Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, December 18, 2020 — Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on December 11, 2020 (ex-date December 10, 2020).

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 2020 (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	$	0.026		32.8%	$	0.252		21.8%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		0.007		8.6%		0.007		0.6%
Return of Capital (or other Capital Source)		0.047		58.6%		0.899		77.6%
Total Distribution	$	0.080		100.0%	$	1.158		100.0%

(1) Fiscal year started December 1, 2019.

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

November 30, 2020
Average Annual Total Return on NAV for the 5-year period (2)	8.52	%
Current Fiscal YTD Annualized Distribution Rate (3)	10.31	%
Fiscal YTD Cumulative Total Return on NAV (4)	3.25	%
Fiscal YTD Cumulative Distribution Rate (5)	12.44	%

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

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

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

Virtus Total Return Fund Inc. - 2

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

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

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

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

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

Cusip:  92835W107                    

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Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, January 11, 2021 — Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on December 31, 2020 (ex-date January 6, 2021).

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 2020 (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	$	0.027		34.1%	$	0.027		34.1%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		-		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.053		65.9%		0.053		65.9%
Total Distribution	$	0.080		100.0%	$	0.080		100.0%

(1) Fiscal year started December 1, 2020.

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

December 31, 2020
Average Annual Total Return on NAV for the 5-year period (2)	9.49	%
Current Fiscal YTD Annualized Distribution Rate (3)	10.25	%
Fiscal YTD Cumulative Total Return on NAV (4)	1.57	%
Fiscal YTD Cumulative Distribution Rate (5)	0.85	%

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

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

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

Virtus Total Return Fund Inc. - 2

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

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

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

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

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

Cusip: 92835W107                        

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Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, February 19, 2021 — Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on February 11, 2021 (ex-date February 10, 2021).

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	January 2021 (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	$	0.012		15.4%	$	0.040		24.7%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		-		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.068		84.6%		0.120		75.3%
Total Distribution	$	0.080		100.0%	$	0.160		100.0%

(1) Fiscal year started December 1, 2020.

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

January 29, 2021
Average Annual Total Return on NAV for the 5-year period (2)	9.52	%
Current Fiscal YTD Annualized Distribution Rate (3)	10.54	%
Fiscal YTD Cumulative Total Return on NAV (4)	-0.33	%
Fiscal YTD Cumulative Distribution Rate (5)	1.76	%

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

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

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

Virtus Total Return Fund Inc. - 2

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

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

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

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

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

Cusip: 92835W107                    

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Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, March 18, 2021 — Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on March 11, 2021 (ex-date March 10, 2021).

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 2021 (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	$	0.023		29.0%	$	0.063		26.1%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		-		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.057		71.0%		0.177		73.9%
Total Distribution	$	0.080		100.0%	$	0.240		100.0%

(1) Fiscal year started December 1, 2020.

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

February 26, 2021
Average Annual Total Return on NAV for the 5-year period (2)	8.87	%
Current Fiscal YTD Annualized Distribution Rate (3)	10.85	%
Fiscal YTD Cumulative Total Return on NAV (4)	-2.31	%
Fiscal YTD Cumulative Distribution Rate (5)	2.71	%

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

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

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

Virtus Total Return Fund Inc. - 2

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

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

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

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

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

Cusip: 92835W107                    

# # #

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, April 19, 2021 — Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on April 12, 2021 (ex-date April 9, 2021).

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 2021 (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	$	0.022		27.4%	$	0.085		26.5%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		-		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.058		72.6%		0.235		73.5%
Total Distribution	$	0.080		100.0%	$	0.320		100.0%

(1) Fiscal year started December 1, 2020.

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

March 31, 2021
Average Annual Total Return on NAV for the 5-year period (2)	8.30	%
Current Fiscal YTD Annualized Distribution Rate (3)	10.41	%
Fiscal YTD Cumulative Total Return on NAV (4)	2.67	%
Fiscal YTD Cumulative Distribution Rate (5)	3.47	%

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

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

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

Virtus Total Return Fund Inc. - 2

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

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

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

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

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

Cusip: 92835W107                    

# # #

Virtus Total Return Fund Inc.

Section 19(a) Notice

HARTFORD, CT, May 20, 2021 — Virtus Total Return Fund Inc. (NYSE: ZTR) declared a distribution of $0.08 per share to shareholders of record at the close of business on May 13, 2021 (ex-date May 12, 2021).

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 2021 (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	$	0.001		0.8%	$	0.085		21.3%
Net Realized Short-Term Capital Gains		-		0.0%		-		0.0%
Net Realized Long-Term Capital Gains		-		0.0%		-		0.0%
Return of Capital (or other Capital Source)		0.079		99.2%		0.315		78.7%
Total Distribution	$	0.080		100.0%	$	0.400		100.0%

(1) Fiscal year started December 1, 2020.

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

April 30, 2021
Average Annual Total Return on NAV for the 5-year period (2)	8.66	%
Current Fiscal YTD Annualized Distribution Rate (3)	10.07	%
Fiscal YTD Cumulative Total Return on NAV (4)	7.02	%
Fiscal YTD Cumulative Distribution Rate (5)	4.20	%

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

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

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

Virtus Total Return Fund Inc. - 2

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

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

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

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

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

Cusip: 92835W107                    

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