Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, December 19, 2023 -- Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.05 per share to shareholders of record at the close of business on December 11, 2023 (ex-date December 8, 2023).

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	November 2023 (MTD)				Fiscal Year-to-Date  (YTD) (1)
(Sources)	Per Share  Amount		Percentage  of Current Distribution		Per Share  Amount		Percentage  of Current Distribution
Net Investment Income		$ 0.000		0.0%		$ 0.127		14.6%
Net Realized Short-Term Capital Gains		0.000		0.0%		0.037		4.3%
Net Realized Long-Term Capital Gains		0.000		0.0%		0.010		1.1%
Return of Capital (or other Capital Source)		0.050		100.0%		0.696		80.0%
Total Distribution		$ 0.050		100.0%		$ 0.870		100.0%

(1) Fiscal year started December 1, 2022.

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 net asset value (NAV) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

November 30, 2023
Average Annual Total Return on NAV for the 5-year period (2)	3.93	%
Annualized Current Distribution Rate (3)	9.58	%
Fiscal YTD Cumulative Total Return on NAV (4)	-3.96	%
Fiscal YTD Cumulative Distribution Rate (5)	13.90	%

(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) Annualized Current 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 Virtus Total Return Fund Inc., contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.

Cusip: 92835W107

 

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, January 30, 2024 -- Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.05 per share to shareholders of record at the close of business on January 12, 2024 (ex-date January 11, 2024).

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	December 2023 (MTD)				January 2024 (MTD)				Fiscal Year-to-Date  (YTD) (1)
(Sources)	Per Share Amount		Percentage of Current Distribution		Per Share Amount		Percentage of Current Distribution		Per Share Amount		Percentage of Current Distribution
Net Investment Income		$ 0.022		43.6%	$	-		0.0%		$ 0.022		21.9%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		-		0.0%		-		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.028		56.4%		0.050		100.0%		0.078		78.1%
Total Distribution		$ 0.050		100.0%	$	0.050		100.0%		$ 0.100		100.0%

(1) Fiscal year started December 1, 2023.

(2) Fund’s methodology for estimating sources changed in the current period – current two-month disclosure serves as a catch-up to reflect this change.

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 net asset value (NAV) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

December 29, 2023
Average Annual Total Return on NAV for the 5-year period (3)	6.36	%
Annualized Current Distribution Rate (4)	9.27	%
Fiscal YTD Cumulative Total Return on NAV (5)	4.29	%
Fiscal YTD Cumulative Distribution Rate (6)	0.77	%

(3) 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.

Virtus Total Return Fund Inc. - 2

(4) Annualized Current Distribution Rate is the current distribution rate annualized as a percentage of the Fund’s NAV at month end.

(5) 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.

(6) 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 Virtus Total Return Fund Inc., contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.

Cusip: 92835W107

 

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, February 28, 2024 –Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.05 per share to shareholders of record at the close of business on February 12, 2024 (ex-date February 9, 2024).

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	February 2024 (MTD)				Fiscal Year-to-Date (YTD) (1)
(Sources)	Per Share  Amount		Percentage  of Current Distribution		Per Share  Amount		Percentage  of Current Distribution
Net Investment Income		$ 0.000		0.0%		$ 0.022		14.6%
Net Realized Short-Term Capital Gains		0.000		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		0.000		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.050		100.0%		0.128		85.4%
Total Distribution		$ 0.050		100.0%		$ 0.150		100.0%

(1) Fiscal year started December 1, 2023.

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 net asset value (NAV) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

January 31, 2024
Average Annual Total Return on NAV for the 5-year period (2)	3.65	%
Annualized Current Distribution Rate (3)	9.74	%
Fiscal YTD Cumulative Total Return on NAV (4)	0.22	%
Fiscal YTD Cumulative Distribution Rate (5)	1.62	%

(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) Annualized Current 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 Virtus Total Return Fund Inc., contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.

Cusip: 92835W107

 

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, March 28, 2024 – Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.05 per share to shareholders of record at the close of business on March 11, 2024 (ex-date March 8, 2024).

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	March 2024 (MTD)				Fiscal Year-to-Date (YTD) (1)
(Sources)	Per Share  Amount		Percentage  of Current Distribution		Per Share  Amount		Percentage  of Current Distribution
Net Investment Income		$ 0.000		0.0%		$ 0.022		11.0%
Net Realized Short-Term Capital Gains		0.000		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		0.000		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.050		100.0%		0.178		89.0%
Total Distribution		$ 0.050		100.0%		$ 0.200		100.0%

(1) Fiscal year started December 1, 2023.

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 net asset value (NAV) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

February 29, 2024
Average Annual Total Return on NAV for the 5-year period (2)	3.17	%
Annualized Current Distribution Rate (3)	9.79	%
Fiscal YTD Cumulative Total Return on NAV (4)	0.67	%
Fiscal YTD Cumulative Distribution Rate (5)	2.45	%

(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) Annualized Current 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 Virtus Total Return Fund Inc., contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.

Cusip: 92835W107

 

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, April 29, 2024 – Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.05 per share to shareholders of record at the close of business on April 11, 2024 (ex-date April 10, 2024).

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	April 2024 (MTD)				Fiscal Year-to-Date (YTD) (1)
(Sources)	Per Share  Amount		Percentage  of Current Distribution		Per Share  Amount		Percentage  of Current Distribution
Net Investment Income		$ 0.000		0.0%		$ 0.022		8.8%
Net Realized Short-Term Capital Gains		0.000		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		0.000		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.050		100.0%		0.228		91.2%
Total Distribution		$ 0.050		100.0%		$ 0.250		100.0%

(1) Fiscal year started December 1, 2023.

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 net asset value (NAV) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

March 28, 2024
Average Annual Total Return on NAV for the 5-year period (2)	3.11	%
Annualized Current Distribution Rate (3)	9.51	%
Fiscal YTD Cumulative Total Return on NAV (4)	4.55	%
Fiscal YTD Cumulative Distribution Rate (5)	3.17	%

(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) Annualized Current 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 Virtus Total Return Fund Inc., contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.

Cusip: 92835W107

 

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, May 30, 2024 – Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.05 per share to shareholders of record at the close of business on May 13, 2024 (ex-date May 10, 2024).

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 2024 (MTD)				Fiscal Year-to-Date (YTD) (1)
(Sources)	Per Share  Amount		Percentage  of Current Distribution		Per Share  Amount		Percentage  of Current Distribution
Net Investment Income		$ 0.000		0.0%		$ 0.022		7.3%
Net Realized Short-Term Capital Gains		0.000		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		0.000		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.050		100.0%		0.278		92.7%
Total Distribution		$ 0.050		100.0%		$ 0.300		100.0%

(1) Fiscal year started December 1, 2023.

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 net asset value (NAV) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

April 30, 2024
Average Annual Total Return on NAV for the 5-year period (2)	1.90	%
Annualized Current Distribution Rate (3)	10.02	%
Fiscal YTD Cumulative Total Return on NAV (4)	0.17	%
Fiscal YTD Cumulative Distribution Rate (5)	4.17	%

(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) Annualized Current 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 Virtus Total Return Fund Inc., contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.

Cusip: 92835W107