN FUND INC. (Unaudited)
oversight activities; and (c) VIA's ability and willingness to identify instances in which a Subadviser should be replaced and to carry out the required changes. The Directors also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to continue to provide a high level and quality of services to the Fund; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative and other services provided by VIA and its affiliates to the Fund; (e) VIA's supervision of the Fund's other service providers; and (f) VIA's risk management processes. It was noted that an affiliate of VIA serves as administrator to the Fund. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties, as well as information from the Fund's Chief Compliance Officer regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by the Subadvisers, as well as information provided throughout the past year. The Board noted that each Subadviser provided portfolio management, compliance with the Fund's investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the Fund must be carried out in accordance with the Fund's investment objectives, policies and restrictions. The Board considered each Subadviser's portfolio management services, including: (a) the scope of its operations; (b) its portfolio management capabilities; (c) the breadth and depth of its management, investment and research personnel; and (d) the various support services that it provides to the Fund. The Board considered the investment management process and strategies employed by each Subadviser, and the experience and capability of each Subadviser's management and other personnel committed by each Subadviser to the Fund. The Board also considered: (a) the quality of each Subadviser's regulatory and legal compliance policies, procedures and systems; and (b) each Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including the fact that neither Subadviser was currently involved in any regulatory actions, investigations or material litigation.

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the "Broadridge Report") for the Fund prepared by Broadridge Financial Solutions, Inc., an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented the Fund's performance relative to a peer group of other closed-end funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on the Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as each Subadviser's investment strategies. The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also took into account its discussions with management regarding factors that contributed to the performance of the Fund.

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

#### BY THE BOARD OF DIRECTORS OF VIRTUS TOTAL

#### RETURN FUND INC. (Unaudited)
The Board noted that the performance of the Fund for the period prior to the reorganization of the former Virtus Total Return Fund ("ZF") with and into the Fund (the "Reorganization") represented performance of ZF, as ZF was the accounting survivor in the Reorganization. The Board noted that the Fund underperformed the median of its Performance Universe for the year-to-date, 1-, 3-, 5-, and 10-year periods ended June 30, 2022. The Board also noted that the Fund underperformed its benchmark for the year-to-date, 1-, 3-, and 5-year periods ended June 30, 2022 and outperformed its benchmark for the 10-year period ended June 30, 2022. The Directors discussed the Fund's underperformance and the reasons therefor among themselves and with management.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing the Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory fees. The Board also noted that the subadvisory fees were paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Directors also considered the fee rates payable by comparable accounts managed by each of the Subadvisers.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to the Fund's fees and expenses. The Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

The Board noted that the Fund's net management fees were in the first quintile of the Expense Universe, and that the Fund's net total expenses were in the third quintile of the Expense Universe.

<u>Profitability</u> 

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability of VIA for its management of the Fund, as well as its profits and those of each Subadviser. In addition to the fees paid to VIA and its affiliates, including each of the Subadvisers, the Board considered other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was within a reasonable range in light of the quality of the services rendered to the Fund by VIA and its affiliates, and other factors considered.

In considering the profitability to each Subadviser in connection with its relationship to the Fund, the Board noted that the fees payable under the Subadvisory Agreements are paid by

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

#### BY THE BOARD OF DIRECTORS OF VIRTUS TOTAL

#### RETURN FUND INC. (Unaudited)
VIA out of the fee that VIA receives under the Advisory Agreement, and not by the Fund. In considering the fee payable by VIA to each Subadviser, the Board noted that, because each Subadviser is an affiliate of VIA, its profitability should be considered as part of the profitability of VIA and, therefore, the Board considered the profitability of VIA and the Subadvisers together. For each of the above reasons, the Board concluded that the separate profitability to each of the Subadvisers and their affiliates from their relationships with the Fund was not a material factor in approval of the Subadvisory Agreements.

<u>Economies of Scale</u>

The Board considered the extent to which economies of scale would be realized as the Fund's assets grow, and whether the fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board noted that economies of scale may develop for certain funds as their assets increase and their fixed fund-level expenses decline as a percentage of assets, but that closed-end funds such as the Fund typically do not have the ability to increase substantially their asset base as do open-end funds.

The Board also considered the advisory fee rate in relation to the current asset size of the Fund, and whether any economies of scale exist at that size. The Board noted that the Fund had recently conducted a rights offering which increased its asset size. The Board concluded that, given the Fund's closed-end structure, no changes to the Fund's advisory and subadvisory fee structure were necessary or advisable at this time. The Board agreed that it would be appropriate to monitor this matter in the event that the assets of the Fund were to increase substantially via a secondary offering, additional rights offering, capital appreciation, reinvested dividends, the use of increased leverage or some other means.

<u>Other Factors</u>

The Board considered information regarding potential "fallout" or ancillary benefits that may be realized by VIA, the Subadvisers and their respective affiliates as a result of their relationships with the Fund. The Board noted that an affiliate of VIA provides administrative services to the Fund. The Board noted management's discussion of the fact that, while each Subadviser is an affiliate of VIA, there are no other direct benefits received by the Subadvisers or VIA in providing investment advisory services to the Fund, other than the fees earned under the respective Agreement.

The Directors concluded that potential "fallout" benefits that VIA and the Subadvisers may receive, such as greater name recognition or increased ability to obtain research and brokerage services, as applicable, may, in some cases, benefit the Fund.

<u>Conclusion</u> 

After considering all factors that it considered relevant, the Board, including a majority of the Independent Directors, approved the Agreements with respect to the Fund.

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FUND MANAGEMENT TABLES (Unaudited)

Information pertaining to the Directors and Officers of the Company as of the date of the issuance of this report is set forth below. The address of each individual, unless otherwise noted, is c/o Virtus Total Return Fund Inc., One Financial Plaza, Hartford, CT 06103.

#### Independent Directors

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Burke, Donald C.<br> YOB: 1960<br> Served Since: 2020, Class I<br> 99 Portfolios | &nbsp;&nbsp;&nbsp;Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). &nbsp;&nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014) closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Cogan, Sarah E.<br> YOB: 1956<br> Served Since: 2021, Class I<br> 103 Portfolios | &nbsp;&nbsp;&nbsp;Retired Partner, Simpson Thacher & Bartlett LLP ("STB") (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). &nbsp;&nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.;; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;DeCotis, Deborah A.<br> YOB: 1952<br> Served Since: 2021, Class I<br> 103 Portfolios | &nbsp;&nbsp;&nbsp;Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). &nbsp;&nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Director, Cadre Holdings Inc. (since 2022); Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Drummond, F. Ford<br> YOB: 1962<br> Served Since: 2021, Class II<br> 103 Portfolios | &nbsp;&nbsp;&nbsp;Owner/Operator (since 1998), Drummond Ranch; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly, Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). &nbsp;&nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
| &nbsp;&nbsp;Harris, Sidney E.<br> YOB: 1949<br> Served Since: 2020, Class I<br> 96 Portfolios | &nbsp;&nbsp;&nbsp;Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. &nbsp;&nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Mallin, John R.<br> YOB: 1950<br> Served Since: 2020, Class II<br> 96 Portfolios | &nbsp;&nbsp;&nbsp;Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. &nbsp;&nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
| &nbsp;&nbsp;McDaniel, Connie D.<br> YOB: 1958<br> Served Since: 2020, Class III<br> 96 Portfolios | &nbsp;&nbsp;&nbsp;Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. &nbsp;&nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2019), Governance & Nominating Committee, Global Payments Inc.; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;McLoughlin, Philip R.<br> YOB: 1946<br> Served Since: 2014, Class II<br> Chairman<br> 106 Portfolios | &nbsp;&nbsp;&nbsp;Private investor since 2010. &nbsp;&nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios), Virtus Strategy Trust (8 portfolios), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (57 portfolios). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;McNamara, Geraldine M.<br> YOB: 1951<br> Served Since: 2020, Class III<br> 106 Portfolios | &nbsp;&nbsp;&nbsp;Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). &nbsp;&nbsp;&nbsp;Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (57 portfolios). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Walton, R. Keith<br> YOB: 1964<br> Served Since: 2004, Class III<br> 103 Portfolios | &nbsp;&nbsp;&nbsp;Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. &nbsp;&nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Zino, Brian T.<br> YOB: 1952<br> Served Since: 2014, Class III<br> 103 Portfolios | &nbsp;&nbsp;&nbsp;Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). &nbsp;&nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

#### Interested Director
The individual listed below is an "interested person" of the Fund, as defined in Section 2(a)(19) of the 1940 Act, as amended, and the rules and regulations thereunder.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of Portfolios<br> in Fund Complex Overseen<br> by Director** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past<br> 5 Years** |
| &nbsp;&nbsp;Aylward, George R.\*<br> Director and President<br> YOB: 1964<br> Served Since: 2006, Class II<br> 109 Portfolios | &nbsp;&nbsp;&nbsp;Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various senior officer positions with Virtus affiliates (since 2005). &nbsp;&nbsp;&nbsp;Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (57 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |

---

\*Mr. Aylward is an "interested person," as defined in the 1940 Act, by reason of his position as President and Chief Executive Officer of Virtus Investment Partners, Inc. ("Virtus"), the ultimate parent company of the Adviser, and various positions with its affiliates, including the Adviser.

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

FUND MANAGEMENT TABLES (Unaudited) (Continued)

#### Officers Who Are Not Directors

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held<br> with Fund and<br> Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Batchelar, Peter J.<br> YOB: 1970 | &nbsp;&nbsp;&nbsp;Senior Vice President (since 2017) and Vice President (2016 to 2017). | &nbsp;&nbsp;&nbsp;Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Bradley, W. Patrick<br> YOB: 1972 | &nbsp;&nbsp;&nbsp;Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2012 to 2013); Chief Financial Officer and Treasurer (since 2010). | &nbsp;&nbsp;&nbsp;Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
| &nbsp;&nbsp;Branigan, Timothy<br> YOB: 1976 | &nbsp;&nbsp;&nbsp;Vice President and Fund Chief Compliance Officer (since 2022) and Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022). | &nbsp;&nbsp;&nbsp;Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Fromm, Jennifer<br> YOB: 1973 | &nbsp;&nbsp;&nbsp;Vice President, Chief Legal Officer, Counsel and Secretary (since 2020). | &nbsp;&nbsp;&nbsp;Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Short, Julia R.<br> YOB: 1972 | &nbsp;&nbsp;&nbsp;Senior Vice President (since 2018). | &nbsp;&nbsp;&nbsp;Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
| &nbsp;&nbsp;Smirl, Richard W.<br> YOB: 1967 | &nbsp;&nbsp;&nbsp;Executive Vice President (since 2021). | &nbsp;&nbsp;&nbsp;Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### VIRTUS TOTAL RETURN FUND INC.
101 Munson Street

Greenfield, MA 01301-9668

#### Board of Directors
George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

Sidney E. Harris

John R. Mallin

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

R. Keith Walton

Brian T. Zino

#### Officers
George R. Aylward, President and Chief Executive Officer

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

#### Transfer Agent
Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

#### Independent Registered Public<br> Accounting Firm
PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

#### How to Contact Us
Shareholder Services 1-866-270-7788

---

| | |
|:---|:---|
| Website | **www.Virtus.com** |

---

Important Notice to Shareholders<br> The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-866-270-7788.

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[**Table of Contents**](#job_dca_t_0c945c22-3526-4a88-9b01-c814d1c8d874_toc)

#### Virtus Total Return Fund Inc.
c/o Computershare Investor Services

P.O. Box 43078

Providence, RI 02940-3078

For more information about<br> Virtus Closed-End Funds, please<br> contact us at 1-866-270-7788<br> or **closedendfunds@virtus.com**<br> or visit **Virtus.com**.

![](g392392img3bb5675b6.gif)

---

| | |
|:---|:---|
| 8523 | 01-23 |

---

------

**Item 2.** **Code of Ethics.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit
waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether
these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's Board of Directors has determined that the Registrant has at least one "audit committee financial expert" serving on its Audit Committee.

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| | |
|:---|:---|
| (a)(2) | As of the end of the period covered by the report, the registrant's board of directors determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino is qualified to serve as an audit committee financial expert serving on its audit committee and that each is "independent," as defined by Item 3 of Form N-CSR.  |

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(a)(3) Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

<u>Audit Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $33,055
for 2022 and $30,050 for 2021.

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<u>Audit-Related Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $4,724 for 2022 and $2,775 for 2021. Such audit-related
fees include out of pocket expenses.

<u>Tax Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $4,078 for 2022 and $4,853 for 2021.

"Tax Fees" are those primarily associated with review of the Fund's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Fund's financial statement, review of year-end distributions by the Fund to avoid excise tax, periodic discussion with management on tax issues affecting the Fund, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,500 for 2022 and $0 for 2021.

These fees represent work on the registration statement filing for the Fund's right offering.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Virtus Total Return Fund Inc. (the "Fund") Board has adopted policies and procedures with regard to the pre-approval of services provided by PwC. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Board. As noted above, the Board must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliate Service Providers that related directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Board believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Board without consideration on a specific case-by-case basis ("general pre-approval").

The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Board is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.

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| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $5,578 for 2022
and $7,628 for 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The registrant has a separately designated audit committee. During the period covered by this report, the members of the audit committee were Donald C. Burke, Deborah A. DeCotis, John R. Mallin, Connie D. McDaniel and Brian T. Zino.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Not applicable.

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**Item 6.** **Investments.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

The Fund has adopted a Policy Regarding Proxy Voting (the "Policy") stating the Fund's intention to exercise stock ownership rights with respect to portfolio securities in a manner that is reasonably anticipated to further the best economic interests of shareholders of the Fund. The Fund or its voting delegates will endeavor to analyze and vote all proxies that are likely to have financial implications, and where appropriate, to participate in corporate governance, shareholder proposals, management communications and legal proceedings. The Fund or its voting delegates must also identify potential or actual conflicts of interest in voting proxies and must address any such conflict of interest in accordance with the Policy.

In the absence of a specific direction to the contrary from the Board, the Adviser or the subadviser that is managing the Fund is responsible for voting proxies for such fund, or for delegating such responsibility to a qualified, independent organization engaged by the Adviser or respective subadviser to vote proxies on its behalf. The applicable voting party will vote proxies in accordance with the Policy or its own policies and procedures, which must be reasonably designed to further the best economic interests of the affected fund shareholders. Because the Policy and the applicable voting party's policies and procedures used to vote proxies for the funds both are designed to further the best economic interests of the affected fund shareholders, they are not expected to conflict with one another although the types of factors considered by the applicable voting party under its own policies and procedures may be in addition to or different from the ones listed below for the Policy.

The Policy specifies the types of factors to be considered when analyzing and voting proxies on certain issues when voting in accordance with the Policy, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anti-takeover measures – the overall long-term financial performance of the target company relative to its
industry competition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Governance Matters – tax and economic benefits of changes in the state of incorporation; dilution
or improved accountability associated with changes in capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contested elections – the qualifications of all nominees; independence and attendance record of board and
key committee members; entrenchment devices in place that may reduce accountability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Option and Other Management Compensation Issues—executive pay and spending on perquisites,
particularly in conjunction with sub-par performance and employee layoffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder proposals – whether the proposal is likely to enhance or protect shareholder value; whether
identified issues are more appropriately or effectively addressed by legal or

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regulatory changes; whether the issuer has already appropriately addressed the identified issues; whether the proposal is unduly burdensome or prescriptive; whether the issuer's existing approach to the identified issues is comparable to industry best practice.

The Fund and its voting delegates seek to avoid actual or perceived conflicts of interest of Fund shareholders, on the one hand, and those of the Adviser, subadviser, other voting delegate, Distributor, or any affiliated person of the Fund, on the other hand.

Depending on the type and materiality, the Board or its delegates may take the following actions, among others, in addressing any material conflicts of interest that arise with respect to voting (or directing voting delegates to vote): (i) rely on the recommendations of an established, independent third party proxy voting vendor; (ii) vote pursuant to the recommendation of the proposing delegate; (iii) abstain; (iv) where two or more delegates provide conflicting requests, vote shares in proportion to the assets under management of each proposing delegate; (v) vote shares in the same proportion as the vote of all other shareholders of such issuer; or (vi) the Adviser may vote proxies where the subadviser has a direct conflict of interest. The Policy requires each Adviser/subadviser that is a voting delegate to notify the Chief Compliance Officer of the Fund (or, in the case of a subadviser, the Chief Compliance Officer of the Adviser) of any actual or potential conflict of interest that is identified, and provide a recommended course of action for protecting the best interests of the affected fund's shareholders. No Adviser/subadviser or other voting delegate may waive any conflict of interest or vote any conflicted proxies without the prior written approval of the Board (or the Executive Committee thereof) or the Chief Compliance Officer of the Fund.

The Policy further imposes certain record-keeping and reporting requirements on each Adviser/subadviser or other voting delegate.

Information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended September 30 will be available, no later than August 31 of each year, free of charge by calling, toll-free, 866.270.7788, or on the SEC's Web site at www.sec.gov.

During the period of the report, any proxies for the Fund were handled by the Fund's subadvisers, Duff & Phelps Investment Management Co. ("Duff & Phelps") and/or Newfleet Asset Management, a division of Virtus Fixed Income Advisers, LLC ("Newfleet"). Following are summaries of their proxy voting policies.

<u>Duff & Phelps</u> 

Duff & Phelps has adopted proxy voting guidelines (the "Guidelines") in an effort to ensure shares are voted in the best interests of its clients and the value of the investment, and to address any real or perceived conflicts of interest in proxy voting. The Guidelines allow Duff & Phelps to utilize a qualified, non-affiliated third-party vendor to assist in the review of proxy proposals and making of voting recommendations on behalf of clients consistent with the Guidelines and Duff & Phelps' clients' proxy voting guidelines including the Policy, or as determined to be in the best economic interest of Duff & Phelps' clients.

Duff & Phelps has procedures in place to address conflicts of interest or potential conflicts of interest relating to proxy proposals. Generally, where the Guidelines outline a voting position, either as for or against such proxy proposal, voting will be according to either the Guidelines or the third-party vendor's

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policies. The Proxy Committee will vote the proxy according to either its determination of the client's best interests or by client direction. In performing its analysis of how to vote on a proposal, the Proxy Committee will begin by considering the voting recommendation of the third-party vendor and will then override such vendor's recommendation if the Proxy Committee determines that such recommendation is not in the best interest of Duff & Phelps clients. The firm seeks not to finalize its votes until close to the deadline for being able to vote, so as to be able to consider any additional information that may become available, including from the company in response to a recommendation that has been made by a proxy advisory firm. The Proxy Committee incorporates consideration of ESG issues into its evaluation of recommendations of the proxy advisory firm and the voting of proxies generally. The firm has additionally adopted proxy voting guidelines that serve as a guide to voting with regard to certain recurring proposals. The vote the Proxy Committee selects will depends on the facts and circumstances of each situation as well as requirements of applicable law.

Duff & Phelps may choose not to vote proxies in certain situations or for certain accounts, such as when:

• it deems the cost of voting to exceed any anticipated benefit to client;

• a proxy is received for a security it no longer manages due to the entire position being sold; or

• exercising voting rights could restrict the ability of the portfolio manager to freely trade the security.

Duff & Phelps may also not be able to vote proxies for any client account that participates in securities lending programs.

A complete copy of Duff & Phelps' current Proxy Voting Policies, Procedures and Guidelines may be obtained by sending a written request to Duff & Phelps Investment Management Co., Attn: Compliance, 200 S. Wacker Drive, Suite 500, Chicago, Illinois 60606.

<u>Newfleet</u> 

Although the nature of Newfleet's portfolios is such that ballots are rarely required, Newfleet has adopted pre-determined proxy voting guidelines (the "Guidelines") to make every effort to ensure the manner in which shares are voted is in the best interest of its clients and the value of the investment. Under the Guidelines, Newfleet sometimes delegates to a non-affiliated third party vendor the responsibility to review proxy proposals and make voting recommendations on behalf of Newfleet. Newfleet may also vote a proxy contrary to the Guidelines if it determines that such action in the best interest of its clients including the Fund.

A complete copy of Newfleet's current Proxy Voting Policies & Procedures is available by sending a written request to Newfleet Asset Management, LLC, Attn: Compliance Department, One Financial Plaza, Hartford, CT 06103. Email requests may be sent to: james.sena@virtus.com.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

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| | |
|:---|:---|
| **(a)(1)** | **Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members**  |

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As of the date of filing this report, the Fund's sub-advisers are Duff & Phelps Investment Management Co. ("Duff & Phelps") and Newfleet Asset Management, LLC ("Newfleet"). The names, titles and length of service of the person or persons employed by or associated with the

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registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager") and each Portfolio Manager's business experience during the past 5 years as of the date of filing of this report:

**Duff & Phelps** 

**Connie M. Luecke, CFA** 

Ms. Luecke is a Senior Managing Director and Senior Portfolio Manager at Duff & Phelps, an affiliated manager of Virtus. She is the senior portfolio manager for the firm's global listed infrastructure strategies and is chief investment officer of DNP Select Income Fund Inc. (NYSE: DNP). She has been a portfolio manager for the Virtus Duff & Phelps Global Infrastructure Fund since its inception in 2004, as well as portfolio manager for all Global Listed Infrastructure.

Prior to joining Duff & Phelps in 1992, Ms. Luecke served as a financial valuation consultant at Coopers & Lybrand, and as a research associate at Harris Associates L.P.

Ms. Luecke earned a B.S. from DePaul University and an M.B.A. from Loyola University of Chicago. She is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charter-holder, a member of the CFA Institute and the CFA Society of Chicago, and a past president of the Utility and Telecommunications Securities Club of Chicago. She began her career in the investment industry in 1983.

**Newfleet** 

**David L. Albrycht, CFA** 

David Albrycht is president and chief investment officer of Newfleet, an affiliated manager of Virtus. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former affiliate of Virtus . He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.

Mr. Albrycht has been a portfolio manager of the Fund and its predecessor since 2016, Virtus Newfleet Multi-Sector Short Term Bond Fund since 1993, Virtus Newfleet Multi-Sector Intermediate Bond Fund since 1994, and co-manager of Virtus Newfleet Senior Floating Rate Fund since 2008, Virtus Tactical Allocation Fund and Virtus Newfleet High Yield Fund since 2011, Virtus Newfleet Core Plus Bond Fund and Virtus Newfleet Low Duration Income Fund since 2012. He also co-manages two variable investment options and is manager of another closed-end fund, Virtus Global Multi-Sector Income Fund (NYSE: VGI). He also is a manager of four exchange-traded funds, AdvisorShares Newfleet Multi-Sector Income ETF (NYSE: MINC), Virtus Newfleet Multi-Sector Bond ETF (NFLT), Virtus Newfleet High Yield Bond ETF (BLHY), and Virtus Newfleet ABS/MBS ETF (VABS) and two offshore funds, the Virtus GF Multi-Sector Short Duration Bond Fund and Virtus GF Multi-Sector Income Fund. He is also responsible for the structuring and management of Newfleet's CLO platform.

Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charterholder and has been working in the investment industry since 1985.

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| | |
|:---|:---|
| **(a)(2)** | **Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest**  |

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There may be certain inherent conflicts of interest that arise in connection with the portfolio managers' management of the Fund's investments and the investments of any other accounts they manage. Such conflicts could include the aggregation of orders for all accounts managed by a particular portfolio manager, the allocation of purchases across all such accounts, the allocation of IPOs and any soft dollar arrangements that the adviser/subadviser may have in place that could benefit the Fund and/or such other accounts. The Board of Directors has adopted policies and procedures designed to address any such conflicts of interest to ensure that all transactions are executed in the best interest of the Fund's shareholders. Each adviser/subadviser is required to certify its compliance with these procedures on a quarterly basis. There have been no material compliance issues with respect to any of these policies and procedures during the Fund's most recent fiscal year. Additionally, there are no material conflicts of interest between the investment strategy of the Fund and the investment strategy of other accounts managed by the portfolio managers since the portfolio managers generally manage funds and other accounts having similar investment strategies.

The following table provides information as of November 30, 2022, regarding any other accounts managed by the portfolio managers and portfolio management team members for the Fund. As noted in the table, the portfolio managers managing the Fund may also manage or be members of management teams for other mutual funds within the Virtus Fund complex or other similar accounts.

**Other Accounts Managed by Portfolio Manager(s) or Management Team Member**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name of<br> Portfolio<br> Manager or<br> Team Member | Type of Accounts | Total<br>No. of Accounts<br>Managed | Total<br>Assets<br>(in millions) | No. of<br>Accounts<br>where<br>Advisory Fee<br>is Based on<br>Performance | Total Assets<br>in Accounts<br>where<br>Advisory Fee<br>is Based on<br>Performance |
|  David L. Albrycht | Registered Investment Companies: | 17 | $7640 | 1 | $58.5 |
|  | Other Pooled Investment Vehicles: | 2 | 90.6 | 0 | 0 |
|  | Other Accounts: | 0 | 0 | 0 | 0 |
|  Connie M. Luecke | Registered Investment Companies: | 2 | 4520.7 | 0 | 0 |
|  | Other Pooled Investment Vehicles: | 2 | 282.5 | 0 | 0 |
|  | Other Accounts: | 0 | 0 | 0 | 0 |

---

------

---

| | |
|:---|:---|
| **(a)(3)** | **Compensation Structure of Portfolio Manager(s) or Management Team Members**  |

---

Virtus, along with certain of its affiliated investment management firms, including Duff & Phelps and Newfleet (collectively, "Virtus"), believes that the firm's compensation program is adequate and competitive to attract and retain high-caliber investment professionals. Investment professionals at Virtus receive a competitive base salary, an incentive bonus opportunity, and a benefits package. Certain professionals who supervise and manage others also participate in a management incentive program reflecting their personal contribution and team performance. Certain key individuals also have the opportunity to take advantage of a long-term incentive compensation program, including potential awards of Virtus restricted stock units ("RSUs") with multi-year vesting, subject to Virtus board of directors' approval.

Following is a more detailed description of the compensation structure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Base Salary:* Each portfolio manager is paid a fixed based salary, which is designed to be competitive in
light of the individual's experience and responsibilities. Base salary is determined using compensation survey results of investment industry compensation conducted by an independent third party in evaluating competitive market compensation for
its investment management professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Incentive Bonus*: Annual incentive payments are based on targeted compensation levels, adjusted based on
profitability and investment performance factors, and a subjective assessment of contribution to the team effort. The short-term incentive payment is generally paid in cash, but a portion may be payable in RSUs and mutual fund investments that
appreciate or depreciate in value based on the returns of one or more mutual funds managed by the investment professional. Individual payments are assessed using comparisons of actual investment performance with specific peer group or index
measures. Performance of funds managed is generally measured over one-, three-, and five-year periods and an individual manager's participation is based on the performance of each fund/account managed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Benefits:* Portfolio managers are also eligible to participate in broad-based plans offered generally
to employees of Virtus and its affiliates, including 401(k), health, and other employee benefit plans.

While portfolio managers compensation contains a performance component, this component is adjusted to reward investment personnel for managing within the stated framework and for not taking unnecessary risk. This approach helps ensure that investment management personnel remain focused on managing and acquiring securities that correspond to a fund's mandate and risk profile and are discouraged from taking on more risk and unnecessary exposure to chase performance for personal gain. Virtus believes it has appropriate controls in place to handle any potential conflicts that may result from a substantial portion of portfolio manager compensation being tied to performance.

---

| | |
|:---|:---|
| **(a)(4)** | **Disclosure of Securities Ownership**  |

---

For the most recently completed fiscal year ended November 30, 2022, beneficial ownership of shares of the Fund by Mr. Albrycht and Ms. Luecke, are as follows. Beneficial ownership was determined in accordance with rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (17 CFR 240.161-1(a)(2)).

------

---

| | |
|:---|:---|
| Name of Portfolio Manager or<br> Team Member | Dollar ($) Range of Fund Shares<br> Beneficially Owned |
|  David L. Albrycht | $0 |
|  Connie M. Luecke | $50001-100000 |

---

**(b)** Not applicable.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 13.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d392392dex99code.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d392392dex99cert.htm) |
| (a)(2)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(2)(2) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d392392dex99906cert.htm) |
| (c) | [A copy of the Registrant's notice to shareholders pursuant to Rule 19(a) under the 1940 Act which accompanied distributions paid from June 1, 2022 through November 30, 2022 pursuant to the Registrant's Managed Distribution Plan are filed herewith as required by the terms of the Registrant's exemptive order issued on November 17, 2008.](d392392dex9913c.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Virtus Total Return Fund
Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President and Chief Executive Officer (principal executive officer) |

---

 <br> Date February 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President and Chief Executive Officer (principal executive officer) |

---

 <br> Date February 6, 2023

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer (principal financial officer) |

---

 <br> Date February 6, 2023

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act Code of
Ethics, the "1940 Act Codes of Ethics");

• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

------

<sup>1</sup> Virtus Investment Advisers, Inc.; Virtus Alternative Investment Advisers, Inc.; Virtus Fund Advisers, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Managemente LLC; Sustainable Growth Advisers, LP; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2022.7) 

Tab 2

2017.06 ------

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with,

Tab 2

------

or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

• violations and potential violations will be reported to the applicable Fund Board after such investigation;

• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

------

**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Total Return Fund
Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 6, 2023 | /s/ George R. Aylward |
|  | George R. Aylward, President and Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Total Return Fund
Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 6, 2023 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, George R. Aylward, President and Chief Executive Officer of Virtus Total Return Fund Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: February 6, 2023 | /s/ George R. Aylward |
|  | George R. Aylward, President and Chief Executive Officer |
|  | (principal executive officer) |

---

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Total Return Fund Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: February 6, 2023 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.13

![LOGO](g392392sp25.jpg)

------

**Virtus Total Return Fund Inc.** 

**Section 19(a) Notice** 

**HARTFORD, CT, June 21, 2022** — <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on June 13, 2022 (ex-date June 10, 2022).

The following table sets forth the estimated amounts of the most current distribution and the cumulative distributions paid this fiscal year to date from the following sources. All amounts are expressed based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Estimates** | **May 2022 (MTD)** | **May 2022 (MTD)** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** |
| (Sources) | *Per Share*****<br> *Amount* | *Percentage*<br>*of Current*<br>*Distribution* | *Per Share*****<br> *Amount* | *Percentage*****<br> *of Current*****<br> *Distribution* |
|  Net Investment Income | $0.024 | 29.8% | 0.118 | 24.6% |
|  Net Realized Short-Term Capital Gains |  | 0.0% |  | 0.0% |
|  Net Realized Long-Term Capital Gains | 0.000 | 0.0% | 0.117 | 24.4% |
|  Return of Capital (or other Capital Source) | 0.056 | 70.2% | 0.245 | 51.0% |
|  **Total Distribution** | $**0.080** | **100.0%** | $**0.480** | **100.0%** |

---

(1) Fiscal year started December 1, 2021

Information regarding the Fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund's NAV and not the market price of the Fund's shares. Performance figures are not meant to represent individual shareholder performance.

---

| | |
|:---|:---|
| **May 31, 2022** | |
|  *Average Annual Total Return on NAV for the 5-year period <sup>(2)</sup>*  | 4.74% |
|  *Current Fiscal YTD Annualized Distribution Rate <sup>(3)</sup>*  | 10.97% |
|  *Fiscal YTD Cumulative Total Return on NAV <sup>(4)</sup>*  | 3.48% |
|  *Fiscal YTD Cumulative Distribution Rate <sup>(5)</sup>*  | 5.49% |

---

(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the
change in the Fund's NAV and reinvestment of all distributions.

(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of
the Fund's NAV at month end.

(4) Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund's NAV from the first day of
the fiscal year to this month end, including distributions paid and assuming reinvestment of those

distributions.

------

**Virtus Total Return Fund Inc. - 2** 

(5) Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal
year to this month end as a percentage of the Fund's NAV at month end.

Under the terms of its Managed Distribution Plan, the Fund will seek 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. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

For more information on <u>Virtus Total Return Fund Inc.</u> , contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>closed end fund</u> section of <u>www.virtus.com</u>.

Cusip: 92835W107

\# \# \#

------

![LOGO](g392392sp25.jpg)

------

**Virtus Total Return Fund Inc.** 

**Section 19(a) Notice** 

**HARTFORD, CT, July 18, 2022** — <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on July 11, 2022 (ex-date July 8, 2022).

The following table sets forth the estimated amounts of the most current distribution and the cumulative distributions paid this fiscal year to date from the following sources. All amounts are expressed based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Estimates** | **June 2022 (MTD)** | **June 2022 (MTD)** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** |
| (Sources) | *Per Share*<br>*Amount* | *Percentage*<br>*of Current*<br>*Distribution* | *Per Share*<br>*Amount* | *Percentage*<br>*of Current*<br>*Distribution* |
|  Net Investment Income | $0.030 | 38.0% | 0.149 | 26.5% |
|  Net Realized Short-Term Capital Gains |  | 0.0% |  | 0.0% |
|  Net Realized Long-Term Capital Gains |  | 0.0% | 0.109 | 19.5% |
|  Return of Capital (or other Capital Source) | 0.050 | 62.0% | 0.302 | 54.0% |
|  **Total Distribution** | $**0.080** | **100.0%** | $**0.560** | **100.0%** |

---

(1) Fiscal year started December 1, 2021

Information regarding the Fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund's NAV and not the market price of the Fund's shares. Performance figures are not meant to represent individual shareholder performance.

---

| | |
|:---|:---|
| **June 30, 2022** | |
|  *Average Annual Total Return on NAV for the 5-year period <sup>(2)</sup>*  | 3.07% |
|  *Current Fiscal YTD Annualized Distribution Rate <sup>(3)</sup>*  | 12.03% |
|  *Fiscal YTD Cumulative Total Return on NAV <sup>(4)</sup>*  | -4.67% |
|  *Fiscal YTD Cumulative Distribution Rate <sup>(5)</sup>*  | 7.02% |

---

(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the
change in the Fund's NAV and reinvestment of all distributions.

(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of
the Fund's NAV at month end.

(4) Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund's NAV from the first day of
the fiscal year to this month end, including distributions paid and assuming reinvestment of those distributions.

------

**Virtus Total Return Fund Inc. - 2** 

(5) Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal
year to this month end as a percentage of the Fund's NAV at month end.

Under the terms of its Managed Distribution Plan, the Fund will seek 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. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

For more information on <u>Virtus Total Return Fund Inc.</u> , contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>closed end fund</u> section of <u>www.virtus.com</u>.

Cusip: 92835W107

\# \# \#

------

![LOGO](g392392sp25.jpg)

------

**Virtus Total Return Fund Inc.** 

**Section 19(a) Notice** 

**HARTFORD, CT, August 18, 2022** — <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on August 11, 2022 (ex-date August 10, 2022).

The following table sets forth the estimated amounts of the most current distribution and the cumulative distributions paid this fiscal year to date from the following sources. All amounts are expressed based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Estimates** | **July 2022 (MTD)** | **July 2022 (MTD)** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** |
| (Sources) | *Per Share*****<br> *Amount* | *Percentage*****<br> *of Current*****<br> *Distribution* | *Per Share*****<br> *Amount* | *Percentage*****<br> *of Current*****<br> *Distribution* |
|  Net Investment Income | $0.012 | 14.7% | 0.160 | 25.0% |
|  Net Realized Short-Term Capital Gains |  | 0.0% |  | 0.0% |
|  Net Realized Long-Term Capital Gains | 0.011 | 14.0% | 0.121 | 18.8% |
|  Return of Capital (or other Capital Source) | 0.057 | 71.3% | 0.359 | 56.2% |
|  **Total Distribution** | $**0.080** | **100.0%** | $**0.640** | **100.0%** |

---

(1) Fiscal year started December 1, 2021

Information regarding the Fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund's NAV and not the market price of the Fund's shares. Performance figures are not meant to represent individual shareholder performance.

---

| | |
|:---|:---|
| **July 29, 2022** | |
|  *Average Annual Total Return on NAV for the 5-year period <sup>(2)</sup>*  | 3.88% |
|  *Current Fiscal YTD Annualized Distribution Rate <sup>(3)</sup>*  | 11.33% |
|  *Fiscal YTD Cumulative Total Return on NAV <sup>(4)</sup>*  | 2.21% |
|  *Fiscal YTD Cumulative Distribution Rate <sup>(5)</sup>*  | 7.56% |

---

(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the
change in the Fund's NAV and reinvestment of all distributions.

(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of
the Fund's NAV at month end.

(4) Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund's NAV from the first day of
the fiscal year to this month end, including distributions paid and assuming reinvestment of those distributions.

------

**Virtus Total Return Fund Inc. - 2** 

(5) Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal
year to this month end as a percentage of the Fund's NAV at month end.

Under the terms of its Managed Distribution Plan, the Fund will seek 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. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

For more information on <u>Virtus Total Return Fund Inc.</u> , contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>closed end fund</u> section of <u>www.virtus.com</u>.

Cusip: 92835W107

\# \# \#

------

![LOGO](g392392sp25.jpg)

------

**Virtus Total Return Fund Inc.** 

**Section 19(a) Notice** 

**HARTFORD, CT, September 19, 2022** — <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on September 12, 2022 (ex-date September 9, 2022).

The following table sets forth the estimated amounts of the most current distribution and the cumulative distributions paid this fiscal year to date from the following sources. All amounts are expressed based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Estimates** | **August 2022 (MTD)** | **August 2022 (MTD)** | **Fiscal Year-to-Date**<br>**(YTD)<sup>(1)</sup>** | **Fiscal Year-to-Date**<br>**(YTD)<sup>(1)</sup>** |
| (Sources) | *Per Share*<br>*Amount* | *Percentage*<br>*of Current<br>Distribution* | *Per Share*<br>*Amount* | *Percentage*<br>*of Current*<br>*Distribution* |
|  Net Investment Income | $0.003 | 4.3% | 0.170 | 23.7% |
|  Net Realized Short-Term Capital Gains |  | 0.0% |  | 0.0% |
|  Net Realized Long-Term Capital Gains | 0.077 | 95.7% | 0.197 | 27.4% |
|  Return of Capital (or other Capital Source) |  | 0.0% | 0.353 | 48.9% |
|  **Total Distribution** | $**0.080** | **100.0%** | $**0.720** | **100.0%** |

---

(1) Fiscal year started December 1, 2021

Information regarding the Fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund's NAV and not the market price of the Fund's shares. Performance figures are not meant to represent individual shareholder performance.

---

| | |
|:---|:---|
| **August 31, 2022** | |
|  *Average Annual Total Return on NAV for the 5-year period <sup>(2)</sup>*  | 2.77% |
|  *Current Fiscal YTD Annualized Distribution Rate <sup>(3)</sup>*  | 11.82% |
|  *Fiscal YTD Cumulative Total Return on NAV <sup>(4)</sup>*  | -1.04% |
|  *Fiscal YTD Cumulative Distribution Rate <sup>(5)</sup>*  | 8.87% |

---

(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the
change in the Fund's NAV and reinvestment of all distributions.

(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of
the Fund's NAV at month end.

(4) Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund's NAV from the first day of
the fiscal year to this month end, including distributions paid and assuming reinvestment of those distributions.

------

**Virtus Total Return Fund Inc. - 2** 

(5) Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal
year to this month end as a percentage of the Fund's NAV at month end.

Under the terms of its Managed Distribution Plan, the Fund will seek 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. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

For more information on <u>Virtus Total Return Fund Inc.</u>, contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>closed end fund</u> section of <u>www.virtus.com</u>.

Cusip: 92835W107

\# \# \#

------

![LOGO](g392392sp25.jpg)

------

**Virtus Total Return Fund Inc.** 

**Section 19(a) Notice** 

**HARTFORD, CT, October 20, 2022** — <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on October 13, 2022 (ex-date October 12, 2022).

The following table sets forth the estimated amounts of the most current distribution and the cumulative distributions paid this fiscal year to date from the following sources. All amounts are expressed based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Estimates** | **September 2022 (MTD)** | **September 2022 (MTD)** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** |
| (Sources) | *Per Share*<br>*Amount* | *Percentage*<br>*of Current*<br>*Distribution* | *Per Share*<br>*Amount* | *Percentage*<br>*of Current*<br>*Distribution* |
|  Net Investment Income | $0.017 | 20.7% | 0.187 | 23.4% |
|  Net Realized Short-Term Capital Gains |  | 0.0% |  | 0.0% |
|  Net Realized Long-Term Capital Gains | 0.063 | 79.3% | 0.302 | 37.7% |
|  Return of Capital (or other Capital Source) |  | 0.0% | 0.311 | 38.9% |
|  **Total Distribution** | $**0.080** | **100.0%** | $**0.800** | **100.0%** |

---

(1) Fiscal year started December 1, 2021

Information regarding the Fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund's NAV and not the market price of the Fund's shares. Performance figures are not meant to represent individual shareholder performance.

---

| | |
|:---|:---|
| **September 30, 2022** | |
|  *Average Annual Total Return on NAV for the 5-year period <sup>(2)</sup>*  | 0.32% |
|  *Current Fiscal YTD Annualized Distribution Rate <sup>(3)</sup>*  | 14.14% |
|  *Fiscal YTD Cumulative Total Return on NAV <sup>(4)</sup>*  | -13.18% |
|  *Fiscal YTD Cumulative Distribution Rate <sup>(5)</sup>*  | 11.78% |

---

(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the
change in the Fund's NAV and reinvestment of all distributions.

(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of
the Fund's NAV at month end.

(4) Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund's NAV from the first day of
the fiscal year to this month end, including distributions paid and assuming reinvestment of those distributions.

------

**Virtus Total Return Fund Inc. - 2** 

(5) Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal
year to this month end as a percentage of the Fund's NAV at month end.

Under the terms of its Managed Distribution Plan, the Fund will seek 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. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

For more information on <u>Virtus Total Return Fund Inc.</u>, contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>closed-end fund</u> section of <u>virtus.com</u>.

Cusip: 92835W107

\# \# \#

------

![LOGO](g392392sp25.jpg)

------

**Virtus Total Return Fund Inc.** 

**Section 19(a) Notice** 

**HARTFORD, CT, November 21, 2022** — <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on November 14, 2022 (ex-date November 10, 2022).

The following table sets forth the estimated amounts of the most current distribution and the cumulative distributions paid this fiscal year to date from the following sources. All amounts are expressed based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution Estimates** | **October 2022 (MTD)** | **October 2022 (MTD)** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** | **Fiscal Year-to-Date<br>(YTD)<sup>(1)</sup>** |
| (Sources) | *Per Share*****<br> *Amount* | *Percentage*<br>*of Current*<br>*Distribution* | *Per Share*****<br> *Amount* | *Percentage*****<br> *of Current*****<br> *Distribution* |
|  Net Investment Income | $0.001 | 1.2% | 0.181 | 20.6% |
|  Net Realized Short-Term Capital Gains |  | 0.0% |  | 0.0% |
|  Net Realized Long-Term Capital Gains |  | 0.0% | 0.261 | 29.7% |
|  Return of Capital (or other Capital Source) | 0.079 | 98.8% | 0.438 | 49.7% |
|  **Total Distribution** | $**0.080** | **100.0%** | $**0.880** | **100.0%** |

---

(1) Fiscal year started December 1, 2021

Information regarding the Fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund's NAV and not the market price of the Fund's shares. Performance figures are not meant to represent individual shareholder performance.

---

| | |
|:---|:---|
| **October 31, 2022** | |
|  *Average Annual Total Return on NAV for the 5-year period <sup>(2)</sup>*  | 0.91% |
|  *Current Fiscal YTD Annualized Distribution Rate <sup>(3)</sup>*  | 13.81% |
|  *Fiscal YTD Cumulative Total Return on NAV <sup>(4)</sup>*  | -9.98% |
|  *Fiscal YTD Cumulative Distribution Rate <sup>(5)</sup>*  | 12.66% |

---

(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the
change in the Fund's NAV and reinvestment of all distributions.

(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of
the Fund's NAV at month end.

(4) Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund's NAV from the first day of
the fiscal year to this month end, including distributions paid and assuming reinvestment of those distributions.

------

**Virtus Total Return Fund Inc. - 2** 

(5) Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal
year to this month end as a percentage of the Fund's NAV at month end.

Under the terms of its Managed Distribution Plan, the Fund will seek 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. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

For more information on <u>Virtus Total Return Fund Inc.</u>, contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>closed-end fund</u> section of <u>virtus.com</u>.

Cusip: 92835W107

# # #