0000940400-26-014706.txt : 20260424 0000940400-26-014706.hdr.sgml : 20260424 20260424143805 ACCESSION NUMBER: 0000940400-26-014706 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260227 FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 PERIOD START: 20261130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Virtus Total Return Fund Inc. CENTRAL INDEX KEY: 0000836412 ORGANIZATION NAME: EIN: 133474242 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05620 FILM NUMBER: 26892847 BUSINESS ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 BUSINESS PHONE: 866-270-7788 MAIL ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 FORMER COMPANY: FORMER CONFORMED NAME: VIRTUS GLOBAL DIVIDEND & INCOME FUND INC. 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S6XOOCT0IEG5ABCC6L87 FR SD8492 3132DWNH2 3455477.69000000 PA USD 3474334.44000000 0.864796031493 Long ABS-MBS USGSE US N 2 2055-01-01 Fixed 5.00000000 N N N N N N Saudi Arabia (Kingdom of) 635400FMICXSM3SI3H65 KSA 4.875 01/12/36 144A 80413TBR9 155000.00000000 PA USD 155620.00000000 0.038735349387 Long DBT NUSS SA N 2 2036-01-12 Fixed 4.87500000 N N N N N N Gek Terna SA 2138003TO2MTRHWVP686 Gek Terna SA EUR0.57 000000000 110072.00000000 NS 4692603.59000000 1.168035211372 Long EC CORP GR N 1 N N N Columbus McKinnon 549300W3HQB0HO1F3G69 Columbus McKinnon Term Loan B 350 2033-01-12 19933MAS2 55000.00000000 PA USD 54793.75000000 0.013638703575 Long LON CORP US N 2 2033-02-03 Floating 7.17790000 N N N N N N 180 Medical Inc. 254900ZB648OPWVFVX59 CTECLN 5.3 10/08/35 144a 682357AB4 300000.00000000 PA USD 301438.50000000 0.075031008972 Long DBT CORP US N 2 2035-10-08 Fixed 5.30000000 N N N N N N DP World Ltd. 549300M3U2DNF4QVSS04 DPWDU 6.85 07/02/37 144A 23330JAA9 15000.00000000 PA USD 16823.40000000 0.004187509811 Long DBT CORP AE N 2 2037-07-02 Fixed 6.85000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 FN MA4805 31418EKT6 748528.54000000 PA USD 743280.44000000 0.185009815807 Long ABS-MBS USGSE US N 2 2052-11-01 Fixed 4.50000000 N N N N N N Foundry JV Holdco LLC. 21380048QROAMGM6EP30 FABSJV 5.875 01/25/34 350930AA1 135000.00000000 PA USD 140953.75000000 0.035084775438 Long DBT CORP US N 2 2034-01-25 Fixed 5.87500000 N N N N N N Kansai Electric Power Co Inc 353800PFUKP5ONPJNZ86 Kansai Electric Power Co Inc NPV 000000000 295700.00000000 NS 5345378.93000000 1.330517417170 Long EC CORP JP N 1 N N N Imperial Fund Mortgage Trust 2022-NQM3 N/A IMPRL 2022-NQM3 A1 45276KAA5 319229.97000000 PA USD 318194.90000000 0.079201841824 Long ABS-O CORP US N 2 2067-05-25 Variable 4.38000000 N N N N N N ALBERTSONS COMPANIES INC 549300YKWOC0AOR16R51 ACI 5.75 03/31/34 144A 01309QAD0 25000.00000000 PA USD 24875.70000000 0.006191806520 Long DBT CORP US N 2 2034-03-31 Fixed 5.75000000 N N N N N N White Cap 254900L2N0T6GULCL366 White Cap Term Loan B 325 2029-10-01 96350TAH3 113562.50000000 PA USD 112119.12000000 0.027907552282 Long LON CORP US N 2 2029-10-29 Floating 6.92130000 N N N N N N Avis Budget Rental Car Funding AESOP LLC IHXLB8SL0QWSSG2VG640 AESOP 2024-2A D 05377RKK9 336000.00000000 PA USD 344362.70000000 0.085715264749 Long ABS-O CORP US N 2 2028-10-20 Fixed 7.43000000 N N N N N N Mill City Mortgage Loan Trust 2018-2 N/A MCMLT 2019-1 M2 59981AAH9 354347.33000000 PA USD 334121.65000000 0.083166166627 Long ABS-O CORP US N 2 2069-10-25 Variable 3.50000000 N N N N N N Saudi Arabia (Kingdom of) 635400FMICXSM3SI3H65 KSA 4.875 07/18/33 144A 80413TBD0 193000.00000000 PA USD 196408.38000000 0.048887978549 Long DBT NUSS SA N 2 2033-07-18 Fixed 4.87500000 N N N N N N VFI ABS 2025-1 LLC N/A VFI 2025-1A C 91824UAC0 300000.00000000 PA USD 303908.28000000 0.075645761518 Long ABS-O CORP US N 2 2031-04-24 Fixed 5.60000000 N N N N N N The Toronto-Dominion Bank PT3QB789TSUIDF371261 TD V8.125 10/31/82 89117F8Z5 239000.00000000 PA USD 250058.77000000 0.062242088569 Long DBT CORP CA N 2 2082-10-31 Fixed 8.12500000 N N N N N N INEOS Quattro Finance 2 PLC 213800V48W4Y5MT5Q131 STYRO 9.625 03/15/29 144A 45674GAB0 85000.00000000 PA USD 72887.50000000 0.018142416003 Long DBT CORP GB N 2 2029-03-15 Fixed 9.62500000 N N N N N N SOUTHERN VETERINARY PART 549300DT78GYJYRK0R74 Mission Pet (fka Southern Veterinary Partners) Term Loan B 250 2031-12-01 84410HAQ3 59850.00000000 PA USD 59696.78000000 0.014859115991 Long LON CORP US N 2 2031-12-01 Floating 6.16800000 N N N N N N Harbor Freight 549300Y48HLCFTTB4249 Harbor Freight Term Loan B 250 2031-05-27 41151PAR6 78428.76000000 PA USD 77140.18000000 0.019200949904 Long LON CORP US N 2 2031-06-11 Floating 5.92390000 N N N N N N LifePoint Health 549300G8ZVHRTBBBSZ90 LifePoint Health Term Loan B (Incremental) 350 2031-05-01 75915TAL6 29625.82000000 PA USD 29575.46000000 0.007361623032 Long LON CORP US N 2 2031-05-19 Floating 7.27180000 N N N N N N Brazil (Federative Republic) 254900ZFY40OYEADAP90 BRAZIL 6.25 05/22/36 105756CQ1 37000.00000000 PA USD 37351.50000000 0.009297155909 Long DBT NUSS BR N 2 2036-05-22 Fixed 6.25000000 N N N N N N Samarco Mineracao SA 529900U8HKV15GJC4O60 SAMMIN 9.5 06/30/31 144A 79588YAA7 74893.80000000 PA USD 75244.36000000 0.018729061650 Long DBT CORP BR N 2 2031-06-30 Variable 9.50000000 N N N N N N Angola (Republic of) 549300QHR2R3J8JSGK83 ANGOL 8 11/26/29 144A 035198AD2 119000.00000000 PA USD 118405.00000000 0.029472169670 Long DBT NUSS AO N 2 2029-11-26 Fixed 8.00000000 N N N N N N Taseko Mines Limited 549300XKUO1JSLU7KX54 TKOCN 8.25 05/01/30 144A 876511AG1 100000.00000000 PA USD 105863.40000000 0.026350442014 Long DBT CORP CA N 2 2030-05-01 Fixed 8.25000000 N N N N N N Grupo Aeroportuario del Centro Norte S.A.B. de C.V. 529900HUSBARAFSXJ605 Grupo Aeroportuario del Centro Norte S.A.B. de C.V. SER'B' NPV 000000000 214400.00000000 NS 3276129.60000000 0.815460896372 Long EC CORP MX N 1 N N N OPORTUN ISSUANCE TR 2024-2 N/A OPTN 2024-2 B 68377KAB3 299440.96000000 PA USD 299847.84000000 0.074635078045 Long ABS-O CORP US N 2 2032-02-09 Fixed 5.83000000 N N N N N N HCA Inc. L3CJ6J7LJ2DX62FTXD46 HCA 5.5 06/01/33 404119CQ0 239000.00000000 PA USD 250496.83000000 0.062351126014 Long DBT CORP US N 2 2033-06-01 Fixed 5.50000000 N N N N N N 2026-04-24 Virtus Total Return Fund Inc. Amy Hackett Amy Hackett Vice President and Assistant Treasurer XXXX NPORT-EX 2 VIPX601VIRTUS022826.htm EDGAR HTML
VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
U.S. Government Securities—1.4%
U.S. Treasury Bonds
4.625%, 2/15/55(2)
$3,440
$3,431
4.750%, 5/15/55(2)
1,120
1,140
U.S. Treasury Note
4.625%, 2/15/35(2)
1,135
1,197
Total U.S. Government
Securities
(Identified Cost $5,687)
5,768
 
 
Foreign Government Securities—5.8%
Arab Republic of Egypt
144A
5.875%, 2/16/31(3)
48
47
144A
6.875%, 4/30/40(3)
60
55
144A
8.500%, 1/31/47(3)
528
504
144A
8.750%, 9/30/51(3)
142
137
Benin Government
International Bond 144A
7.960%, 2/13/38(3)
92
96
Bolivarian Republic of
Venezuela
RegS
12.750%, 8/23/22(4)(5)
260
120
RegS
8.250%, 10/13/24(4)(5)
85
33
RegS
11.750%, 10/21/26(4)(5)
145
67
Brazil Notas do Tesouro
Nacional
Series F
10.000%, 1/1/29
1,660
BRL
305
Series F
10.000%, 1/1/31
3,440
BRL
601
Bulgaria Government
International Bond RegS
5.000%, 3/5/37(5)
120
121
 
Par Value(1)
Value
 
Foreign Government Securities—continued
Costa Rica Government
144A
6.550%, 4/3/34(3)
$110
$119
144A
7.300%, 11/13/54(3)
107
122
Czech Republic
Government Bond
1.750%, 6/23/32
20,590
CZK
884
Dominican Republic
144A
4.875%, 9/23/32(3)
57
55
144A
5.875%, 10/28/35(3)
209
209
144A
6.600%, 6/1/36(3)
113
119
144A
6.950%, 3/15/37(3)
157
169
RegS
6.950%, 3/15/37(5)
199
214
Eagle Funding Luxco S.a.r.l.
144A
5.500%, 8/17/30(3)
133
136
Federal Republic of Ethiopia
144A
6.625%, 12/11/26(3)(4)
41
42
Federative Republic of Brazil

6.250%, 3/18/31
45
48

6.000%, 10/20/33
316
323

6.625%, 3/15/35
195
205

6.250%, 5/22/36
37
37

7.250%, 1/12/56
217
220
Hungary Government
International Bond
144A
5.500%, 6/16/34(3)
32
33
144A
6.000%, 9/26/35(3)
345
363
144A
5.500%, 3/26/36(3)
371
376
See Notes to Schedule of Investments
1

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Foreign Government Securities—continued
Islamic Republic of
Pakistan 144A
7.375%, 4/8/31(3)
$132
$130
Kingdom of Bahrain 144A
7.100%, 2/3/38(3)
326
327
Kyrgyz Republic
International Bond 144A
7.750%, 6/3/30(3)
161
168
Lebanon Government
International Bond
RegS
8.250%, 4/12/21(4)(5)
114
33
RegS
7.000%, 3/23/32(4)(5)
207
61
Malaysia Government Bond
2.632%, 4/15/31
3,630
MYR
902
Mex Bonos Desarr

8.500%, 5/31/29
9,050
MXN
539

7.750%, 11/13/42
7,000
MXN
358
Oman Government
International Bond
144A
6.250%, 1/25/31(3)
197
211
144A
6.500%, 3/8/47(3)
322
348
Republic of Angola
144A
8.000%, 11/26/29(3)
119
118
144A
9.244%, 1/15/31(3)
43
44
144A
8.750%, 4/14/32(3)
96
94
Republic of Argentina

0.750%, 7/9/30(6)
392
332

4.125%, 7/9/35(6)
142
107

4.125%, 7/9/46(6)
534
380
Republic of Chile

4.350%, 4/13/31
149
149

4.950%, 1/5/36
162
166

5.330%, 1/5/54
47
47

3.250%, 9/21/71
88
57
Republic of Colombia

7.375%, 4/25/30
62
65

6.125%, 1/21/31
105
105

8.000%, 11/14/35
527
562
 
Par Value(1)
Value
 
Foreign Government Securities—continued

8.750%, 11/14/53
$39
$43
Republic of Ecuador
144A
9.250%, 1/29/39(3)
200
203
RegS
6.900%, 7/31/35(5)(6)
164
149
RegS
5.000%, 7/31/40(5)(6)
53
43
Republic of El Salvador
RegS
7.650%, 6/15/35(5)
273
282
RegS
7.625%, 2/1/41(5)
52
52
Republic of Gabon 144A
6.625%, 2/6/31(3)
72
60
Republic of Ghana RegS
5.000%, 7/3/35(5)(6)
250
226
Republic of Guatemala
144A
6.875%, 8/15/55(3)
49
54
RegS
6.250%, 8/15/36(5)
112
119
Republic of Indonesia

2.850%, 2/14/30
89
84

5.600%, 1/15/35
130
137

4.950%, 2/21/36
105
105

5.100%, 2/10/54
141
134

3.200%, 9/23/61
84
53
Republic of Ivory Coast
144A
6.125%, 6/15/33(3)
200
198
144A
8.075%, 4/1/36(3)
45
49
Republic of Kazakhstan
144A
5.500%, 7/1/37(3)
179
185
Republic of Kenya
144A
7.875%, 10/9/33(3)
87
87
144A
9.500%, 3/5/36(3)
119
125
144A
8.700%, 2/26/39(3)
120
117
See Notes to Schedule of Investments
2

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Foreign Government Securities—continued
Republic of Nigeria
144A
9.625%, 6/9/31(3)
$73
$83
144A
7.375%, 9/28/33(3)
188
191
144A
10.375%, 12/9/34(3)
251
299
Republic of Panama

3.875%, 3/17/28
85
84

5.227%, 2/23/34
50
50

6.700%, 1/26/36
54
59

8.000%, 3/1/38
199
237
Republic of Peru

3.000%, 1/15/34
109
96

5.375%, 2/8/35
145
150

5.875%, 8/8/54
179
181

3.600%, 1/15/72
139
91
Republic of Philippines
3.700%, 3/1/41
326
275
Republic of Poland

5.750%, 11/16/32
87
94

4.875%, 10/4/33
153
157

5.375%, 2/12/35
215
225

5.500%, 4/4/53
35
34
Republic of Senegal 144A
6.250%, 5/23/33(3)
91
56
Republic of South Africa

5.375%, 7/24/44
54
45

5.650%, 9/27/47
356
300

8.750%, 2/28/48
14,100
ZAR
895
144A
7.100%, 11/19/36(3)
150
161
144A
6.125%, 12/11/37(3)
178
176
144A
7.950%, 11/19/54(3)
128
138
Republic of Sri Lanka 144A
3.600%, 6/15/35(3)(6)
365
298
Republic of Turkiye

9.125%, 7/13/30
320
362

7.250%, 5/29/32
44
46

7.625%, 5/15/34
272
291

6.950%, 9/16/35
120
122

6.625%, 2/17/45
178
163
Republic of Zambia 144A
5.750%, 6/30/33(3)(6)
80
78
 
Par Value(1)
Value
 
Foreign Government Securities—continued
Republica Orient Uruguay

5.100%, 6/18/50
$188
$181

4.975%, 4/20/55
243
225
Romanian Government
International Bond
144A
5.875%, 1/30/29(3)
273
283
144A
7.125%, 1/17/33(3)
206
228
144A
6.375%, 1/30/34(3)
316
334
144A
5.750%, 7/4/36(3)
75
75
Saudi International Bond
144A
4.875%, 7/18/33(3)
193
196
144A
4.875%, 1/12/36(3)
155
156
144A
4.500%, 10/26/46(3)
492
423
RegS
5.625%, 1/13/35(5)
240
256
Suriname Government
International Bond 144A
8.500%, 11/6/35(3)
111
119
Trinidad & Tobago
Government
International Bond
144A
5.950%, 1/14/31(3)
65
67
144A
6.400%, 6/26/34(3)
40
41
144A
6.500%, 1/28/36(3)
181
183
Ukraine Government Bond
144A
4.500%, 2/1/29(3)(6)
64
49
144A
0.000%, 2/1/30(3)(6)
3
2
144A
4.000%, 2/1/32(3)(6)
162
126
144A
4.500%, 2/1/35(3)(6)
18
11
144A
0.000%, 2/1/36(3)(6)
74
42
See Notes to Schedule of Investments
3

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Foreign Government Securities—continued
144A
4.500%, 2/1/36(3)(6)
$4
$3
RegS
0.000%, 2/1/30(5)(6)
8
5
RegS
4.000%, 2/1/32(5)(6)
260
201
RegS
0.000%, 2/1/34(5)(6)
28
14
RegS
4.500%, 2/1/36(5)(6)
7
4
United Mexican States

5.850%, 7/2/32
150
156

5.375%, 3/22/33
79
79

3.500%, 2/12/34
309
271

6.000%, 5/7/36
72
74

6.125%, 2/9/38
90
91

6.338%, 5/4/53
205
199

6.400%, 5/7/54
76
74

3.771%, 5/24/61
95
59
Uzbekistan International
Bond
144A
3.700%, 11/25/30(3)
34
32
144A
6.900%, 2/28/32(3)
152
164
Total Foreign Government
Securities
(Identified Cost $22,415)
23,428
 
 
Mortgage-Backed Securities—8.9%
Agency—4.2%
Federal Home Loan
Mortgage Corporation
Pool #SD6322
4.500%, 8/1/53
742
740
Pool #SD8350
6.000%, 8/1/53
371
382
Pool #SD8492
5.000%, 1/1/55
3,455
3,474
Pool #SD8494
5.500%, 1/1/55
1,739
1,768
Pool #SL0019
5.500%, 1/1/55
2,098
2,134
 
Par Value(1)
Value
 
Agency—continued
Pool #SL0627
6.000%, 10/1/54
$1,070
$1,101
Pool #SL1127
6.000%, 12/1/54
1,301
1,334
Federal National Mortgage
Association
Pool #CB0534
3.000%, 5/1/51
835
757
Pool #CB6857
4.500%, 8/1/53
345
342
Pool #FA0685
6.000%, 1/1/55
309
318
Pool #FA1728
6.000%, 10/1/53
1,165
1,200
Pool #FS4438
5.000%, 11/1/52
704
711
Pool #FS7751
4.000%, 3/1/53
1,283
1,250
Pool #FS8791
6.000%, 8/1/54
422
433
Pool #MA4805
4.500%, 11/1/52
749
743
 
16,687
 
 
Non-Agency—4.7%
A&D Mortgage Trust
2025-NQM2, A1 144A
5.790%, 6/25/70(3)(7)
296
299
Ajax Mortgage Loan Trust
2019-D, A1 144A
2.956%, 9/25/65(3)(7)
139
136
ALA Trust 2025-OANA, A (1
month Term SOFR +
1.743%, Cap N/A, Floor
1.743%) 144A
5.403%, 6/15/40(3)(7)
435
437
AMSR Trust
2021-SFR2, C 144A
1.877%, 8/17/38(3)
245
242
2021-SFR3, D 144A
2.177%, 10/17/38(3)
260
256
Angel Oak Mortgage Trust
2022-5, A1 144A
4.500%, 5/25/67(3)(7)
295
294
See Notes to Schedule of Investments
4

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Non-Agency—continued
2023-1, A1 144A
4.750%, 9/26/67(3)(7)
$317
$316
Arroyo Mortgage Trust
2019-1, A1 144A
3.805%, 1/25/49(3)(7)
198
194
2019-2, A1 144A
3.347%, 4/25/49(3)(7)
72
71
BBCMS Trust 2018-CBM, A
(1 month Term SOFR +
1.297%, Cap N/A, Floor
1.250%) 144A
4.957%, 7/15/37(3)(7)
375
365
Benchmark Mortgage Trust
2023-B38, A2
5.626%, 4/15/56
210
214
BX Commercial Mortgage
Trust 2024-XL5, A (1
month Term SOFR +
1.392%, Cap N/A, Floor
1.392%) 144A
5.051%, 3/15/41(3)(7)
336
336
BX Trust
2019-OC11, D 144A
3.944%, 12/9/41(3)(7)
315
304
2022-CLS, A 144A
5.760%, 10/13/27(3)
293
294
2025-ROIC, C (1 month
Term SOFR + 1.543%,
Cap N/A, Floor 1.543%)
144A
5.203%, 3/15/30(3)(7)
264
263
CENT 2025-CITY, A 144A
4.920%, 7/10/40(3)(7)
325
333
Chase Mortgage Finance
Corp. 2016-SH2, M2
144A
3.750%, 12/25/45(3)(7)
191
183
CIM Trust 2022-R2, A1
144A
3.750%, 12/25/61(3)(7)
316
305
Citigroup Mortgage Loan
Trust, Inc. 2018-RP1, A1
144A
3.000%, 9/25/64(3)(7)
81
80
 
Par Value(1)
Value
 
Non-Agency—continued
CoreVest American Finance
Trust
2019-3, C 144A
3.265%, 10/15/52(3)
$400
$381
2022-1, A 144A
4.744%, 6/17/55(3)(7)
215
216
Credit Suisse Mortgage
Capital Trust 2020-RPL4,
A1 144A
2.000%, 1/25/60(3)(7)
211
194
Deephaven Residential
Mortgage Trust 2022-1,
A1 144A
2.205%, 1/25/67(3)(7)
197
187
Ellington Financial
Mortgage Trust 2019-2,
A3 144A
3.046%, 11/25/59(3)(7)
16
15
ELM Trust 2024-ELM, A10
144A
5.994%, 6/10/39(3)(7)
317
318
Fashion Show Mall LLC
2024-SHOW, A 144A
5.274%, 10/10/41(3)(7)
470
481
FirstKey Homes Trust
2021-SFR1, D 144A
2.189%, 8/17/38(3)
330
326
Galton Funding Mortgage
Trust 2018-1, A23 144A
3.500%, 11/25/57(3)(7)
11
10
Houston Galleria Mall Trust
2025-HGLR, A 144A
5.462%, 2/5/45(3)(7)
150
158
Hudson Yards Mortgage
Trust 2025-SPRL, A
144A
5.467%, 1/13/40(3)(7)
370
386
Imperial Fund Mortgage
Trust 2022-NQM3, A1
144A
4.380%, 5/25/67(3)(7)
319
318
IRV Trust 2025-200P, B
144A
5.440%, 3/14/47(3)(7)
130
133
See Notes to Schedule of Investments
5

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Non-Agency—continued
JPMorgan Chase
Commercial Mortgage
Securities Trust
2024-OMNI, A 144A
5.797%, 10/5/39(3)(7)
$430
$437
JPMorgan Chase Mortgage
Trust
2014-5, B2 144A
2.539%, 10/25/29(3)(7)
205
199
2017-3, 2A2 144A
2.500%, 8/25/47(3)(7)
51
46
2025-NQM2, A1 144A
5.567%, 9/25/65(3)(7)
214
217
MetLife Securitization Trust
2017-1A, M1 144A
3.362%, 4/25/55(3)(7)
241
224
2019-1A, A1A 144A
3.750%, 4/25/58(3)(7)
19
19
MFA Trust
2022-INV2, A1 144A
4.950%, 7/25/57(3)(7)
501
500
2022-NQM2, A1 144A
4.000%, 5/25/67(3)(7)
159
159
2024-NQM2, A1 144A
5.272%, 8/25/69(3)(7)
245
246
Mill City Mortgage Loan
Trust 2019-1, M2 144A
3.500%, 10/25/69(3)(7)
354
334
MSSG Trust 2017-237P, A
144A
3.397%, 9/13/39(3)
445
425
New Residential Mortgage
Loan Trust
2014-1A, A 144A
3.750%, 1/25/54(3)(7)
24
24
2016-4A, A1 144A
3.750%, 11/25/56(3)(7)
14
14
2026-NQM3, A1 144A
4.833%, 2/25/66(3)(7)
270
271
NYC Commercial Mortgage
Trust 2025-300P, A 144A
4.879%, 7/13/42(3)(7)
400
405
OBX Trust
2024-NQM16, A1 144A
5.530%, 10/25/64(3)(7)
316
319
 
Par Value(1)
Value
 
Non-Agency—continued
2025-NQM4, A1 144A
5.400%, 2/25/55(3)(7)
$304
$307
Palisades Mortgage Loan
Trust 2021-RTL1, A1
144A
3.487%, 6/25/26(3)(7)
26
26
PMT Loan Trust 2025-INV7,
A7 144A
6.000%, 6/25/56(3)(7)
220
225
PRKCM Trust 2022-AFC1,
A1A 144A
4.100%, 4/25/57(3)(7)
326
329
RCKT Mortgage Trust
2020-1, A1 144A
3.000%, 2/25/50(3)(7)
151
135
RFR Trust 2025-SGRM, A
144A
5.379%, 3/11/41(3)(7)
400
410
ROCK Trust
2024-CNTR, A 144A
5.388%, 11/13/41(3)
225
233
2024-CNTR, C 144A
6.471%, 11/13/41(3)
330
346
Sequoia Mortgage Trust
2013-8, B1
3.478%, 6/25/43(7)
47
47
Towd Point Mortgage Trust
2016-4, B1 144A
3.943%, 7/25/56(3)(7)
480
474
2017-1, M1 144A
3.750%, 10/25/56(3)(7)
385
382
2017-4, A2 144A
3.000%, 6/25/57(3)(7)
610
588
2018-6, A2 144A
3.750%, 3/25/58(3)(7)
480
456
2019-2, A2 144A
3.750%, 12/25/58(3)(7)
515
481
2019-4, A2 144A
3.250%, 10/25/59(3)(7)
445
418
2021-1, A2 144A
2.750%, 11/25/61(3)(7)
465
410
Tricon American Homes
Trust
2019-SFR1, C 144A
3.149%, 3/17/38(3)
590
589
See Notes to Schedule of Investments
6

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Non-Agency—continued
2020-SFR2, D 144A
2.281%, 11/17/39(3)
$660
$631
Tricon Residential Trust
2021-SFR1, B 144A
2.244%, 7/17/38(3)
185
183
Verus Securitization Trust
2023-8, A1 144A
6.259%, 12/25/68(3)(7)
165
166
Visio Trust
2020-1R, A2 144A
1.567%, 11/25/55(3)
22
21
2022-1, A2 144A
5.850%, 8/25/57(3)(7)
174
174
Wells Fargo Mortgage
Backed Securities Trust
2020-4, A1 144A
3.000%, 7/25/50(3)(7)
102
92
 
19,007
 
 
Total Mortgage-Backed
Securities
(Identified Cost $35,819)
35,694
 
 
Asset-Backed Securities—4.8%
Automobiles—1.6%
Arivo Acceptance Auto Loan
Receivables Trust
2024-1A, B 144A
6.870%, 6/17/30(3)
462
471
2025-1A, A2 144A
4.920%, 5/15/29(3)
270
271
Avis Budget Rental Car
Funding LLC (AESOP)
2024-2A, D 144A
7.430%, 10/20/28(3)
336
344
Carmax Select Receivables
Trust 2025-B, C
4.830%, 6/16/31
380
387
Carvana Auto Receivables
Trust 2023-N4, C 144A
6.590%, 2/11/30(3)
485
498
 
Par Value(1)
Value
 
Automobiles—continued
Exeter Automobile
Receivables Trust
2023-3A, D
6.680%, 4/16/29
$530
$541
Flagship Credit Auto Trust
2024-1, D 144A
6.300%, 4/15/30(3)
250
248
LAD Auto Receivables Trust
2023-1A, D 144A
7.300%, 6/17/30(3)
550
556
2023-2A, D 144A
6.300%, 2/15/31(3)
450
458
2023-4A, C 144A
6.760%, 3/15/29(3)
412
423
Lendbuzz Securitization
Trust 2024-3A, B 144A
5.030%, 11/15/30(3)
425
425
OneMain Direct Auto
Receivables Trust
2022-1A, C 144A
5.310%, 6/14/29(3)
410
411
SAFCO Auto Receivables
Trust 2025-1A, C 144A
5.750%, 11/11/30(3)
390
391
United Auto Credit
Securitization Trust
2024-1, C 144A
7.060%, 10/10/29(3)
140
140
Veros Auto Receivables
Trust 2024-1, C 144A
7.570%, 12/15/28(3)
300
309
Westlake Automobile
Receivables Trust
2024-2A, B 144A
5.620%, 3/15/30(3)
360
363
 
6,236
 
 
Consumer Loans—0.1%
Reach ABS Trust 2024-1A,
B 144A
6.290%, 2/18/31(3)
351
353
See Notes to Schedule of Investments
7

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Other—3.0%
Amur Equipment Finance
Receivables XV LLC
2025-1A, D 144A
5.680%, 8/20/32(3)
$340
$349
Applebee’s Funding LLC
2023-1A, A2 144A
7.824%, 3/5/53(3)
347
352
Aqua Finance Issuer Trust
2025-A, A 144A
5.250%, 12/19/50(3)
231
236
Aqua Finance Trust 2019-A,
C 144A
4.010%, 7/16/40(3)
272
268
Bojangles Issuer LLC
2024-1A, A2 144A
6.584%, 11/20/54(3)
373
378
BXG Receivables Note Trust
2020-A, B 144A
2.490%, 2/28/36(3)
98
95
COOPR Residential
Mortgage Trust
2025-CES3, A1A 144A
4.840%, 9/25/60(3)(7)
380
380
DataBank Issuer 2026-1A,
A2 144A
5.811%, 2/25/56(3)
300
305
Dext ABS LLC 2023-2, B
144A
6.410%, 5/15/34(3)
405
410
Hardee’s Funding LLC
2024-1A, A2 144A
7.253%, 3/20/54(3)
452
468
Jersey Mike’s Funding LLC
2026-1A, A2I 144A
4.952%, 2/15/56(3)
450
456
Lendmark Funding Trust
2025-3A, A 144A
4.510%, 5/21/35(3)
225
227
Libra Solutions LLC
2024-1A, A 144A
5.880%, 9/30/38(3)
350
350
 
Par Value(1)
Value
 
Other—continued
2025-1A, A 144A
6.355%, 8/15/39(3)
$450
$454
MetroNet Infrastructure
Issuer LLC 2025-2A, A2
144A
5.400%, 8/20/55(3)
375
383
MMP Capital LLC 2025-A, B
144A
5.720%, 12/15/31(3)
365
372
Momnt Technologies Trust
2023-1A, A 144A
6.920%, 3/20/45(3)
42
42
NMEF Funding LLC 2026-A,
C 144A
4.710%, 2/15/34(3)
370
373
Oportun Issuance Trust
2024-2, B 144A
5.830%, 2/9/32(3)
299
300
PEAC Solutions
Receivables LLC
2024-1A, B 144A
5.790%, 11/20/30(3)
365
376
RCKT Mortgage Trust
2024-CES1, A1A 144A
6.025%, 2/25/44(3)(7)
146
147
2024-CES3, A1A 144A
6.591%, 5/25/44(3)(7)
205
208
2025-CES5, A1A 144A
5.687%, 5/25/55(3)(7)
203
206
Scalelogix ABS U.S. Issuer
LLC 2025-1A, A2 144A
5.673%, 7/25/55(3)
420
425
Subway Funding LLC
2024-1A, A2II 144A
6.268%, 7/30/54(3)
351
359
Switch ABS Issuer LLC
2025-1A, A2 144A
5.036%, 3/25/55(3)
410
407
Taco Bell Funding LLC
2025-1A, A2I 144A
4.821%, 8/25/55(3)
380
384
See Notes to Schedule of Investments
8

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Other—continued
Towd Point Mortgage Trust
2025-CES4, A1A 144A
5.091%, 10/25/65(3)(7)
$344
$347
Trafigura Securitisation
Finance plc 2024-1A, A2
144A
5.980%, 11/15/27(3)
365
369
TSC SPV Funding LLC
2024-1A, A2 144A
6.291%, 8/20/54(3)
365
376
Upgrade Master
Pass-Through Trust
2025-ST3, A 144A
5.981%, 6/15/32(3)
185
188
2025-ST5, A 144A
4.794%, 9/15/32(3)
312
313
UPX HIL Issuer Trust
2025-1, A 144A
5.160%, 1/25/47(3)
302
305
USQ Rail III LLC 2024-1A, A
144A
4.990%, 9/28/54(3)
343
342
VCAT LLC 2026-NPL2, A1
5.062%, 2/25/56(7)
300
300
VFI ABS LLC 2025-1A, C
144A
5.600%, 4/24/31(3)
300
304
Westgate Resorts LLC
2024-1A, A 144A
6.060%, 1/20/38(3)
176
179
Zaxby’s Funding LLC
2021-1A, A2 144A
3.238%, 7/30/51(3)
546
524
 
12,257
 
 
Student Loan—0.1%
MPOWER Education Trust
2025-A, A 144A
6.620%, 7/21/42(3)
222
230
Total Asset-Backed Securities
(Identified Cost $18,813)
19,076
 
 
 
Par Value(1)
Value
 
Corporate Bonds and Notes—12.7%
Communication Services—0.8%
Altice France S.A. 144A

6.500%, 10/15/31(3)
$229
$220
CCO Holdings LLC 144A

4.750%, 3/1/30(3)
240
232
CMG Media Corp. 144A

8.875%, 6/18/29(3)
350
305
CSC Holdings LLC

144A
11.750%, 1/31/29(3)
250
178

144A 4.125%, 12/1/30(3)
180
110
DIRECTV Financing LLC

144A
5.875%, 8/15/27(2)(3)
72
72

144A
8.875%, 2/1/30(2)(3)
110
110

144A
8.875%, 2/1/30(2)(3)
25
25
DISH Network Corp. 144A

11.750%, 11/15/27(3)
150
155
Gray Media, Inc. 144A

9.625%, 7/15/32(3)
185
192
IHS Holding Ltd. 144A

8.250%, 11/29/31(3)
33
35
Meta Platforms, Inc.
5.750%, 11/15/65(2)
240
234
Millennium Escrow Corp.
144A

6.625%, 8/1/26(3)
320
305
Rackspace Technology
Global, Inc. 144A

5.375%, 12/1/28(3)
490
157
Sinclair Television Group,
Inc. 144A

8.125%, 2/15/33(2)(3)
160
167
Snap, Inc.

144A
6.875%, 3/1/33(2)(3)
115
115

144A
6.875%, 3/15/34(2)(3)
90
90
Telesat Canada 144A

6.500%, 10/15/27(3)
270
122
See Notes to Schedule of Investments
9

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Communication
Services—continued
Turkcell Iletisim Hizmetleri
AS 144A

7.650%, 1/24/32(3)
$80
$85
Univision Communications,
Inc. 144A

8.000%, 8/15/28(2)(3)
265
272
 
3,181
 
 
Consumer Discretionary—0.6%
Aptiv Swiss Holdings Ltd.
6.875%, 12/15/54(2)
25
26
Ashtead Capital, Inc. 144A

5.500%, 8/11/32(2)(3)
250
262
Ashton Woods USA LLC
144A

4.625%, 4/1/30(2)(3)
125
119
Dick’s Sporting Goods, Inc.
4.100%, 1/15/52(2)
415
303
Ford Motor Credit Co. LLC
7.350%, 3/6/30(2)
137
149
Forvia SE 144A

6.750%, 9/15/33(2)(3)
175
180
Great Canadian Gaming
Corp. 144A

8.750%, 11/15/29(2)(3)
65
66
Meritage Homes Corp.
144A

3.875%, 4/15/29(2)(3)
283
280
New Home Co., Inc. (The)

144A
9.250%, 10/1/29(2)(3)
165
174

144A
8.500%, 11/1/30(2)(3)
20
21
Newell Brands, Inc.
6.625%, 9/15/29(2)
205
208
Ontario Gaming GTA LP
144A

8.000%, 8/1/30(2)(3)
165
160
Taylor Morrison
Communities, Inc. 144A

5.750%, 11/15/32(2)(3)
10
10
Under Armour, Inc. 144A

7.250%, 7/15/30(2)(3)
125
129
Wayfair LLC 144A

6.750%, 11/15/32(2)(3)
65
66
 
Par Value(1)
Value
 
Consumer
Discretionary—continued
Weekley Homes LLC 144A

4.875%, 9/15/28(2)(3)
$215
$212
 
2,365
 
 
Consumer Staples—0.2%
Albertsons Cos., Inc.

144A
4.875%, 2/15/30(2)(3)
280
278

144A
5.750%, 3/31/34(2)(3)
25
25
Pilgrim’s Pride Corp.
6.250%, 7/1/33(2)
230
248
Post Holdings, Inc. 144A

6.250%, 2/15/32(2)(3)
160
164
Primo Water Holdings, Inc.
144A

6.250%, 4/1/29(2)(3)
145
145
 
860
 
 
Energy—2.2%
Alliance Resource
Operating Partners LP
144A

8.625%, 6/15/29(2)(3)
190
200
BP Capital Markets plc
4.875% (2)(8)
167
166
Bristow Group, Inc. 144A

6.750%, 2/1/33(2)(3)
30
30
Buckeye Partners LP 144A

6.750%, 2/1/30(2)(3)
95
99
Caturus Energy LLC 144A

8.500%, 2/15/30(2)(3)
210
219
Columbia Pipelines
Operating Co. LLC 144A

6.036%, 11/15/33(2)(3)
180
195
Ecopetrol S.A.
4.625%, 11/2/31
110
99
Enbridge, Inc.
8.500%, 1/15/84(2)
260
300
Energean Israel Finance Ltd.
144A, RegS

5.875%, 3/30/31(3)(5)
44
42
Energy Transfer LP Series H
6.500% (2)(8)
350
352
See Notes to Schedule of Investments
10

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Energy—continued
Flex Intermediate
Holdco LLC 144A

3.363%, 6/30/31(2)(3)
$467
$435
Genesis Energy LP
8.875%, 4/15/30(2)
245
257
6.750%, 3/15/34
35
35
Geopark Ltd. 144A

8.750%, 1/31/30(3)
67
64
Harbour Energy plc 144A

6.327%, 4/1/35(2)(3)
265
276
Helix Energy Solutions
Group, Inc. 144A

9.750%, 3/1/29(3)
275
289
HF Sinclair Corp.
6.250%, 1/15/35(2)
205
216
Hilcorp Energy I LP 144A

6.000%, 4/15/30(2)(3)
305
300
KazMunayGas National Co.
JSC 144A

6.375%, 10/24/48(3)
94
96
Kinder Morgan Energy
Partners LP
7.500%, 11/15/40(2)
239
290
Kodiak Gas Services LLC
144A

6.750%, 10/1/35(2)(3)
95
99
Leviathan Bond Ltd. 144A,
RegS

6.750%, 6/30/30(3)(5)
54
56
Magnolia Oil & Gas
Operating LLC 144A

6.875%, 12/1/32(2)(3)
200
209
Mesquite Energy, Inc. 144A

7.250%, 7/15/26(3)(9)
105
(10)
Occidental Petroleum Corp.
6.200%, 3/15/40(2)
255
266
Pertamina Persero PT 144A

2.300%, 2/9/31(3)
379
340
Petroleos de Venezuela S.A.
RegS

9.000%, 11/17/21(4)(5)
1,257
469
Petroleos del Peru S.A.
RegS

4.750%, 6/19/32(5)
70
51
Petroleos Mexicanos
6.840%, 1/23/30
221
227
 
Par Value(1)
Value
 
Energy—continued
5.950%, 1/28/31
$47
$46
6.700%, 2/16/32
120
120
6.950%, 1/28/60
228
188
6.350%, 2/12/48
92
74
Petronas Capital Ltd.

144A 3.500%, 4/21/30(3)
110
108

144A 5.848%, 4/3/55(3)
210
223
Prairie Acquiror LP 144A

9.000%, 8/1/29(2)(3)
110
115
Sempra Infrastructure
Partners LP 144A

3.250%, 1/15/32(2)(3)
475
428
South Bow Canadian
Infrastructure Holdings
Ltd.
7.500%, 3/1/55(2)
285
303
Sunoco LP

144A
5.625%, 3/15/31(2)(3)
90
91

144A 5.375%, 7/15/31(3)
10
10

144A
5.875%, 3/15/34(2)(3)
60
60

144A 5.625%, 7/15/34(3)
20
20
Teine Energy Ltd. 144A

6.875%, 4/15/29(2)(3)
330
331
Tidewater, Inc. 144A

9.125%, 7/15/30(2)(3)
135
146
Transocean International
Ltd.

144A 8.250%, 5/15/29(3)
50
52

144A
8.750%, 2/15/30(2)(3)
70
73

144A 8.500%, 5/15/31(3)
160
169
Venture Global LNG, Inc.

144A 9.000%(2)(3)(8)
100
88

144A
9.875%, 2/1/32(2)(3)
205
217
Western Midstream
Operating LP
5.250%, 2/1/50(2)
305
265
YPF S.A. 144A

9.500%, 1/17/31(3)
62
66
 
8,870
 
 
See Notes to Schedule of Investments
11

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Financials—4.8%
Acrisure LLC

144A 8.250%, 2/1/29(3)
$130
$130

144A 6.000%, 8/1/29(3)
210
196
AerCap Ireland Capital DAC
6.950%, 3/10/55(2)
150
159
6.500%, 1/31/56(2)
145
150
Albion Financing 1 S.a.r.l.
144A

7.000%, 5/21/30(2)(3)
165
173
Allianz SE 144A

6.350%, 9/6/53(2)(3)
250
268
Ally Financial, Inc.
8.000%, 11/1/31(2)
260
295
Altice Financing S.A. 144A

5.000%, 1/15/28(3)
515
363
Altice France Lux 3 144A

10.000%, 1/15/33(3)
40
38
American Express Co.
5.625%, 7/28/34(2)
258
270
American National Group,
Inc.
7.000%, 12/1/55(2)
57
56
Apollo Debt Solutions BDC
6.900%, 4/13/29(2)
75
78
5.875%, 8/30/30(2)
85
86
Apollo Global Management,
Inc.
6.000%, 12/15/54(2)
265
255
Ardonagh Group Finance
Ltd. 144A

8.875%, 2/15/32(3)
5
5
Ascent Resources Utica
Holdings LLC 144A

6.625%, 7/15/33(2)(3)
150
156
Ascot Group Ltd. 144A

4.250%, 12/15/30(2)(3)
344
325
Atlas Warehouse Lending
Co. LP 144A

5.250%, 1/15/33(2)(3)
300
298
Azorra Finance Ltd.

144A
7.250%, 1/15/31(2)(3)
145
151
 
Par Value(1)
Value
 
Financials—continued

144A
6.250%, 2/15/34(2)(3)
$55
$54
Azule Energy Finance plc
144A

8.125%, 1/23/30(3)
70
71
Banco de Credito del Peru
S.A. 144A

6.450%, 7/30/35(3)
51
53
Banco de Credito e
Inversiones S.A. 144A

7.500% (3)(8)
85
91
Banco Mercantil del Norte
S.A. 144A

8.375% (3)(8)
67
71
Bank of America Corp.
5.518%, 10/25/35(2)
310
318
Barclays plc
7.437%, 11/2/33(2)
234
269
BBVA Mexico S.A.
Institucion De Banca
Multiple Grupo
Financiero BBVA Mexico
144A

8.125%, 1/8/39(3)
67
74
Blackstone Private Credit
Fund
6.000%, 1/29/32(2)
220
219
Block, Inc.
6.500%, 5/15/32(2)
165
170

144A
6.000%, 8/15/33(2)(3)
50
51
Blue Owl Finance LLC
3.125%, 6/10/31(2)
250
222
BPCE S.A. 144A

7.003%, 10/19/34(2)(3)
250
281
Broadstreet Partners
Group LLC 144A

5.875%, 4/15/29(3)
285
276
Capital One Financial Corp.
2.359%, 7/29/32(2)
190
167
6.377%, 6/8/34(2)
145
157
See Notes to Schedule of Investments
12

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Financials—continued
Capital Power
U.S. Holdings, Inc. 144A

6.189%, 6/1/35(2)(3)
$155
$164
Charles Schwab Corp. (The)
Series H
4.000% (8)
249
235
Chobani Holdco II LLC
(8.750% Cash or 9.500%
PIK) 144A

8.750%, 10/1/29(3)(11)
(10)
(10)
Cipher Compute LLC 144A

7.125%, 11/15/30(2)(3)
15
16
Citadel Finance LLC 144A

5.150%, 2/14/31(2)(3)
20
20
Citigroup, Inc.
6.270%, 11/17/33(2)
84
92
6.174%, 5/25/34(2)
212
226
Constellation Oil Services
Holding S.A. 144A

9.375%, 11/7/29(3)
65
68
Corebridge Financial, Inc.
6.375%, 9/15/54(2)
321
321
Coronado Finance Pty Ltd.
144A

9.250%, 10/1/29(3)
185
171
DBR Land Holdings LLC
144A

6.250%, 12/1/30(2)(3)
85
88
Deutsche Bank AG
5.403%, 9/11/35(2)
260
267
Drawbridge Special
Opportunities Fund LP
144A

5.950%, 9/17/30(2)(3)
225
218
Endo Finance Holdings LP
144A

8.500%, 4/15/31(3)
185
197
F&G Annuities & Life, Inc.
6.500%, 6/4/29(2)
220
226
Fifth Third Bancorp
4.337%, 4/25/33(2)
293
289
Flutter Treasury DAC 144A

5.875%, 6/4/31(2)(3)
270
269
Foundry JV Holdco LLC
144A

5.875%, 1/25/34(2)(3)
135
141
 
Par Value(1)
Value
 
Financials—continued
Froneri Lux FinCo S.a.r.l.
144A

6.000%, 8/1/32(2)(3)
$65
$65
FS Luxembourg S.a.r.l.
144A

8.625%, 6/25/33(3)
72
71
Global Atlantic Fin Co.

144A
7.950%, 6/15/33(2)(3)
169
185

144A
7.950%, 10/15/54(2)(3)
85
81
Global Payments, Inc.
5.550%, 11/15/35(2)
225
224
Goldman Sachs Group, Inc.
(The)
5.330%, 7/23/35(2)
80
83
6.450%, 5/1/36(2)
220
242
5.065%, 1/21/37(2)
9
9
Grifols S.A. 144A

4.750%, 10/15/28(3)
245
242
Gulfport Energy Operating
Corp. 144A

6.750%, 9/1/29(2)(3)
100
104
HA Sustainable
Infrastructure Capital,
Inc.
6.375%, 7/1/34(2)
281
291
Huntington Bancshares,
Inc.
5.709%, 2/2/35(2)
275
290
Icon Investments Six DAC
6.000%, 5/8/34(2)
265
272
Imperial Brands Finance plc
144A

5.625%, 7/1/35(2)(3)
235
243
ION Platform Finance U.S.,
Inc. 144A

9.500%, 5/30/29(2)(3)
155
146
JH North America Holdings,
Inc. 144A

6.125%, 7/31/32(2)(3)
285
292
JPMorgan Chase & Co.
5.576%, 7/23/36(2)
235
244
1.953%, 2/4/32(2)
300
269
KeyCorp
6.401%, 3/6/35(2)
241
263
See Notes to Schedule of Investments
13

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Financials—continued
Liberty Mutual Group, Inc.
144A

4.125%, 12/15/51(2)(3)
$185
$184
Maxam Prill S.a.r.l. 144A

7.750%, 7/15/30(2)(3)
200
209
Melco Resorts Finance Ltd.
(Macau) 144A

5.375%, 12/4/29(3)
110
109
Midcap Financial Issuer
Trust 144A

6.500%, 5/1/28(2)(3)
265
263
Morgan Stanley
6.342%, 10/18/33(2)
202
222
5.948%, 1/19/38(2)
133
140
MSCI, Inc. 144A

3.625%, 9/1/30(3)
286
274
Nationstar Mortgage
Holdings, Inc. 144A

5.750%, 11/15/31(2)(3)
225
227
NatWest Group plc
6.475%, 6/1/34(2)
260
275
NextEra Energy Capital
Holdings, Inc.
6.500%, 8/15/55(2)
215
228
Nippon Life Insurance Co.
144A

6.250%, 9/13/53(2)(3)
260
276
OneMain Finance Corp.
6.125%, 5/15/30(2)
35
35
7.125%, 11/15/31(2)
210
215
6.750%, 9/15/33(2)
35
35
Opal Bidco SAS 144A

6.500%, 3/31/32(2)(3)
20
21
Park River Holdings, Inc.
144A

8.000%, 3/15/31(2)(3)
30
30
Phoenix Aviation Capital
Ltd. 144A

9.250%, 7/15/30(2)(3)
125
131
PNC Financial Services
Group, Inc. (The)
5.575%, 1/29/36(2)
195
205
5.423%, 1/25/41(2)
90
91
Prudential Financial, Inc.
5.125%, 3/1/52
148
145
6.750%, 3/1/53
140
150
 
Par Value(1)
Value
 
Financials—continued
Reinsurance Group of
America, Inc.
6.650%, 9/15/55(2)
$260
$269
Rivers Enterprise
Borrower LLC 144A

6.250%, 10/15/30(2)(3)
35
36
Rocket Cos., Inc. 144A

6.375%, 8/1/33(2)(3)
150
155
Saks Global
Enterprises LLC 144A

11.000%, 12/15/29(3)(4)(9)
63
(10)
Societe Generale S.A. 144A

6.066%, 1/19/35(3)
250
267
South Bow USA
Infrastructure
Holdings LLC
5.584%, 10/1/34(2)
160
163
Standard Building
Solutions, Inc. 144A

5.875%, 3/15/34(2)(3)
125
125
State Street Corp.
6.123%, 11/21/34(2)
90
98
Series I 6.700%(2)(8)
200
209
Stellantis Finance U.S., Inc.
144A

6.450%, 3/18/35(2)(3)
255
264
Sumitomo Life Insurance
Co. 144A

5.875%, 9/10/55(2)(3)
300
304
SV RNO Property Owner 1
LLC 144A

5.875%, 3/1/31(2)(3)
20
20
Synergy Infrastructure
Holdings LLC 144A

7.875%, 12/1/30(2)(3)
30
31
Texas Capital Bancshares,
Inc.
4.000%, 5/6/31(2)
495
492
Toronto-Dominion Bank
(The)
8.125%, 10/31/82(2)
239
250
Transocean International
Ltd. 144A

7.875%, 10/15/32(2)(3)
10
11
UBS Group AG

144A 7.000%(2)(3)(8)
225
226
See Notes to Schedule of Investments
14

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Financials—continued

144A
4.988%, 8/5/33(2)(3)
$114
$116
Wells Fargo & Co.
5.389%, 4/24/34(2)
310
323
 
19,444
 
 
Health Care—0.9%
180 Medical, Inc. 144A

5.300%, 10/8/35(2)(3)
300
301
Acadia Healthcare Co., Inc.
144A

5.500%, 7/1/28(2)(3)
10
10
Amneal
Pharmaceuticals LLC
144A

6.875%, 8/1/32(2)(3)
10
11
Baxter International, Inc.
5.650%, 12/15/35(2)
300
305
BioMarin Pharmaceutical,
Inc. 144A

5.500%, 2/15/34(2)(3)
10
10
Community Health
Systems, Inc.

144A 5.250%, 5/15/30(3)
120
115

144A 4.750%, 2/15/31(3)
285
261
CVS Health Corp.
6.750%, 12/10/54(2)
222
231
Dentsply Sirona, Inc.
3.250%, 6/1/30(2)
308
289
GENMAB A/S

144A
6.250%, 12/15/32(3)
10
10

144A
7.250%, 12/15/33(3)
15
16
HCA, Inc.
5.500%, 6/1/33(2)
239
250
LifePoint Health, Inc.

144A
9.875%, 8/15/30(2)(3)
145
155

144A 10.000%, 6/1/32(3)
110
115
Medline Borrower LP 144A

5.250%, 10/1/29(2)(3)
300
300
Molina Healthcare, Inc.
144A

6.250%, 1/15/33(2)(3)
80
79
 
Par Value(1)
Value
 
Health Care—continued
Organon & Co.

144A
4.125%, 4/30/28(2)(3)
$180
$177

144A
5.125%, 4/30/31(2)(3)
35
31

144A
7.875%, 5/15/34(2)(3)
30
28
Prime Healthcare Services,
Inc. 144A

9.375%, 9/1/29(2)(3)
170
178
Smith & Nephew plc
5.400%, 3/20/34(2)
260
271
Tenet Healthcare Corp.
144A

6.000%, 11/15/33(2)(3)
35
36
Universal Health Services,
Inc.
2.650%, 1/15/32(2)
322
288
 
3,467
 
 
Industrials—1.4%
Adani Ports & Special
Economic Zone Ltd.
144A

4.375%, 7/3/29(3)
120
118
Alaska Airlines
Pass-Through Trust
2020-1, A 144A

4.800%, 2/15/29(2)(3)
367
370
Aviation Capital Group LLC
144A

4.875%, 1/28/33(2)(3)
195
194
Boeing Co. (The)
5.930%, 5/1/60(2)
262
263
Builders FirstSource, Inc.
144A

6.375%, 3/1/34(3)
240
247
Carpenter Technology Corp.
144A

5.625%, 3/1/34(2)(3)
5
5
Cimpress plc 144A

7.375%, 9/15/32(2)(3)
285
287
Clarios Global LP

144A
6.750%, 2/15/30(2)(3)
10
10
See Notes to Schedule of Investments
15

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Industrials—continued

144A 6.750%, 9/15/32(3)
$50
$52
Cornerstone Building
Brands, Inc. 144A

9.500%, 8/15/29(3)
215
156
CoStar Group, Inc. 144A

2.800%, 7/15/30(2)(3)
278
256
DP World Ltd. 144A

6.850%, 7/2/37(3)
15
17
FTAI Aviation Investors LLC
144A

7.000%, 6/15/32(2)(3)
255
268
Garda World Security Corp.
144A

8.375%, 11/15/32(3)
190
195
Global Infrastructure
Solutions, Inc. 144A

7.500%, 4/15/32(2)(3)
215
227
Global Medical Response,
Inc. 144A

7.375%, 10/1/32(2)(3)
115
120
Herc Holdings, Inc.

144A
7.250%, 6/15/33(2)(3)
60
63

144A
6.000%, 3/15/34(2)(3)
15
15
Icahn Enterprises LP
5.250%, 5/15/27(2)
40
39

144A
10.000%, 11/15/29(2)(3)
220
217
LBM Acquisition LLC 144A

6.250%, 1/15/29(3)
300
229
Neptune Bidco U.S., Inc.

144A
9.290%, 4/15/29(2)(3)
270
271

144A
10.375%, 5/15/31(2)(3)
20
20
Regal Rexnord Corp.
6.400%, 4/15/33(2)
259
282
Stanley Black & Decker, Inc.
6.707%, 3/15/60(2)
210
211
TransDigm, Inc.

144A
6.625%, 3/1/32(2)(3)
290
300
 
Par Value(1)
Value
 
Industrials—continued

144A
6.125%, 7/31/34(2)(3)
$15
$15
United Airlines Holdings,
Inc.
4.875%, 3/1/29(2)
40
40
5.375%, 3/1/31(2)
10
10
United Airlines
Pass-Through Trust
2023-1, A
5.800%, 7/15/37(2)
270
286
VistaJet Malta Finance plc
144A

9.500%, 6/1/28(2)(3)
420
433
VoltaGrid LLC 144A

7.375%, 11/1/30(2)(3)
140
146
WESCO Distribution, Inc.
144A

5.500%, 4/15/34(3)
80
81
White Cap Supply
Holdings LLC 144A

7.375%, 11/15/30(3)
55
56
 
5,499
 
 
Information Technology—0.2%
Booz Allen Hamilton, Inc.
5.950%, 8/4/33(2)
135
138
Cloud Software Group, Inc.
144A

9.000%, 9/30/29(3)
265
260
Gartner, Inc. 144A

3.750%, 10/1/30(2)(3)
235
217
Helios Software Holdings,
Inc. 144A

8.750%, 5/1/29(3)
100
93
WULF Compute LLC 144A

7.750%, 10/15/30(2)(3)
125
132
 
840
 
 
Materials—0.7%
ASP Unifrax Holdings, Inc.
144A

5.250%, 9/30/28(3)
565
34
See Notes to Schedule of Investments
16

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Materials—continued
Bayport Polymers LLC
144A

5.140%, 4/14/32(2)(3)
$415
$412
Capstone Copper Corp.
144A

6.750%, 3/31/33(2)(3)
185
191
Cleveland-Cliffs, Inc. 144A

7.625%, 1/15/34(2)(3)
105
108
Corp. Nacional del Cobre de
Chile 144A

5.950%, 1/8/34(3)
233
247
Illuminate Buyer LLC 144A

9.000%, 7/1/28(3)
79
79
INEOS Quattro Finance 2
plc 144A

9.625%, 3/15/29(2)(3)
85
73
LSB Industries, Inc. 144A

6.250%, 10/15/28(2)(3)
240
241
Mauser Packaging
Solutions Holding Co.
144A

9.250%, 4/15/30(3)
250
246
New Enterprise Stone &
Lime Co., Inc. 144A

9.750%, 7/15/28(3)
230
232
Samarco Mineracao S.A.
(9.500% PIK) 144A

9.500%, 6/30/31(3)(11)
75
75
Solstice Advanced
Materials, Inc. 144A

5.625%, 9/30/33(2)(3)
10
10
Sonoco Products Co.
5.000%, 9/1/34(2)
275
278
Taseko Mines Ltd. 144A

8.250%, 5/1/30(2)(3)
100
106
Trivium Packaging Finance
B.V. 144A

12.250%, 1/15/31(3)
90
99
Westlake Corp.
5.550%, 11/15/35(2)
225
228
WR Grace Holdings LLC
144A

5.625%, 8/15/29(3)
319
306
 
2,965
 
 
 
Par Value(1)
Value
 
Real Estate—0.1%
Iron Mountain, Inc. 144A

6.250%, 1/15/33(2)(3)
$180
$184
Millrose Properties, Inc.
144A

6.250%, 9/15/32(2)(3)
125
127
Port of Spain Waterfront
Development RegS

7.875%, 2/19/40(5)
49
49
 
360
 
 
Utilities—0.8%
AES Corp. (The)
7.600%, 1/15/55(2)
175
176
Alpha Generation LLC 144A

6.250%, 1/15/34(2)(3)
70
71
CMS Energy Corp.
4.750%, 6/1/50(2)
366
362
Comision Ejecutiva
Hidroelectrica del Rio
Lempa 144A

8.650%, 1/24/33(3)
52
55
Dominion Energy, Inc.
6.200%, 2/15/56(2)
145
148
Series B
7.000%, 6/1/54(2)
130
141
Electricite de France S.A.
144A

6.900%, 5/23/53(2)(3)
206
231
Enel Finance International
N.V. 144A

7.500%, 10/14/32(3)
196
227
Entergy Corp.
7.125%, 12/1/54(2)
290
303
Eskom Holdings 144A

8.450%, 8/10/28(3)
101
108
Ferrellgas LP 144A

5.875%, 4/1/29(2)(3)
275
266
KeySpan Gas East Corp.
144A

5.994%, 3/6/33(2)(3)
276
295
Limak Yenilenebilir Enerji
AS 144A

9.625%, 8/12/30(3)
55
55
See Notes to Schedule of Investments
17

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Utilities—continued
NGL Energy Operating LLC

144A
8.125%, 2/15/29(2)(3)
$55
$57

144A
8.375%, 2/15/32(2)(3)
240
252
NRG Energy, Inc. 144A

7.000%, 3/15/33(2)(3)
223
248
Suburban Propane
Partners LP 144A

6.500%, 12/15/35(2)(3)
85
84
Vistra Corp. 144A

8.000% (2)(3)(8)
190
193
 
3,272
 
 
Total Corporate Bonds and
Notes
(Identified Cost $51,271)
51,123
 
 
Leveraged Loans—3.0%
Aerospace—0.1%
Brown Group Holding LLC
Tranche B-2 (1-3 month
Term SOFR + 2.500%)
6.167% - 6.173%,
7/1/31(7)
35
35
Karman Holdings LLC
2026, Tranche B (1
month Term SOFR +
2.750%)
6.423%, 4/1/32(7)
25
25
Rand Parent LLC 2025,
Tranche B (3 month Term
SOFR + 3.000%)
6.672%, 3/18/30(7)
348
348
Vista Management Holding,
Inc.
0.000%, 4/1/31(7)(12)
25
25
 
433
 
 
Chemicals—0.1%
Ineos Finance plc 2030 (1
month Term SOFR +
3.250%)
6.923%, 2/19/30(7)
159
133
 
Par Value(1)
Value
 
Chemicals—continued
Lummus Technology
Holdings V LLC Tranche
B (1 month Term SOFR +
2.500%)
6.173%, 12/31/29(7)
$150
$150
Nouryon Finance B.V. 2024,
Tranche B-1 (3-6 month
Term SOFR + 3.250%)
7.036%, 4/3/28(7)
158
158
 
441
 
 
Consumer Durables—0.1%
Gloves Buyer, Inc. (1 month
Term SOFR + 4.000%)
7.673%, 5/21/32(7)
95
94
White Cap Supply
Holdings LLC
Tranche C (1 month Term
SOFR + 3.250%)
6.923%, 10/19/29(7)
113
112
Tranche D
0.000%, 2/10/33(7)(12)
100
99
 
305
 
 
Consumer Non-Durables—0.1%
AI Aqua Merger Sub, Inc.
2026, Tranche B (1-3
month Term SOFR +
2.750%)
6.411% - 6.421%,
7/30/28(7)
114
113
Albion Financing 3 S.a.r.l.
2025, Tranche A (3
month Term SOFR +
3.000%)
6.664%, 5/21/31(7)
89
89
 
202
 
 
Energy—0.1%
AL GCX Holdings LLC
Tranche B (1 month Term
SOFR + 2.000%)
5.673%, 1/30/32(7)
80
79
See Notes to Schedule of Investments
18

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Energy—continued
Blackfin Pipeline LLC (1
month Term SOFR +
3.000%)
6.688%, 9/29/32(7)
$140
$140
Freeport LNG
Investments LLP Tranche
B (3 month Term SOFR +
3.250%)
6.893%, 2/11/33(7)
115
114
M6 ETX Holdings II
Midco LLC Tranche B (1
month Term SOFR +
2.500%)
6.173%, 4/1/32(7)
90
91
Traverse Midstream
Partners LLC Tranche B
(3 month Term SOFR +
2.500%)
6.167%, 2/16/28(7)
125
126
 
550
 
 
Financials—0.1%
Acrisure LLC 2024, Tranche
B-6 (1 month Term SOFR
+ 3.000%)
6.673%, 11/6/30(7)
113
110
Broadstreet Partners, Inc.
2024, Tranche B
0.000%, 6/13/31(7)(12)
125
119
Focus Financial
Partners LLC Tranche B
(1 month Term SOFR +
2.500%)
6.173%, 9/15/31(7)
130
122
Pac Dac LLC (3 month Term
SOFR + 3.250%)
6.917%, 10/28/30(7)
220
217
 
568
 
 
 
Par Value(1)
Value
 
Food / Tobacco—0.1%
Aspire Bakeries
Holdings LLC 2025,
Tranche B (1 month Term
SOFR + 3.000%)
6.673%, 12/23/30(7)
$149
$148
Del Monte Foods Corp. II,
Inc. (1 month Term SOFR
+ 9.600%)
13.260%, 4/2/26(7)
44
44
Del Monte Foods, Inc.
(1 month Term SOFR +
9.600%)
13.260% - 13.267%,
4/2/26(7)(9)
66
52
(1-3 month Term SOFR +
4.400%)
8.105% - 8.173%,
8/2/28(13)
82
2
(3 month Term SOFR +
4.900%)
8.605%, 8/2/28(9)(13)
189
2
(3 month Term SOFR +
8.150%)
11.923%, 8/2/28(13)
36
17
Pegasus Bidco B.V. 2025 (2
month Term SOFR +
2.750%)
6.403%, 7/12/29(7)
65
65
Red SPV LLC (1 month
Term SOFR + 2.250%)
5.927%, 3/15/32(7)
124
124
Snacking Investments
Bidco Pty Ltd. (3 month
Term SOFR + 3.000%)
6.667%, 10/29/32(7)
35
35
Treehouse Foods, Inc.
0.000%, 2/11/33(7)(12)
80
79
 
568
 
 
See Notes to Schedule of Investments
19

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Forest Prod / Containers—0.0%
Clydesdale Acquisition
Holdings, Inc. Tranche B
(1 month Term SOFR +
3.175%)
6.848%, 4/13/29(7)
$120
$119
Graham Packaging Co., Inc.
(1 month Term SOFR +
2.250%)
5.923%, 1/26/33(7)
15
15
Klockner Pentaplast of
America, Inc.
8.522%, 2/9/26(9)(13)
140
21
 
155
 
 
Gaming / Leisure—0.1%
Catawba Nation Gaming
Authority Tranche B (3
month Term SOFR +
4.750%)
8.417%, 3/29/32(7)
110
112
Motion Finco LLC Tranche
B-3 (3 month Term SOFR
+ 3.500%)
7.172%, 11/12/29(7)
132
111
Turquoise Topco Ltd. (3
month Term SOFR +
3.250%)
6.936%, 12/30/32(7)
75
74
 
297
 
 
Health Care—0.4%
Agiliti Health, Inc. 2023,
Tranche B (3 month Term
SOFR + 3.000%)
6.576%, 5/1/30(7)
59
56
Amneal
Pharmaceuticals LLC (1
month Term SOFR +
3.000%)
6.673%, 8/2/32(7)
45
45
Argent Finco LLC
0.000%, 11/12/32(7)(12)
30
30
Bausch & Lomb Corp. 2025
(1 month Term SOFR +
3.750%)
7.423%, 1/15/31(7)
117
117
 
Par Value(1)
Value
 
Health Care—continued
Cotiviti, Inc. (1 month Term
SOFR + 2.750%)
6.421%, 5/1/31(7)
$67
$60
Dechra Pharmaceuticals
Holdings Ltd. Tranche
B-3 (6 month Term SOFR
+ 2.750%)
6.387%, 1/27/32(7)
79
79
Ensemble RCM LLC
Tranche B (3 month Term
SOFR + 3.000%)
6.660%, 2/9/33(7)
80
77
Financiere Mendel (2 month
Term SOFR + 2.750%)
6.389%, 11/8/30(7)
30
30
Gainwell Acquisition Corp.
Tranche B (3 month Term
SOFR + 4.100%)
7.772%, 10/1/27(7)
134
126
Genmab A/S Tranche B (3
month Term SOFR +
3.000%)
6.733%, 12/10/32(7)
25
25
Global Medical Response,
Inc. (3 month Term SOFR
+ 3.500%)
7.170%, 10/1/32(7)
125
125
Grifols Worldwide
Operations USA, Inc.
Tranche B (1 month Term
SOFR + 2.100%)
5.773%, 11/15/27(7)
130
130
Hologic, Inc. Tranche B
0.000%, 1/14/33(7)(12)
90
89
Lannett Co., Inc. First Lien
2.000%, 6/16/30(9)
17
14
LifePoint Health, Inc.
Tranche B (3 month Term
SOFR + 3.750%)
7.422%, 5/16/31(7)
123
123
Tranche B-2 (3 month
Term SOFR + 3.500%)
7.152%, 5/16/31(7)
30
30
Lumexa Imaging, Inc. (3
month Term SOFR +
3.000%)
6.705%, 12/17/32(7)
55
55
See Notes to Schedule of Investments
20

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Health Care—continued
Modivcare, Inc. (3 month
Term SOFR + 5.000%)
8.690%, 12/2/30(7)
$9
$8
Parexel International, Inc.
Tranche B (1 month Term
SOFR + 2.750%)
6.423%, 12/12/31(7)
40
39
Radiology Partners, Inc.
Tranche B (3 month Term
SOFR + 4.500%)
8.172%, 6/30/32(7)
75
74
Southern Veterinary
Partners LLC 2025 (1
month Term SOFR +
2.500%)
6.176%, 12/4/31(7)
60
60
Star Parent, Inc. Tranche B
(3 month Term SOFR +
4.000%)
7.672%, 9/27/30(7)
69
67
Upstream Newco, Inc. 2025
(3 month Term SOFR +
4.512%)
8.179%, 11/20/29(7)
224
206
 
1,665
 
 
Housing—0.1%
Chariot Buyer LLC 2025,
Tranche B (1 month Term
SOFR + 2.750%)
6.423%, 9/8/32(7)
83
82
Cornerstone Building
Brands, Inc. Tranche B (1
month Term SOFR +
3.250%)
7.010%, 4/12/28(7)
167
122
Green Infrastructure
Partners, Inc. (3 month
Term SOFR + 2.750%)
6.422%, 9/24/32(7)
70
70
 
Par Value(1)
Value
 
Housing—continued
Hunter Douglas Holding
B.V. Tranche B-1 (3
month Term SOFR +
3.000%)
6.672%, 1/17/32(7)
$111
$111
 
385
 
 
Information Technology—0.5%
Applied Systems, Inc.
2024, Second Lien (3
month Term SOFR +
4.500%)
8.172%, 2/23/32(7)
20
20
Tranche B-1 (1 month
Term SOFR + 2.250%)
5.924%, 2/24/31(7)
129
126
Central Parent LLC 2024 (3
month Term SOFR +
3.250%)
6.922%, 7/6/29(7)
146
91
Cloud Software Group, Inc.
Tranche B-2 (3 month
Term SOFR + 3.250%)
6.922%, 3/21/31(7)
144
133
Composecure Holdings LLC
(1 month Term SOFR +
2.250%)
5.910%, 1/14/33(7)
50
50
ConnectWise LLC (3 month
Term SOFR + 3.762%)
7.434%, 9/29/28(7)
174
155
Delivery Hero SE Tranche B
(2 month Term SOFR +
5.000%)
8.639%, 12/12/29(7)
132
132
ECL Entertainment LLC
2025, Tranche B (1
month Term SOFR +
3.000%)
6.673%, 8/30/30(7)
182
180
See Notes to Schedule of Investments
21

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Information Technology—continued
Finastra USA, Inc.
0.000%, 9/15/32(7)(12)
$75
$69
Genesys Cloud Services
Holdings II LLC 2025 (1
month Term SOFR +
2.500%)
6.173%, 1/30/32(7)
109
101
INDICOR LLC Tranche E (1
month Term SOFR +
2.500%)
6.173%, 11/22/29(7)
104
104
Ion Platform Finance U.S.,
Inc. (3 month Term SOFR
+ 3.750%)
7.422%, 10/7/32(7)
110
90
Javelin Buyer, Inc.
0.000%, 12/5/31(7)(12)
80
74
Proofpoint, Inc. 2025,
Tranche B, First Lien (3
month Term SOFR +
3.000%)
6.672%, 8/31/28(7)
173
166
RealPage, Inc. First Lien (3
month Term SOFR +
3.262%)
6.934%, 4/24/28(7)
75
69
Rocket Software, Inc. (1
month Term SOFR +
3.750%)
7.423%, 11/28/28(7)
117
108
UKG, Inc. Tranche B (3
month Term SOFR +
2.500%)
6.167%, 2/10/31(7)
114
108
Vantor Holdings, Inc.
0.000%, 3/3/33(7)(12)
90
89
 
1,865
 
 
Manufacturing—0.2%
Arcline FM Holdings LLC
2025 (3 month Term
SOFR + 2.750%)
6.422%, 6/23/30(7)
163
163
 
Par Value(1)
Value
 
Manufacturing—continued
Columbus McKinnon Corp.
Tranche B (3 month Term
SOFR + 3.500%)
7.160%, 2/3/33(7)
$55
$55
CPM Holdings, Inc. (1
month Term SOFR +
4.500%)
8.171%, 9/28/28(7)
127
124
Dynamo U.S. Bidco, Inc.
Tranche B-1 (1 month
Term SOFR + 3.250%)
6.921%, 9/30/31(7)
35
35
Glatfelter Corp. Tranche B (3
month Term SOFR +
4.250%)
7.923%, 11/4/31(7)
94
94
Jupiter Buyer, Inc.
0.000%, 11/1/31(7)(12)
25
25
Lsf12 Crown
U.S. Commercial
Bidco LLC 2026 (1
month Term SOFR +
3.000%)
6.671%, 12/2/31(7)
131
131
Resilience Parent LLC
Tranche B
0.000%, 1/21/33(7)(12)
70
70
TK Elevator Midco GmbH
Tranche B (6 month Term
SOFR + 2.750%)
6.377%, 4/30/30(7)
114
114
 
811
 
 
Media / Telecom -
Broadcasting—0.1%
CMG Media Corp. (3 month
Term SOFR + 3.600%)
7.272%, 6/18/29(7)
130
123
Gray Television, Inc.
Tranche D (1 month Term
SOFR + 3.000%)
6.786%, 12/1/28(7)
87
87
See Notes to Schedule of Investments
22

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Media / Telecom -
Broadcasting—continued
Univision Communications,
Inc. 2024, First Lien (1
month Term SOFR +
3.500%)
7.287%, 1/31/29(7)
$128
$127
 
337
 
 
Media / Telecom - Cable/Wireless
Video—0.1%
Cogeco Communications
Finance USA LP Tranche
B-1 (1 month Term SOFR
+ 3.250%)
6.923%, 9/18/30(7)
97
89
DIRECTV Financing LLC
2024, Tranche B (3
month Term SOFR +
5.512%)
9.178%, 8/2/29(7)
171
171
Eagle Broadband
Investments LLC (3
month Term SOFR +
3.262%)
6.934%, 11/12/27(7)
298
282
 
542
 
 
Media / Telecom - Diversified
Media—0.1%
Century DE Buyer LLC 2025
(3 month Term SOFR +
3.000%)
6.667%, 10/30/30(7)
123
119
McGraw-Hill Education, Inc.
2025, Tranche B (1
month Term SOFR +
2.750%)
6.423%, 8/6/31(7)
73
73
Neptune Bidco U.S., Inc.
2026, Tranche B (1
month Term SOFR +
5.100%)
8.760%, 1/28/33(7)
150
141
 
333
 
 
 
Par Value(1)
Value
 
Media / Telecom -
Telecommunications—0.1%
Altice France S.A.
Tranche B-11 (3 month
Term SOFR + 4.125%)
7.797%, 5/1/28(7)
$187
$186
Tranche B-12 (3 month
Term SOFR + 5.063%)
8.735%, 10/30/28(7)
37
37
 
223
 
 
Media / Telecom - Wireless
Communications—0.0%
Viasat, Inc. (1 month Term
SOFR + 4.614%)
8.287%, 3/2/29(7)
156
156
Retail—0.1%
CNT Holdings I Corp. 2025
(3 month Term SOFR +
2.500%)
6.167%, 11/8/32(7)
121
120
Harbor Freight Tools USA,
Inc. (1 month Term SOFR
+ 2.250%)
5.923%, 6/11/31(7)
78
77
Petco Health & Wellness
Co., Inc. 2026 (1 month
Term SOFR + 4.250%)
7.923%, 1/22/31(7)
60
58
 
255
 
 
Service—0.4%
AlixPartners LLP 2025 (1
month Term SOFR +
2.000%)
5.673%, 8/12/32(7)
85
84
Allied Universal Holdco LLC
(1 month Term SOFR +
3.250%)
6.923%, 8/20/32(7)
199
199
Amentum Holdings LLC (1
month Term SOFR +
2.000%)
5.673%, 9/29/31(7)
150
149
See Notes to Schedule of Investments
23

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Service—continued
Ascend Learning LLC (1
month Term SOFR +
3.000%)
6.673%, 12/11/28(7)
$134
$127
BIFM U.S. Finance LLC
2025, First Lien (1 month
Term SOFR + 3.250%)
6.923%, 5/31/28(7)
133
134
DG Investment Intermediate
Holdings 2, Inc. (1 month
Term SOFR + 3.250%)
6.923%, 7/9/32(7)
128
128
Fugue Finance B.V. Tranche
B (3 month Term SOFR +
2.250%)
5.921%, 1/9/32(7)
35
34
Garda World Security Corp.
(3 month Term SOFR +
2.750%)
6.422%, 2/1/29(7)
127
126
Kuehg Corp. (3 month Term
SOFR + 2.750%)
6.422%, 6/12/30(7)
122
117
Lernen Bidco Ltd. Tranche
B-3 (6 month Term SOFR
+ 3.500%)
7.195%, 10/27/31(7)
109
108
NAB Holdings LLC 2025 (3
month Term SOFR +
2.500%)
6.172%, 11/24/28(7)
224
207
Omnia Partners LLC (3
month Term SOFR +
2.750%)
6.455%, 12/31/32(7)
74
74
Trugreen Ltd. Partnership
First Lien (3 month Term
SOFR + 4.100%)
7.767%, 11/2/27(7)
116
114
 
1,601
 
 
Transportation - Automotive—0.0%
Wand NewCo 3, Inc.
Tranche B-2 (1 month
Term SOFR + 2.500%)
6.173%, 1/30/31(7)
151
150
 
Par Value(1)
Value
 
Utilities—0.1%
Hamilton Projects
Acquiror LLC (1 month
Term SOFR + 2.500%)
6.173%, 5/30/31(7)
$90
$90
Potomac Energy Center LLC
(1 month Term SOFR +
2.750%)
6.417%, 8/5/32(7)
128
129
WEC U.S. Holdings Ltd. (1
month Term SOFR +
2.000%)
5.671%, 1/27/31(7)
114
113
 
332
 
 
Total Leveraged Loans
(Identified Cost $12,849)
12,174
 
Shares
 
Preferred Stock—0.1%
Financials—0.1%
Capital Farm Credit ACA
Series 1 144A,
5.000%(2)(3)
310
(14)
309
Total Preferred Stock
(Identified Cost $310)
309
 
 
Common Stocks—102.3%
Communication Services—1.5%
Altice Luxembourg
S.A.(9)(15)
167
3
Atento Luxco 1 S.A.(9)(15)
4,451
82
Cellnex Telecom S.A.(2)
155,996
5,924
 
6,009
 
 
Consumer Discretionary—0.0%
MYT Holding LLC
Class B(9)(15)
22,362
5
NMG Parent LLC
Escrow(9)(15)
368
See Notes to Schedule of Investments
24

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Shares
Value
 
Consumer
Discretionary—continued
West Marine(9)(15)
475
$
 
5
 
 
Energy—14.9%
Cheniere Energy, Inc.(2)
22,579
5,322
DT Midstream, Inc.(2)
22,653
3,145
Enbridge, Inc.(2)
124,180
6,599
Keyera Corp.(2)
84,359
3,220
Keyera Corp. Subscription
Receipts
18,486
695
Kinder Morgan, Inc.(2)
122,160
4,064
ONEOK, Inc.(2)
45,281
3,748
Targa Resources Corp.(2)
37,508
8,844
TC Energy Corp.(2)
153,630
9,889
Williams Cos., Inc. (The)(2)
192,313
14,370
 
59,896
 
 
Health Care—0.0%
Endo GUC Trust Class A
Escrow(9)(15)
7,168
Lannett Co., Inc.(9)(15)
3,742
60
Modivcare(15)
1,781
10
 
70
 
 
Industrials—31.1%
Aena SME S.A.(2)
854,999
26,944
Aeroports de Paris S.A.(2)
13,014
1,821
Auckland International
Airport Ltd.
1,321,450
7,261
Canadian Pacific Kansas
City Ltd.
139,693
12,232
CSX Corp.(2)
291,794
12,457
Ferrovial SE
95,062
7,094
Flughafen Zurich AG
Registered Shares(2)
24,384
8,373
GEK TERNA S.A.
110,072
4,693
Grupo Aeroportuario del
Centro Norte SAB de C.V.
Class B
214,400
3,276
Grupo Aeroportuario del
Pacifico SAB de C.V.
Class B
84,190
2,200
Transurban Group
1,022,782
10,437
 
Shares
Value
 
Industrials—continued
Union Pacific Corp.
80,845
$21,422
Vinci S.A.
39,862
6,629
 
124,839
 
 
Real Estate—4.5%
American Tower Corp.(2)
52,143
10,004
Crown Castle, Inc.(2)
88,896
7,960
 
17,964
 
 
Utilities—50.3%
Alliant Energy Corp.(2)
67,965
4,917
Atmos Energy Corp.(2)
20,079
3,751
CenterPoint Energy, Inc.(2)
130,063
5,658
Dominion Energy, Inc.
76,133
4,807
DTE Energy Co.(2)
27,087
4,015
Duke Energy Corp.(2)
45,854
6,000
E.ON SE(2)
237,109
5,514
EDP S.A.(2)
1,099,937
5,869
Entergy Corp.(2)
75,625
8,100
Evergy, Inc.(2)
90,484
7,570
Iberdrola S.A.
299,455
7,094
Kansai Electric Power Co.,
Inc. (The)
295,700
5,345
National Grid plc
517,815
9,707
NextEra Energy, Inc.
226,195
21,210
NiSource, Inc.(2)
178,202
8,429
OGE Energy Corp.(2)
137,838
6,773
Pennon Group plc
784,362
6,342
PG&E Corp.(2)
464,874
8,833
PPL Corp.(2)
165,827
6,464
Public Service Enterprise
Group, Inc.(2)
43,720
3,763
Sempra (2)
140,485
13,524
Severn Trent plc
123,734
5,469
Southern Co. (The)(2)
140,671
13,699
Spire, Inc.(2)
45,171
4,138
United Utilities Group plc
287,625
5,400
Veolia Environnement
S.A.(2)
104,325
4,433
WEC Energy Group, Inc.(2)
37,895
4,432
See Notes to Schedule of Investments
25

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
 
Shares
Value
 
Utilities—continued
Xcel Energy, Inc.(2)
132,231
$11,023
 
202,279
 
 
Total Common Stocks
(Identified Cost $334,651)
411,062
 
 
Total Long-Term
Investments—139.0%
(Identified Cost $481,815)
558,634
 
 
TOTAL INVESTMENTS—139.0%
(Identified Cost $481,815)
$558,634
Other assets and liabilities,
net—(39.0)%
(156,877
)
NET ASSETS—100.0%
$401,757
Abbreviations:
ABS
Asset-Backed Securities
ACA
American Capital Access Financial Guarantee
Corp.
BDC
Business Development Companies
DAC
Designated Activity Company
JSC
Joint Stock Company
LLC
Limited Liability Company
LLP
Limited Liability Partnership
LP
Limited Partnership
MSCI
Morgan Stanley Capital International
PIK
Payment-in-Kind Security
plc
Public Limited Company
S.a.r.l.
Société à responsabilité limitée
SOFR
Secured Overnight Financing Rate
Footnote Legend:
(1)
Par Value disclosed in foreign currency is
reported in thousands.
(2)
All or a portion of securities is segregated as
collateral for margin loan financing. The value of
securities segregated as collateral is $4,403,624.
(3)
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 February 28, 2026, these
securities amounted to a value of $77,401 or
19.3% of net assets.
(4)
Security in default; no interest payments are
being received.
(5)
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.
(6)
Represents step coupon bond. Rate shown
reflects the rate in effect as of February 28, 2026.
(7)
Variable rate security. Rate disclosed is as of
February 28, 2026. 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.
(8)
No contractual maturity date.
(9)
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.
(10)
Amount is less than $500 (not in thousands).
(11)
Payment-in-kind security which may pay
interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate
and possible payment rates.
(12)
This loan will settle after February 28, 2026, at
which time the interest rate, calculated on the
base lending rate and the agreed upon spread on
trade date, will be reflected.
(13)
Security in default; interest payments are being
received.
(14)
Value shown as par value.
(15)
Non-income producing.
Foreign Currencies:
BRL
Brazilian Real
CZK
Czech Koruna
MXN
Mexican Peso
MYR
Malaysian Ringgit
ZAR
South African Rand
See Notes to Schedule of Investments
26

VIRTUS Total Return Fund Inc.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
($ reported in thousands)
Country Weightings
United States
62
%
Spain
7
Canada
6
United Kingdom
5
France
3
Australia
2
Switzerland
2
Other
13
Total
100
%
% of total investments as of February 28, 2026.
The following table summarizes the value of the Fund’s investments as of February 28, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
 
Total
Value at
February 28, 2026
Level 1
Quoted Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Assets:
Debt Instruments:
U.S. Government Securities
$5,768
$
$5,768
$
Foreign Government Securities
23,428
23,428
Mortgage-Backed Securities
35,694
35,694
Asset-Backed Securities
19,076
19,076
Corporate Bonds and Notes
51,123
51,123
(1)
Leveraged Loans
12,174
12,085
89
Equity Securities:
Preferred Stock
309
309
Common Stocks
411,062
410,902
10
150
(2)
Total Investments
$558,634
$410,902
$147,493
$239
(1)
Amount is less than $500 (not in thousands).
(2)
Includes internally fair valued securities currently priced at zero ($0).
Security held by the Fund with an end of period value of $124 was 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 $73 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 February 28, 2026.
See Notes to Schedule of Investments
27

VIRTUS TOTAL RETURN FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
February 28, 2026
(Unaudited)
Note 1. Security Valuation
The Fund’s Board of Directors has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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 investment 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 investment 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 (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, 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, restricted securities, and leveraged loans are valued based on either evaluated or composite 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
28

VIRTUS TOTAL RETURN FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2026
(Unaudited)
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 investment adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options and futures, 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, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
29