<SEC-DOCUMENT>0001193125-20-210615.txt : 20200805
<SEC-HEADER>0001193125-20-210615.hdr.sgml : 20200805
<ACCEPTANCE-DATETIME>20200805155957
ACCESSION NUMBER:		0001193125-20-210615
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20200531
FILED AS OF DATE:		20200805
DATE AS OF CHANGE:		20200805
EFFECTIVENESS DATE:		20200805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Virtus Total Return Fund Inc.
		CENTRAL INDEX KEY:			0000836412
		IRS NUMBER:				133474242
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05620
		FILM NUMBER:		201077107

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZWEIG TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>d920986dncsrs.htm
<DESCRIPTION>VIRTUS TOTAL RETURN FUND INC
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<TITLE>Virtus Total Return Fund Inc</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">UNITED STATES </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SECURITIES AND EXCHANGE COMMISSION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">N-CSR</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INVESTMENT COMPANIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Investment Company Act file number<U> <FONT STYLE="white-space:nowrap">811-05620</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Total Return Fund
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Exact name of registrant as
specified in charter) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">101 Munson Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Greenfield, MA 01301-9683&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices) (Zip code) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Jennifer Fromm, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Vice
President, Chief Legal Officer, Counsel and Secretary for Registrant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">One Financial Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford, CT
06103-4506&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Name and address of agent for service) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s telephone number, including area code:<U> (866) <FONT STYLE="white-space:nowrap">270-7788</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Date of fiscal year end:<U> November&nbsp;30</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Date of reporting period:<U> May&nbsp;31, 2020</U> </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> is to be used by management investment companies to file reports with the Commission not
later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule <FONT STYLE="white-space:nowrap">30e-1</FONT> under the Investment Company Act of 1940 (17 CFR <FONT
STYLE="white-space:nowrap">270.30e-1).</FONT> The Commission may use the information provided on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> in its regulatory, disclosure review, inspection, and policymaking roles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A registrant is required to disclose the information specified by Form <FONT STYLE="white-space:nowrap">N-CSR,</FONT> and the Commission will
make this information public. A registrant is not required to respond to the collection of information contained in Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> unless the Form displays a currently valid Office of Management and Budget
(&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;1. Reports to Stockholders. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Report to Shareholders is attached herewith. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <DIV style="width:100%;"> <DIV style="float:right;overflow:hidden;position:relative;width:44.33%;" type="Block"> <DIV style="margin-top:0pt;text-align:Right;width:100%;">
<IMG src="g920986img7a0ce1c31.gif"> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;width:81.70%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:11pt;font-style:Normal;font-weight:Normal;line-height:14pt;text-align:left;text-decoration:none;text-transform:none;">SEMIANNUAL REPORT</DIV> </DIV> </DIV>
<DIV style="overflow:hidden;width:100%;" type="Block"> <HR noshade="noshade" style="background-color:#000000;height:1pt;"> </DIV> <DIV style="margin-top:18pt;width:81.70%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:18pt;text-align:left;text-decoration:none;text-transform:none;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:110pt;width:93.56%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:14pt;font-style:Normal;font-weight:Normal;line-height:17pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Virtus Total Return Fund Inc.</DIV> </DIV>
<DIV style="margin-top:154pt;width:92.53%;" type="Block"> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:justify;text-decoration:none;text-transform:none;">Beginning on January 1, 2021, as permitted by regulations
adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a
broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">You may elect at any time to receive not only shareholder
reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections
by calling the Fund at 1-866-270-7788 or, with respect to requesting electronic delivery, by visiting www.virtus.com. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to
determine whether your election will apply to all funds in which you own shares through that intermediary.</DIV> </DIV> <DIV style="margin-top:2pt;overflow:hidden;width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;height:1pt;"> </DIV> <DIV style="margin-top:24pt;width:90.46%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:24pt;text-align:center;text-decoration:none;text-transform:none;">Not FDIC Insured &#8226; No Bank Guarantee &#8226; May Lose
Value</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">FUND DISTRIBUTIONS AND MANAGED DISTRIBUTION PLAN</DIV> </DIV>
<DIV style="margin-top:26pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The
Board of Directors (the &#8220;Board,&#8221; or the &#8220;Directors&#8221;) of Virtus Total Return Fund Inc. (the &#8220;Fund&#8221;) has adopted a Managed Distribution Plan (the &#8220;Plan&#8221;) which currently provides for the Fund to make a
monthly distribution rate of $0.08 per share (rate was $0.113 per share prior to June 2020). Under the terms of the Plan, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income,
realized capital gains, and a return of capital, or a combination thereof.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">If the Fund estimates that it has distributed more than its
income and capital gains in a particular period, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of
capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">To the extent that the Fund uses capital gains and/or return of
capital to supplement its investment income, you should not draw any conclusions about the Fund&#8217;s investment performance from the amount of the Fund&#8217;s distributions or from the terms of the Fund&#8217;s Managed Distribution Plan.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The amounts and sources of distributions reported in Section
19(a) notices of the Investment Company Act of 1940 are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax
purposes.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Board may amend, suspend or terminate the
Managed Distribution Plan at any time, without prior notice to shareholders, if it deems such action to be in the best interest of the Fund and its shareholders.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Information on the Fund is available through the closed-end
fund section on the web at<BR> www.Virtus.com. Section 19(a) notices are posted on the website at:<BR> <FONT style="color:#0000FF;text-decoration:underline;">https://www.virtus.com/products/virtus-total-return-fund.</FONT></DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <DIV style="width:100%;"> <A name="toc"></A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">Table of Contents</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Virtus Total Return Fund Inc.</DIV>
<DIV style="text-align:center;">
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<DIV style="float:left;"><FONT ><A href="#lts-toc-lettertoshareholders-370_1">Message to
Shareholders</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#mdfpcef-toc-mdfp-370_1">Manager&#8217;s Discussion of Fund
Performance</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<TD style="color:#000000;font-family:Times New Roman;font-size:12pt;font-style:Normal;font-weight:Normal;line-height:15pt;padding-bottom:1.75pt;padding-left:2pt;padding-top:1.75pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.68%;">2
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<DIV style="float:left;"><FONT ><A href="#pc-toc-pc-370_1">Our Privacy
Commitment</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#spsw-toc-portfolioweighitings-370_1">Portfolio Holdings Summary
Weightings</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#kitcef-toc-keyinvestmenttermscef-370_1">Key Investment
Terms</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#soi-toc-scheduleofinvestments-370_1">Schedule of
Investments</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#sal-sal-headerfooter-370_1">Statement of Assets and
Liabilities</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#sop-sop-headerfooter-370_1">Statement of
Operations</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#soc-soc-headerfooter-370_1">Statements of Changes in Net
Assets</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#socf-socf-headerfooter-370_1">Statement of Cash
Flows</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#fihi-fihi-headerfooter-370_1">Financial
Highlights</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#ntf-toc-ntf-370_1">Notes to Financial
Statements</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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<DIV style="float:left;"><FONT ><A href="#ai-toc-additionalinformation-370_1">Results of Annual Meeting of
Shareholders</A></FONT></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
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 </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="lts-toc-lettertoshareholders-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MESSAGE TO SHAREHOLDERS</DIV> </DIV> <DIV style="width:94.33%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Dear Virtus Total Return Fund Inc. Shareholder:</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:23.62%;text-align:left;text-decoration:none;text-transform:none;">I am pleased to present this semiannual
report, which reviews the performance of the Virtus Total Return Fund Inc. for the six months ended May 31, 2020.</DIV> <DIV style="margin-top:0pt;text-align:Left;width:68pt;">
<IMG src="g920986imgfecdbe8d2.gif"> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:-100pt;padding-left:23.62%;text-align:left;text-decoration:none;text-transform:none;">This
report contains commentary from the portfolio management teams at Duff &amp; Phelps Investment Management and Newfleet Asset Management about the financial markets and the performance of the Fund&#8217;s equity and fixed income investments,
respectively. The report also includes a discussion from the portfolio management team at Rampart Investment Management about the impact of the options overlay strategy on Fund performance through February 27, when the strategy was suspended during
the extreme market volatility. Effective June 18, 2020, the options overlay strategy was removed from the investment strategy of the Fund and Rampart is no longer a subadviser.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3pt;padding-left:23.62%;text-align:left;text-decoration:none;text-transform:none;">The six-month period ended May 31, 2020,
included the challenges of the sharp economic slowdown and severe market decline related to the coronavirus pandemic. During this period, the Fund&#8217;s net asset value (NAV) declined 8.89%, including $0.68 in reinvested distributions, and its
market price declined 17.82%. For the same period, the Fund&#8217;s composite benchmark, which consists of 60% FTSE Developed Core Infrastructure 50/50 Index (net) and 40% Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.18%. The underlying
indices returned (7.84%) for equities, and 5.40% for fixed income. The effect of the options overlay strategy was (1.29%) for the fiscal six-month period.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">As a result of market events during the period, the
Fund&#8217;s monthly distribution rate has been reduced by $0.033 per share, effective with the June 18, 2020 distribution. The rate was reduced in order to provide a more sustainable distribution rate in the current environment.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">On behalf of the Fund and its investment management team, I
thank you for entrusting your assets to us. Should you have questions about your account or require assistance, please visit the closed-end fund section of <FONT style="color:#0000FF;text-decoration:underline;">Virtus.com</FONT>, or call our
customer service team at 866-270-7788. We appreciate your business and remain committed to your long-term financial success.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Sincerely,</DIV>
<DIV style="margin-top:3pt;text-align:Left;width:112pt;">
<IMG src="g920986img450d04a93.jpg"> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">George R. Aylward<BR>
President, Chief Executive Officer, and Director<BR> Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">July 2020</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:26%;" align="Left">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Performance data quoted represents past results. Past
performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.</DIV> </DIV> <DIV style="margin-top:17pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">1</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="mdfpcef-toc-mdfp-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table
 of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MANAGER&#8217;S DISCUSSION OF FUND PERFORMANCE (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">About The
Fund</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Virtus Total Return Fund Inc.
(NYSE: ZTR) (the &#8220;Fund&#8221;) has an investment policy to currently target an allocation of its investments to be a balance of approximately 60% equity and 40% fixed income securities. The Fund&#8217;s investment objective is capital
appreciation, with current income a secondary objective. <FONT style="font-style:italic;">There is no guarantee that the Fund will achieve its investment objectives.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The use of leverage currently enables the
Fund to borrow at short-term rates and invest at higher yields on its investments. As of May 31, 2020, the Fund&#8217;s leverage consisted of $151.75 of borrowings made pursuant to a line of credit, which represented about 27% of the Fund&#8217;s
total assets.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Manager Comments &#8211; Duff &amp; Phelps
Investment Management Co. (DPIM)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The
equity portion of the Fund is invested globally in owners/operators of infrastructure in the communications, utility, energy, and transportation industries (also referred to as &#8220;essential services&#8221;). DPIM manages the equity portion of
the Fund&#8217;s portfolio, utilizing its global infrastructure strategy that leverages the company&#8217;s in-depth fundamental research expertise in income-producing securities. The following commentary is provided by the portfolio management team
at DPIM and covers the Fund&#8217;s equity portfolio for the fiscal six months ended May 31, 2020.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">How did the equity markets perform during the six months ended
May 31, 2020?</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Market performance
exhibited significant volatility during the period as the COVID-19 pandemic disrupted economic activity beginning in March 2020, striking fear into the financial markets. This fear brought a risk-off environment, in which investors sought out the
perceived safety of government bonds in developed markets, driving down bond yields. Massive monetary and fiscal stimulus was injected into the world&#8217;s economies in an attempt to stem the severe economic impact caused by stay-at-home orders.
The rapid descent of the equity markets was followed by an impressive rally in April and May, which left global developed equity markets, as measured by the MSCI World Index (net), down just 5.4% for the six-month period.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The benchmark for the equity portion of the
Fund, the FTSE Developed Core Infrastructure 50/50 Index (net), posted a loss of 7.8% for the six months ended May 31, 2020, trailing the broader market. While global infrastructure is typically considered defensive in nature, this downturn was
unique in that the pandemic most directly impacted the transportation and energy infrastructure sectors, which make up roughly one-third of our investment universe. Within the Fund&#8217;s benchmark, transportation stocks suffered the largest
decline in the infrastructure universe, falling nearly 21% as shelter-in-place policies were implemented across the globe in response to the pandemic. Traffic volumes at airports and toll roads plummeted as governments urged citizens to stay indoors
and limit travel. Several countries closed their borders, restricting international air travel. Railroads began to report declining freight volumes as manufacturing activity and economies slowed. The energy infrastructure sector was negatively
impacted by the demand shock of COVID-19, which was compounded by the supply shock of the Saudi Arabia-Russia oil price war. The resulting oversupply and anticipated production cuts caused investors to sell energy infrastructure stocks, which
declined 16%.</DIV> </DIV> <DIV style="margin-top:33pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">For information regarding the indexes and certain key investment terms, see
Key Investment Terms starting on page 10.</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">2</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="mdfpcef-toc-mdfp-370_2"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table
 of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MANAGER&#8217;S DISCUSSION OF FUND PERFORMANCE
(Unaudited)&nbsp;(Continued)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">In contrast, the communications sector
rallied handily during the period, up approximately 23%. It was the only infrastructure sector to be in positive territory, supported by the resilience of cell tower companies. Wireless telecom usage surged as a large portion of the global
population stayed at home, which required telecom operators to continue deploying new towers and equipment to provide uninterrupted service. Utilities were also a good place for investors to hide, performing better than the broader equity market,
with a decline of less than 4%.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">What factors affected the
performance of the Fund&#8217;s equity portfolio during the fiscal six-month period?</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The equity portion of the Fund, including the
impact of leverage employed by the Fund, underperformed developed equity markets, as measured by the MSCI World Index (net), and its equity benchmark for the first half of the fiscal year. The Fund&#8217;s equity sleeve declined 9.46% (before fees
and expenses) for the six months ended May 31, 2020, while the benchmark was down 7.84%.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Stock selection relative to the equity
benchmark was favorable in all sectors except energy infrastructure. The impact of security selection in utilities and transportation was substantial, more than offsetting the negative impact from energy stock selection. The contribution from stock
selection within communications was a modest positive. From a sector allocation perspective, an overweight in communications and an underweight in transportation contributed positively to performance. An overweight to energy infrastructure and an
underweight to utilities hurt performance.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Drilling down to the security level, Orsted
A/S, an out-of-benchmark holding, made the largest contribution to relative performance.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:7.00%;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Based in
Denmark, Orsted is a leading global developer of renewable energy facilities, predominately offshore wind. Despite the current crisis, governments around the world continued to support the deployment of renewables, which presented a favorable
operating environment for Orsted.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:7.00%;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;The fact that
the Fund did not hold Aeroports de Paris (ADP) was the second largest contributor to relative performance. As countries issued stay-at-home orders due to the COVID-19 pandemic, traffic declines experienced by airports in April were quite severe,
sinking over 95% on a year-over-year basis. As a hub airport with significant international connecting traffic, ADP was the worst performing airport in the transportation sector.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:7.00%;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Other top
contributors to relative performance were Union Pacific, Ferrovial SA, and, due to lack of exposure in the Fund, Macquarie Infrastructure.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The two largest detractors to relative
performance, Targa Resources and Oneok, were both in the energy infrastructure sector, which was hard hit by the extraordinary decline in crude oil prices.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:7.00%;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Targa
Resources is an integrated operator in the gathering, processing, transporting, and storage of oil and natural gas. Investors feared that the lower commodity price environment would lead to reduced production volumes for an extended period.</DIV>
</DIV> <DIV style="margin-top:42pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">For
information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 10.</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">3</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
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 <A name="mdfpcef-toc-mdfp-370_3"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table
 of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MANAGER&#8217;S DISCUSSION OF FUND PERFORMANCE
(Unaudited)&nbsp;(Continued)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:7.00%;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Oneok
transports natural gas and natural gas liquids, predominately from the Bakken (North Dakota) basin, which is also expected to see lower transport volumes due to the production cutbacks. After both stocks were sold out of the Fund, the companies took
aggressive action to improve liquidity and support cash flow generation, moves that were viewed favorably by the market.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:7.00%;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Rounding out
the top five detractors were Keyera, CenterPoint Energy, and Fraport AG.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Manager Comments &#8211; Newfleet Asset Management, LLC
(Newfleet)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Newfleet manages the
Fund&#8217;s fixed income portfolio, which has a target allocation of 40%, utilizing its multi-sector core plus strategy. The following commentary is provided by the portfolio management team at Newfleet, and it covers the Fund&#8217;s fixed income
portfolio for the period ended May 31, 2020.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">How did the
fixed income markets perform during the six months ended May 31, 2020?</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The six-month period saw multiple challenges
including several bouts of elevated volatility. In the final quarter of 2019, investors maintained their appetite for risk assets. Fixed income markets responded favorably during the year to monetary easing by global central banks, positive
developments on the trade front, and signs of stability in economic data. Geopolitical developments, including trade, Middle East tensions, and European politics, as well as central bank headlines, all continued to be significant market movers.
During the fourth quarter of 2019, spread sectors outperformed U.S. Treasuries, led by higher volatility sectors such as corporate high yield, bank loans, and emerging market debt. In a change from the first three quarters of 2019, lower quality
within these sectors outperformed higher quality. Within spread sectors, corporate credit outperformed securitized sectors such as commercial mortgage-backed securities and asset-backed securities.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">In stark contrast, the first quarter of 2020
saw volatility spike to levels not reached since the financial crisis of 2008-09. The quarter will be remembered for the emergence of COVID-19 as the first global pandemic since the H1N1 swine flu of 2009-10. Governments and central banks responded
in unprecedented fashion to help blunt the effects of the virus. The containment measures implemented through the end of May were unambiguously negative for near-term local, regional, and global economic growth. The spread of the coronavirus, its
negative effect on global economic growth, and the fear it created in the market caused fixed income spreads to widen significantly during March. Valuations cheapened meaningfully, reaching levels not seen since 2008-09. Financial markets responded
to the expected economic shock by repricing sharply lower in most cases. While the duration and ultimate toll of the pandemic remain unknown, valuations across multiple asset classes improved in response to forceful actions by policymakers. We hope
for brighter days in the coming quarters, and sought to take advantage of the market volatility by following the same investment approach we have implemented for close to three decades.</DIV> </DIV>
<DIV style="margin-top:74pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">For information
regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 10.</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">4</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="mdfpcef-toc-mdfp-370_4"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table
 of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MANAGER&#8217;S DISCUSSION OF FUND PERFORMANCE
(Unaudited)&nbsp;(Continued)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">During the first quarter of 2020, U.S.
Treasuries outperformed spread sectors, while higher volatility sectors such as corporate high yield, bank loans, and emerging market debt were the leading underperformers. In April and May, the fixed income markets experienced a significant
rebound, with spread sectors outperforming U.S. Treasuries. The largest laggards in March outperformed for the remaining two months of the of the six-month period, although they did not reach the levels seen prior to the crisis.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The Federal Reserve (the Fed) lowered its
target rate twice during the six-month period, cutting rates by a total of 1.25% in response to the pandemic. The Fed&#8217;s target range was 0-0.25% at the end of the period. The Fed said it expects to keep rates near zero until it is confident
that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Over the six months ended May 31, 2020, the
Treasury yield curve steepened, shifting broadly lower, more so on the front end.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">What factors affected the performance of the Fund&#8217;s fixed
income portfolio during the fiscal six-month period?</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">For the fiscal six months ended May 31, 2020,
the fixed income portfolio of the Fund declined 2.57% (before fees and expenses), while the Bloomberg Barclays U.S. Aggregate Bond Index, which serves as the portfolio&#8217;s benchmark, returned 5.40%.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The portfolio&#8217;s underweights to agency
mortgage-backed securities and U.S. Treasuries, as well as its overweight to spread sectors, had a negative impact on relative performance for the six months ended May 31, 2020.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Detractors during the period included the
portfolio&#8217;s exposures to corporate high yield, high yield bank loans, emerging markets, and investment grade corporates.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Positive contributors to performance included
a tactical trade (which is a trade based upon market signals that an asset is likely to change in price, rather than based upon an analysis of the asset&#8217;s inherent value) within the tax-free municipal bond sector, taxable municipal bonds, and
the portfolio&#8217;s underweight to the corporate high quality sector.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Manager Comments &#8211; Rampart Investment Management Company,
LLC (Rampart)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Rampart manages the Fund&#8217;s options
overlay strategy, which seeks to generate additional income through the purchase and sale of paired out-of-the-money puts and calls. The following commentary is provided by the portfolio management team at Rampart and it covers the period ended May
31, 2020.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">How did the options overlay strategy perform for
the Fund during the fiscal six months ended May 31, 2020?</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The options overlay performed well for much
of the period, opening and closing out 44 profitable trades in a row from November 2019 through mid-February 2020. Starting in late February, though, the global economic environment changed dramatically, and a series of extreme moves in the U.S.
equity market had a negative impact on the options overlay.</DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">For information regarding the indexes and certain key investment terms, see
Key Investment Terms starting on page 10.</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">5</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
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 <A name="mdfpcef-toc-mdfp-370_5"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table
 of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MANAGER&#8217;S DISCUSSION OF FUND PERFORMANCE
(Unaudited)&nbsp;(Continued)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The final seven trades before the options
strategy was suspended on February 27 all produced losses of varying amounts. From the time the first of these trades was initiated to the time when the last one expired, the S&amp;P 500<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index dropped more than 18%. This took place over a period of only 19 trading days. This short but severe period of market turmoil was enough to erase
the profits that had been built up over the preceding three months. By the end of the fiscal period, the options overlay impacted Fund performance by -1.29% (before fees and expenses).</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The last time such a drastic market event
occurred was in March of 2009, exactly 11 years prior. Back then, the decline marked the end of a protracted economic collapse that bankrupted a number of iconic U.S. companies and changed the retirement plans of millions of Americans. The 2020
event was very different, in that it occurred suddenly and with little warning. The COVID-19 pandemic was known to be an issue, but the U.S. market didn&#8217;t really digest the gravity of the situation until the last week of February. The S&amp;P
500<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index fell more than 11% in that week alone.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Even as the options overlay strategy made
adjustments to accommodate the new reality of plummeting index levels and skyrocketing volatility, the market move was too fast to keep up with. The overlay typically implements two-week trades, which is considered to be very short-term in most
market conditions. But in February and March, when daily price moves were often in excess of 3%, two weeks seemed like an eternity. Eventually, once the trades that were initiated in late February were closed out, the overlay was paused in
anticipation of further market volatility.</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.25pt;width:26%;" align="Left">
<DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;"><SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">1</SUP><FONT style="font-size:8pt;line-height:11pt;"> Effective June 18, 2020, the options overlay strategy was removed from the investment strategy of the Fund.
As a result of this change, Rampart is no longer a subadviser to the Fund.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The preceding information is the opinion of
portfolio management only through the end of the period of the report as stated on the cover. Any such opinions are subject to change at any time based upon market conditions and should not be relied upon as investment advice.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">The Fund&#8217;s portfolio holdings are
subject to change and may not be representative of the portfolio managers&#8217; current or future investment decisions. The mention of individual securities held by the Fund is for informational purposes only and should not be construed as a
recommendation to purchase or sell any securities. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;"><FONT style="text-decoration:underline;">Risk
Considerations</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Equity Securities:<FONT
 style="font-weight:Normal;"> The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that
risk.</FONT></DIV> </DIV> <DIV style="margin-top:48pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">For information regarding the indexes and certain key investment terms, see
Key Investment Terms starting on page 10.</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">6</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
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 <A name="mdfpcef-toc-mdfp-370_6"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table
 of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">MANAGER&#8217;S DISCUSSION OF FUND PERFORMANCE
(Unaudited)&nbsp;(Continued)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Credit &amp; Interest:<FONT
 style="font-weight:Normal;"> Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities
may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Foreign Investing:<FONT
 style="font-weight:Normal;"> Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">High Yield-High Risk Fixed Income Securities:<FONT
 style="font-weight:Normal;"> There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Leveraged Loans:<FONT
 style="font-weight:Normal;"> Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans can carry significant credit and call risk, can be difficult to value
and have longer settlement times than other investments, which can make loans relatively illiquid at times.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">ABS/MBS:<FONT style="font-weight:Normal;">
Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Options Overlay:<FONT
 style="font-weight:Normal;"> The options overlay strategy may not be successful in achieving its objective of increasing distributable income while limiting the risk of loss and, in periods of significant moves in the S&amp;P 500<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index, has resulted in losses for investors.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Call/Put Spreads:<FONT
 style="font-weight:Normal;"> Buying and selling call and put option spreads on the SPX Index risks the loss of the premium when buying, can limit upside participation, and increase downside losses.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:5.83%;text-transform:none;">Closed-End Funds:<FONT
 style="font-weight:Normal;"> Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase the impact of
volatility.</FONT></DIV> </DIV> <DIV style="margin-top:212pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">For information regarding the indexes and certain key investment terms, see
Key Investment Terms starting on page 10.</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">7</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="pc-toc-pc-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
 </A> </DIV> <DIV style="width:100%;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="border:1pt solid black;margin-top:9pt;">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:9pt;text-align:center;text-decoration:none;text-transform:none;"><SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">OUR PRIVACY COMMITMENT</SUP></DIV> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:2pt;text-align:left;text-decoration:none;text-indent:9.64%;text-transform:none;">Virtus Total Return Fund Inc. recognizes that
protecting the privacy and security of the confidential personal information we collect about you is an important responsibility. The following information will help you understand our privacy policy and how we will handle and maintain confidential
personal information as we fulfill our obligations to protect your privacy. &#8220;Personal information&#8221; refers to the nonpublic financial information obtained by us in connection with providing you a financial product or service.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Information We Collect</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:9.64%;text-transform:none;">We collect personal information to help us
serve your financial needs, offer new products or services, provide customer service and fulfill legal and regulatory requirements. The type of information that we collect varies according to the products or services involved, and may include:</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:2pt;padding-left:11.0054pt;text-align:left;text-decoration:none;text-indent:-11.0054pt; text-transform:none;">&#8226;<FONT
 style="padding-left:2%;"></FONT>&nbsp;&nbsp;Information we receive from you on applications and related forms (such as name, address, social security number, assets and income); and</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:2pt;padding-left:11.0054pt;text-align:left;text-decoration:none;text-indent:-11.0054pt; text-transform:none;">&#8226;<FONT
 style="padding-left:2%;"></FONT>&nbsp;&nbsp;Information about your transactions and relationships with us, our affiliates, or others (such as products or services purchased, account balances and payment history).</DIV> </DIV>
<DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Information Disclosed in Administering Products and
Services</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:9.64%;text-transform:none;">We will not disclose personal
information about current or former customers to non-affiliated third parties except as permitted or required by law. We do not sell any personal information about you to any third party. In the normal course of business, personal information may be
shared with persons or entities involved in servicing and administering products and services on our behalf, including your broker, financial advisor or financial planner and other service providers and affiliates assisting us.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Procedures to Protect Confidentiality and Security of Your
Personal Information</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-indent:9.64%;text-transform:none;">We have procedures
in place that limit access to personal information to those employees and service providers who need to know such information in order to perform business services on our behalf. We educate our employees on the importance of protecting the privacy
and security of confidential personal information. We also maintain physical, electronic and procedural safeguards that comply with federal and state regulations to guard your personal information.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:2pt;text-align:left;text-decoration:none;text-indent:9.64%;text-transform:none;">We will update our policy and procedures
where necessary to ensure that your privacy is maintained and that we conduct our business in a way that fulfills our commitment to you. If we make any material changes in our privacy policy, we will make that information available to customers
through our website and/or other communications.</DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;padding-top:182pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">8</DIV> </DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="spsw-toc-portfolioweighitings-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">The
following tables present the portfolio holdings within certain</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">sectors
or countries as a percentage of total investments at May 31, 2020.</DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;margin-top:20pt;width:100%;"> </DIV>
<DIV style="border:1pt solid black;float:right;margin-right:25.533527696793002915451895040%;overflow:hidden;position:relative;width:48.20%;" type="Block">
<DIV style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;"><FONT style="text-decoration:underline;">Asset
Allocations</FONT></DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:90.24%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:4pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Common
 Stocks </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:4pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:12pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:10.81%;">60%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.08%;">Utilities
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.11%;">30%
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.08%;">Industrials
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">15
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Real
 Estate </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">7
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">All
 Other Common Stocks </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">8
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Corporate
 Bonds and Notes </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">22
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.08%;">Financials
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">4
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.08%;">Energy
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">3
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Communication
 Services </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">2
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:22pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:81.08%;">All
 Other Corporate Bonds and Notes </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.11%;">13
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.81%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Mortgage-Backed
 Securities </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Leveraged
 Loans </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Asset-Backed
 Securities </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">3
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Foreign
 Government Securities </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">3
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:81.08%;">Municipal
 Bonds </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">1
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:81.08%;">Other
 (includes short-term investment) </TD>
<TD style="line-height:8pt;padding-bottom:2.5pt;padding-right:2pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:12pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">1
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:2pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.08%;">Total
 </TD>
<TD style="line-height:8pt;padding-bottom:1.38pt;padding-right:2pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:8.11%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:2pt;padding-right:12pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">100%
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> </DIV>
<DIV style="border:1pt solid black;float:right;margin-right:25.533527696793002915451895040%;margin-top:34pt;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9.5pt;text-align:center;text-decoration:none;text-transform:none;"><FONT style="text-decoration:underline;">Country
Weightings</FONT></DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:90.24%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:4pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.19%;">United
 States </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:12pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:10.81%;">64%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">Spain
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">Canada
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">Australia
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">3
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">Italy
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">3
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.19%;">United
 Kingdom </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">2
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">France
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:12pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">1
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">Other
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:12pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">15
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:2pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.19%;">Total
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:2pt;padding-right:12pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.81%;">100%
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;padding-top:114pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:121pt;text-align:center;text-decoration:none;text-transform:none;">9</DIV> </DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="kitcef-toc-keyinvestmenttermscef-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">KEY INVESTMENT TERMS (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Bloomberg Barclays U.S. Aggregate Bond Index</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">The Bloomberg Barclays U.S. Aggregate Bond Index measures the
U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Exchange-Traded Fund (&#8220;ETF&#8221;)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">An open-end fund that is traded on a stock exchange. Most ETFs
have a portfolio of stocks or bonds that track a specific market index.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Federal Reserve (the &#8220;Fed&#8221;)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">The Central bank of the U.S., responsible for controlling money
supply, interest rates, and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches, and all national and state banks that are part of
the system.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">FTSE Developed Core Infrastructure 50/50
Index (net)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">The FTSE Developed Core Infrastructure 50/50
Index (net) is a free float-adjusted market capitalization-weighted index that gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for the
index are 50% utilities, 30% transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net
dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">London Interbank Offered Rate (&#8220;LIBOR&#8221;)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">A benchmark rate that some of the world&#8217;s leading banks
charge each other for short term loans and that serves as the first step to calculating interest rates on various loans throughout the world.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">MSCI World Index (net)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">The MSCI World Index (net) is a free float-adjusted market
capitalization-weighted index that measures developed global market equity performance. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales
charges, and it is not available for direct investment.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Payment-in-Kind (&#8220;PIK&#8221;)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">A bond which pays interest in the form of additional bonds, or
preferred stock which pays dividends in the form of additional preferred stock.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Real Estate Investment Trust (&#8220;REIT&#8221;)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">A publicly traded company that owns, develops and operates
income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Risk Assets</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Risk assets are those that tend to demonstrate price
volatility, such as equities, high yield bonds, currencies, and commodities.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">S&amp;P 500<SUP
 style="font-size:85%;font-style:italic;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">The S&amp;P 500<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with
dividends reinvested. The index is</DIV> </DIV> <DIV style="margin-top:20pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">10</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="kitcef-toc-keyinvestmenttermscef-370_2"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">KEY INVESTMENT TERMS (Unaudited) (Continued) <br> <FONT
 style="text-transform:uppercase;">May 31, 2020</FONT></DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">unmanaged, its returns do not reflect any fees, expenses, or sales charges,
and it is not available for direct investment.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">Yield
Curve</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">A line that plots the interest rates, at a set
point in time, of bonds having equal credit quality, but differing maturity dates. The most frequently reported yield curve compares the three-month, two-year, five-year and 30-year U.S. Treasury debt. This yield curve is used as a benchmark for
other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth.</DIV> </DIV> <DIV style="margin-top:405pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:420pt;text-align:center;text-decoration:none;text-transform:none;">11</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:3pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">U.S.
 Government Security&#8212;0.2% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:8pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">U.S.
 Treasury Bond<BR> 2.875%, 5/15/49 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:2pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$&#8195;535
 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:2pt;padding-right:3pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.62pt;"></FONT>722 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt; padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 U.S. Government Security<BR> <FONT style="text-transform:none;">(Identified Cost $756)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:12.88pt;padding-right:3pt; padding-top:2.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">722
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Municipal
 Bonds&#8212;1.1% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">California&#8212;0.5%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">State
 of California, Build America Bonds Taxable<BR> 7.600%, 11/1/40 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,778
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">University
 of California, Series B-A, Taxable<BR> 4.428%, 5/15/48 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:13.25pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">290
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">324
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:6.03pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2,102
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">District
 of Columbia&#8212;0.3% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">District
 of Columbia Series B<BR> 5.000%, 10/1/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:13.25pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">790
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,084
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Idaho&#8212;0.1%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Idaho
 Health Facilities Authority Saint Luke&#8217;s Health System Revenue Taxable<BR> 5.020%, 3/1/48 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:13.25pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">355
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">434
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Illinois&#8212;0.0%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sales
 Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)<BR> 3.411%, 1/1/43 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:17pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">85
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.12pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">83
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Texas&#8212;0.0%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">State
 of Texas, General Obligation Taxable<BR> 3.211%, 4/1/44 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:13.25pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">110
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">116
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Virginia&#8212;0.2%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:8pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">City
 of Bristol, General Obligation Taxable<BR> 4.210%, 1/1/42 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:2pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:5.62pt;"></FONT>565 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:2pt;padding-right:3pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:6.25pt;"></FONT>585 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Municipal Bonds<BR> <FONT style="text-transform:none;">(Identified Cost $3,952)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:7.25pt;padding-right:3pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">4,404
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Foreign
 Government Securities&#8212;4.1% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bolivarian
 Republic of Venezuela </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">9.375%,
 1/13/34<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">13
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">RegS
<BR> 8.250%, 10/13/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">610
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">35
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">RegS
<BR> 7.650%, 4/21/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">830
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">48
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Dominican
 Republic </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 6.875%, 1/29/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">465
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">478
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 5.950%, 1/25/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">110
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">107
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kingdom
 of Morocco 144A<BR> 5.500%, 12/11/42<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">600
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">684
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kingdom
 of Saudi Arabia 144A<BR> 3.625%, 3/4/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,050
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:6.37pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,131
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Argentine<BR> 5.875%, 1/11/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,945
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">708
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Colombia<BR> 3.000%, 1/30/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">910
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">909
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Egypt </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 7.600%, 3/1/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">310
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">314
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 8.500%, 1/31/47<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">630
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">611
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 8.875%, 5/29/50<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">197
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of El Salvador 144A<BR> 7.625%, 2/1/41<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">275
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">219
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Ghana 144A<BR> 8.125%, 3/26/32<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">745
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">653
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:56pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:59pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">12</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_2"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Foreign
 Government Securities&#8212;<FONT style="text-transform:none;">continued</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Indonesia </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2.850%,
 2/14/30 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:5.62pt;"></FONT>470 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.62pt;"></FONT>480 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 4.350%, 1/8/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">840
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">928
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Ivory Coast 144A<BR> 6.125%, 6/15/33<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">545
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">512
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Mongolia RegS<BR> 5.625%, 5/1/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">189
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Nigeria 144A<BR> 7.875%, 2/16/32<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">610
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">538
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Pakistan RegS<BR> 6.875%, 12/5/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">335
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">312
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Panama </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.300%,
 4/29/53 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">461
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">3.870%,
 7/23/60 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">445
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">487
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of South Africa </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.875%,
 9/16/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">208
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.650%,
 9/27/47 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">390
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">317
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Turkey </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">7.625%,
 4/26/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,495
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,521
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.250%,
 3/13/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">215
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">184
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Republic
 of Uruguay<BR> 5.100%, 6/18/50 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">260
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">319
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Russian
 Federation </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
<BR> 5.625%, 4/4/42<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">547
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">RegS
<BR> 4.750%, 5/27/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">457
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">RegS
<BR> 4.375%, 3/21/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">462
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">RegS
<BR> 5.250%, 6/23/47<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">270
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">State
 of Israel<BR> 2.750%, 7/3/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">450
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">488
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">State
 of Qatar 144A<BR> 3.750%, 4/16/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">505
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">562
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ukraine
 144A<BR> 7.750%, 9/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">800
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">804
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Foreign
 Government Securities&#8212;<FONT style="text-transform:none;">continued</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">United
 Mexican States </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.500%,
 4/22/29 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:5.62pt;"></FONT>580 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:10.00pt;"></FONT>626 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:7.5pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Series
 M<BR> 6.500%, 6/9/22 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:5.75pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.31%;">5,044
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">MXN</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">233
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Foreign Government Securities<BR> <FONT style="text-transform:none;">(Identified Cost $17,900)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:7.25pt;padding-right:3pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">17,012
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Mortgage-Backed
 Securities&#8212;8.7% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Agency&#8212;0.7%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Federal
 National Mortgage Association </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Pool
 #MA3088<BR> 4.000%, 8/1/47 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">316
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">338
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Pool
 #MA3638<BR> 4.000%, 4/1/49 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">946
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:10.12pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,006
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Pool
 #MA3692<BR> 3.500%, 7/1/49 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">490
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">517
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Pool
 #CA4128<BR> 3.000%, 9/1/49 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">463
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Pool
 #CA4978<BR> 3.000%, 1/1/50 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">498
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">525
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:10.41pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2,849
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;8.0%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ajax
 Mortgage Loan Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-D,
 A1 144A<BR> 2.956%, 9/25/65<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">479
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">485
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-C,
 A 144A<BR> 4.360%, 9/25/65<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">669
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">688
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">American
 Homes 4 Rent Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2014-SFR2,
 C 144A<BR> 4.705%, 10/17/36<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:10.12pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,057
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2015-SFR1,
 A 144A<BR> 3.467%, 4/17/52<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">163
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">171
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2015-SFR2,
 C 144A<BR> 4.691%, 10/17/52<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">362
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:61pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:70pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">13</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_3"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Angel
 Oak Mortgage Trust I LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-3,
 A1 144A<BR> 3.649%, 9/25/48<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$286
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$290
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2,
 A1 144A<BR> 3.628%, 3/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">347
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">351
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Arroyo
 Mortgage Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-1,
 A1 144A<BR> 3.763%, 4/25/48<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">483
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">491
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 A1 144A<BR> 3.805%, 1/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">295
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">301
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2,
 A1 144A<BR> 3.347%, 4/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">359
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">366
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Banc
 of America Funding Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2004-D,
 5A1<BR> 3.814%, 1/25/35<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">55
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">52
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2005-1,
 1A1<BR> 5.500%, 2/25/35 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:13.25pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">8
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:13.25pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">8
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bayview
 Opportunity Master Fund IVa Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-SPL1,
 B1 144A<BR> 4.250%, 4/28/55<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">795
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">816
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-SPL5,
 B1 144A<BR> 4.000%, 6/28/57<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">485
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">487
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">BX
 Trust 2019-OC11, D 144A<BR> 4.075%, 12/9/41<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">594
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Citigroup
 Mortgage Loan Trust, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-IMC1,
 A1 144A<BR> 2.720%, 7/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">381
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">379
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2015-A,
 A1 144A<BR> 3.500%, 6/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">31
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">32
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CoreVest
 American Finance Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-3,
 C 144A<BR> 3.265%, 10/15/52<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">336
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-2,
 A 144A<BR> 4.026%, 11/15/52<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$316
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Credit
 Suisse First Boston Mortgage Securities Corp. 2003-AR30, 5A1<BR> 3.756%, 1/25/34<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">152
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">155
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Deephaven
 Residential Mortgage Trust 2017-1A, A2 144A<BR> 2.928%, 12/26/46<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">60
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">60
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ellington
 Financial Mortgage Trust 2019-2, A3 144A<BR> 3.046%, 11/25/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">203
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">202
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Galton
 Funding Mortgage Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-1,
 A21 144A<BR> 3.500%, 7/25/56<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">199
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">203
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-1,
 A23 144A<BR> 3.500%, 11/25/57<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">125
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">128
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-2,
 A41 144A<BR> 4.500%, 10/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">368
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">375
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">GCAT
 LLC 2019-NQM1, A1 144A<BR> 2.985%, 2/25/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">367
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">375
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Hilton
 USA Trust 2016-SFP, B 144A<BR> 3.323%, 11/5/35<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">965
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">925
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Homeward
 Opportunities Fund I Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-1,
 A1 144A<BR> 3.766%, 6/25/48<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">190
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">192
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-2,
 A1 144A<BR> 3.985%, 11/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">351
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">359
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 A1 144A<BR> 3.454%, 1/25/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">516
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">520
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:70pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:97pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">14</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_4"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">JPMorgan
 Chase (Bear Stearns) Alternate Loan Trust 2004-5, 3A1<BR> 3.908%, 6/25/34<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$514
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$499
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">JPMorgan
 Chase Mortgage Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2014-5,
 B2 144A<BR> 2.960%, 10/25/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">216
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-SH1,
 M2 144A<BR> 3.750%, 4/25/45<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">225
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-SH2,
 M2 144A<BR> 3.750%, 12/25/45<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">692
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">686
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-3,
 2A2 144A<BR> 2.500%, 8/25/47<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">292
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">296
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-8,
 A3 144A<BR> 4.000%, 1/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">161
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">LHOME
 Mortgage Trust 2019-RTL1, A1 144A<BR> 4.580%, 10/25/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">715
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MASTR
 Alternative Loan Trust 2004-4, 6A1<BR> 5.500%, 4/25/34 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">44
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">46
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Mello
 Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A<BR> 1.368%, 6/25/52<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)(5)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">185
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">184
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MetLife
 Securitization Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-1A,
 M1 144A<BR> 3.676%, 4/25/55<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">135
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">136
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1A,
 A1A 144A<BR> 3.750%, 4/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">625
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">656
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">New
 Residential Mortgage Loan Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2014-1A,
 A 144A<BR> 3.750%, 1/25/54<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">80
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">82
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-3A,
 A1 144A<BR> 3.750%, 9/25/56<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">109
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">112
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-4A,
 A1 144A<BR> 3.750%, 11/25/56<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">48
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">50
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-4A,
 B1A 144A<BR> 4.500%, 11/25/56<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$1,181
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$1,288
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-2A,
 A3 144A<BR> 4.000%, 3/25/57<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">495
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">526
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">OBX
 Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-INV1,
 A3 144A<BR> 4.500%, 11/25/48<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">363
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">376
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-EXP2,
 1A1 144A<BR> 4.000%, 7/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">638
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">646
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-EXP3,
 1A8 144A<BR> 3.500%, 10/25/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">149
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">152
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Preston
 Ridge Partners Mortgage Trust LLC 2019-1A, A1 144A<BR> 4.500%, 1/25/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">682
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">679
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Pretium
 Mortgage Credit Partners I LLC 2019-NPL3, A1 144A<BR> 3.105%, 7/27/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">357
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">330
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Progress
 Residential Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-SFR1,
 B 144A<BR> 3.017%, 8/17/34<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">785
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">793
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-SFR1,
 B 144A<BR> 3.484%, 3/17/35<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">303
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-SFR2,
 B 144A<BR> 3.841%, 8/17/35<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">760
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">780
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-SFR3,
 B 144A<BR> 2.571%, 9/17/36<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">280
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">282
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">RCKT
 Mortgage Trust 2020-1, A1 144A<BR> 3.000%, 2/25/50<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">908
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">922
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">RCO
 V Mortgage LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 A1 144A<BR> 3.721%, 5/24/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">358
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2,
 A1 144A<BR> 3.475%, 11/25/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">174
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">170
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Residential
 Mortgage Loan Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 A1 144A<BR> 3.936%, 10/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">180
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">180
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:43pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:52pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">15</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_5"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2,
 A1 144A<BR> 2.913%, 5/25/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:5.62pt;"></FONT>302 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.62pt;"></FONT>304 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">RMF
 Proprietary Issuance Trust 2019-1, A 144A<BR> 2.750%, 10/25/63<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">506
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">496
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sequoia
 Mortgage Trust 2013-8, B1<BR> 3.519%, 6/25/43<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">298
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Starwood
 Mortgage Residential Trust 2019-IMC1, A1 144A<BR> 3.468%, 2/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">668
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">681
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Towd
 Point Mortgage Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-HE1,
 A1 (1 month LIBOR + 0.900%) 144A<BR> 1.068%, 4/25/48<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">370
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">361
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2015-1,
 A2 144A<BR> 3.250%, 10/25/53<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">830
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">839
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2015-5,
 A2 144A<BR> 3.500%, 5/25/55<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">160
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-1,
 M1 144A<BR> 3.750%, 10/25/56<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">385
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">399
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-6,
 A2 144A<BR> 3.000%, 10/25/57<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">480
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">490
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-6,
 A2 144A<BR> 3.750%, 3/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">480
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">473
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-SJ1,
 A1 144A<BR> 4.000%, 10/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">163
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2015-2,
 1M1 144A<BR> 3.250%, 11/25/60<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">745
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">777
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Tricon
 American Homes Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-SFR1,
 C 144A<BR> 3.487%, 11/17/33<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,610
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,614
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-SFR1,
 C 144A<BR> 3.149%, 3/17/38<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">590
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">593
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">TVC
 Mortgage Trust 2020-RTL1, M 144A<BR> 5.193%, 9/25/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">520
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">425
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">UBS
 Commercial Mortgage Trust 2012-C1, D 144A<BR> 5.569%, 5/10/45<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)(5)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">250
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">150
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Non-Agency&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Vericrest
 Opportunity Loan Trust 2019-NPL2, A1 144A<BR> 3.967%, 2/25/49<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$361
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:10.00pt;"></FONT>347<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Verus
 Securitization Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-2,
 B1 144A<BR> 4.426%, 6/1/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">625
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">574
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-3,
 A1 144A<BR> 4.108%, 10/25/58<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">359
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">365
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-INV1,
 A1 144A<BR> 3.402%, 12/25/59<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(4)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">419
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">425
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Wells
 Fargo Commercial Mortgage Trust 2014-C24, AS<BR> 3.931%, 11/15/47 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">160
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">153
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:6.71pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">32,973
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Mortgage-Backed Securities<BR> <FONT style="text-transform:none;">(Identified Cost $35,964)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:7.25pt;padding-right:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">35,822
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Asset-Backed
 Securities&#8212;4.5% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Auto
 Floor Plan&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">NextGear
 Floorplan Master Owner Trust 2018-1A, A2 144A<BR> 3.220%, 2/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">355
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">356
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Automobiles&#8212;2.5%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">ACC
 Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-1,
 B<BR> 144A 4.820%, 5/20/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">251
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">252
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 A<BR> 144A 3.750%, 5/20/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">146
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">147
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 B<BR> 144A 4.470%, 10/20/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">280
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">265
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:25pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:61pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">16</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_6"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Automobiles&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">American
 Credit Acceptance Receivables Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-3,
 C<BR> 144A 3.750%, 10/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$391
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$393
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2,
 C<BR> 144A 3.170%, 6/12/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2020-2,
 D<BR> 144A 5.650%, 5/13/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">445
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">446
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Avid
 Automobile Receivables Trust 2019-1, C 144A<BR> 3.140%, 7/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">375
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">371
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Avis
 Budget Rental Car Funding AESOP LLC 2018-1A, A 144A<BR> 3.700%, 9/20/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">750
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">741
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Capital
 Auto Receivables Asset Trust 2017-1, D 144A<BR> 3.150%, 2/20/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">380
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">369
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Carvana
 Auto Receivables Trust 2019-3A, D 144A<BR> 3.040%, 4/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">333
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Centre
 Point Funding LLC 2012-2A, 1 144A<BR> 2.610%, 8/20/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">17
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">17
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Drive
 Auto Receivables Trust 2019-4, C<BR> 2.510%, 11/17/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">350
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">348
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">DT
 Auto Owner Trust 2019-2A, B 144A<BR> 2.990%, 4/17/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">342
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Exeter
 Automobile Receivables Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1A,
 D<BR> 144A 4.130%, 12/16/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">330
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">326
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2A,
 C<BR> 144A 3.300%, 3/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">348
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Automobiles&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-4A,
 C<BR> 144A 2.440%, 9/16/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$415
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$412
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">First
 Investors Auto Owner Trust 2017-2A, B 144A<BR> 2.650%, 11/15/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">415
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">416
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">GLS
 Auto Receivables Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-1A,
 C<BR> 144A 3.500%, 7/15/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">455
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">456
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-3A,
 C<BR> 144A 4.180%, 7/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">515
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">513
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Hertz
 Vehicle Financing II LP 2019-1A, A 144A<BR> 3.710%, 3/25/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">284
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">271
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">OneMain
 Direct Auto Receivables Trust 2018-1A, C 144A<BR> 3.850%, 10/14/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">303
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Prestige
 Auto Receivables Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-1A,
 C<BR> 144A 2.810%, 1/17/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">505
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">507
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1A,
 D<BR> 144A 3.010%, 8/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">335
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Skopos
 Auto Receivables Trust 2019-1A, C 144A<BR> 3.630%, 9/16/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">330
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Tricolor
 Auto Securitization Trust 2018-2A, B 144A<BR> 4.760%, 2/15/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">314
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">316
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">United
 Auto Credit Securitization Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 D<BR> 144A 3.470%, 8/12/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">339
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 E<BR> 144A 4.290%, 8/12/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">276
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:25pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">17</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_7"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Automobiles&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Veros
 Automobile Receivables Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018-1,
 B<BR> 144A 4.050%, 2/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$295
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.03pt;"></FONT>296 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2020-1,
 B<BR> 144A 2.190%, 6/16/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">665
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">656
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">10,458
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Other&#8212;1.8%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Amur
 Equipment Finance Receivables VI LLC 2018-2A, A2 144A<BR> 3.890%, 7/20/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">275
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">280
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Aqua
 Finance Trust 2017-A, A 144A<BR> 3.720%, 11/15/35<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">199
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">199
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Arbys
 Funding LLC 2015-1A, A2 144A<BR> 4.969%, 10/30/45<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">368
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">366
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Business
 Jet Securities LLC 2019-1, A 144A<BR> 4.212%, 7/15/34<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">334
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<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">292
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Diamond
 Resorts Owner Trust 2017-1A, A 144A<BR> 3.270%, 10/22/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">119
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">117
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Drug
 Royalty III LP 1 2016-1A, A 144A<BR> 3.979%, 4/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">17
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">17
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Foundation
 Finance Trust 2019-1A, A 144A<BR> 3.860%, 11/15/34<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">461
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">458
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">FREED
 ABS Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-1,
 B<BR> 144A 3.870%, 6/18/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">297
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2019-2,
 B<BR> 144A 3.190%, 11/18/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">297
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Other&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Jersey
 Mike&#8217;s Funding 2019-1A, A2 144A<BR> 4.433%, 2/15/50<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$631
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kabbage
 Funding LLC 2019-1, A 144A<BR> 3.825%, 3/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">259
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Lendmark
 Funding Trust 2018-2A, A 144A<BR> 4.230%, 4/20/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">333
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MVW
 LLC 2019-2A, A 144A<BR> 2.220%, 10/20/38<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">360
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">347
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Oasis
 LLC 2020-1A, A 144A<BR> 3.820%, 1/15/32<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">542
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">541
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Oasis
 Securitisation Srl 2020-2A, A 144A<BR> 4.262%, 5/15/32<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">565
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">565
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Octane
 Receivables Trust 2019-1A, A 144A<BR> 3.160%, 9/20/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">493
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">495
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Oportun
 Funding VIII LLC 2018-A, A 144A<BR> 3.610%, 3/8/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">302
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Orange
 Lake Timeshare Trust 2019-A, B 144A<BR> 3.360%, 4/9/38<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">288
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">272
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Prosper
 Marketplace Issuance Trust 2018-2A, B 144A<BR> 3.960%, 10/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">270
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">271
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Regional
 Management Issuance Trust 2018-2, A 144A<BR> 4.560%, 1/18/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">295
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">282
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Small
 Business Lending Trust 2019-A, A 144A<BR> 2.850%, 7/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">209
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">195
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:49pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:61pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">18</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_8"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Other&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">SoFi
 Consumer Loan Program LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2016-3,
 A<BR> 144A 3.050%, 12/26/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>15 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:13.75pt;"></FONT>15 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2017-1,
 A<BR> 144A 3.280%, 1/26/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">38
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">38
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Upgrade
 Master Pass-Through-Trust 2019-ST1, A 144A<BR> 4.000%, 7/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(5)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">271
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">255
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">VSE
 VOI Mortgage LLC 2016-A, A 144A<BR> 2.540%, 7/20/33<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">123
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">119
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:10.41pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">7,243
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Student
 Loan&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:8pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Commonbond
 Student Loan Trust 2019-AGS, A1 144A<BR> 2.540%, 1/25/47<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.31%;">353
 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">364
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Asset-Backed Securities<BR> <FONT style="text-transform:none;">(Identified Cost $18,788)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:7.25pt;padding-right:3pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">18,421
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Corporate
 Bonds and Notes&#8212;29.5% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Communication
 Services&#8212;3.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Altice
 Financing S.A. 144A<BR> 5.000%, 1/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">202
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Altice
 France Holding S.A. 144A<BR> 6.000%, 2/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">389
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Baidu,
 Inc.<BR> 3.425%, 4/7/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">600
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">635
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Cable
 Onda S.A. 144A<BR> 4.500%, 1/30/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">600
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">586
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">CCO
 Holdings LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.750%, 3/1/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">520
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">543
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.500%, 8/15/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">470
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">488
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Communication
<BR> Services&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CenturyLink,
 Inc. 144A<BR> 4.000%, 2/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$100
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$100
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Cincinnati
 Bell, Inc. 144A<BR> 7.000%, 7/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">680
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Clear
 Channel Worldwide Holdings, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">9.250%,
 2/15/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">66
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">60
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.125%, 8/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">105
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">105
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Consolidated
 Communications, Inc.<BR> 6.500%, 10/1/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">705
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">676
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CSC
 Holdings LLC 144A<BR> 5.750%, 1/15/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">610
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">644
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Diamond
 Sports Group LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.375%, 8/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">290
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">231
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.625%, 8/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">525
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">316
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">DISH
 DBS Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.875%,
 7/15/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">275
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">283
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.000%,
 3/15/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">205
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">204
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">7.750%,
 7/1/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">165
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">171
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Frontier
 Communications Corp. 144A<BR> 8.500%, 4/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">215
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">iHeartCommunications,
 Inc.<BR> 8.375%, 5/1/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">358
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">IHS
 Netherlands Holdco B.V. 144A<BR> 8.000%, 9/18/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">329
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">LCPR
 Senior Secured Financing DAC 144A<BR> 6.750%, 10/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">354
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:52pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:70pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">19</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_9"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Communication
<BR> Services&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Live
 Nation Entertainment, Inc. 144A<BR> 4.750%, 10/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$125
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$116
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">McGraw-Hill
 Global Education Holdings LLC Senior Unsecured Notes 144A<BR> 7.875%, 5/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">297
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Meredith
 Corp.<BR> 6.875%, 2/1/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">370
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">343
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Northwest
 Fiber LLC 144A<BR> 10.750%, 6/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">220
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">231
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Outfront
 Media Capital LLC 144A<BR> 6.250%, 6/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">445
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">458
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sirius
 XM Radio, Inc. 144A<BR> 5.500%, 7/1/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">240
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">256
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sprint
 Corp.<BR> 7.875%, 9/15/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">475
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">539
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sprint
 Spectrum Co. LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 3.360%, 9/20/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">75
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">75
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.738%, 3/20/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">465
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">493
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.152%, 3/20/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">385
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">429
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Telesat
 Canada </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.875%, 6/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">235
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">234
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.500%, 10/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">810
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">794
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Tencent
 Holdings Ltd. 144A<BR> 3.975%, 4/11/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">495
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">555
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Twitter,
 Inc. 144A<BR> 3.875%, 12/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">525
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">523
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Communication
<BR> Services&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Zayo
 Group Holdings, Inc. 144A<BR> 4.000%, 3/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>15 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:12.78pt;"></FONT>15<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">12,903
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Consumer
 Discretionary&#8212;3.0% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">American
 Axle &amp; Manufacturing, Inc.<BR> 6.500%, 4/1/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">530
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">495
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">American
 Builders &amp; Contractors Supply Co., Inc. 144A<BR> 4.000%, 1/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">565
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">568
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Aramark
 Services, Inc. 144A<BR> 6.375%, 5/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">461
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Boyd
 Gaming Corp. 144A<BR> 8.625%, 6/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">110
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">118
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Carnival
 Corp. 144A<BR> 11.500%, 4/1/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">90
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">96
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Cooper-Standard
 Automotive, Inc. 144A<BR> 13.000%, 6/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">335
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">342
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Dana,
 Inc.<BR> 5.375%, 11/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">520
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">498
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Downstream
 Development Authority of the Quapaw Tribe of Oklahoma 144A<BR> 10.500%, 2/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">385
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">267
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Eldorado
 Resorts, Inc.<BR> 6.000%, 9/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">185
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">193
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Expedia
 Group, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.250%, 5/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">285
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">304
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.000%, 5/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">45
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">48
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:70pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:76pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">20</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_10"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Consumer
<BR> Discretionary&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ford
 Motor Co.<BR> 9.000%, 4/22/25 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$449
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$472
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Gateway
 Casinos &amp; Entertainment Ltd. 144A<BR> 8.250%, 3/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">340
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">General
 Motors Co.<BR> 6.800%, 10/1/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">560
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">636
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Golden
 Nugget, Inc. 144A<BR> 8.750%, 10/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">320
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">211
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Hanesbrands,
 Inc. 144A<BR> 5.375%, 5/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">555
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">569
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Jaguar
 Holding Co. II 144A<BR> 5.000%, 6/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">220
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">228
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Lear
 Corp.<BR> 3.800%, 9/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">550
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">526
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Lithia
 Motors, Inc. 144A<BR> 4.625%, 12/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">328
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">M/I
 Homes, Inc.<BR> 4.950%, 2/1/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">770
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">708
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Marriott
 Ownership Resorts, Inc. 144A<BR> 6.125%, 9/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">215
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">223
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MGM
 Growth Properties Operating Partnership LP<BR> 5.750%, 2/1/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">320
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MGM
 Resorts International<BR> 5.500%, 4/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">255
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">248
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Michaels
 Stores, Inc. 144A<BR> 8.000%, 7/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">130
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">105
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Neiman
 Marcus Group Ltd. LLC 144A<BR> 8.000%, 10/25/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">224
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:13.25pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Panther
 BF Aggregator 2 LP 144A<BR> 8.500%, 5/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">385
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">378
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">PulteGroup,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">7.875%,
 6/15/32 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">235
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">289
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Consumer
<BR> Discretionary&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.375%,
 5/15/33 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$280
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.03pt;"></FONT>318<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">QVC,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.375%,
 3/15/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">297
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.750%,
 2/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">329
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sabre
 GLBL, Inc. 144A<BR> 9.250%, 4/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">10
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">11
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Scientific
 Games International, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 8.250%, 3/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">480
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">440
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.000%, 5/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">115
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">101
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Station
 Casinos LLC 144A<BR> 4.500%, 2/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">390
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">344
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Taylor
 Morrison Communities, Inc. 144A<BR> 5.625%, 3/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">300
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">TRI
 Pointe Group, Inc.<BR> 5.875%, 6/15/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">210
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">211
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Under
 Armour, Inc.<BR> 3.250%, 6/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">470
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">390
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Vista
 Outdoor, Inc.<BR> 5.875%, 10/1/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">298
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Weekley
 Homes LLC<BR> 6.625%, 8/15/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">325
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">309
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
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<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">12,325
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<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Consumer
 Staples&#8212;1.2% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Albertsons
 Cos., Inc. 144A<BR> 4.625%, 1/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">585
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">594
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Altria
 Group, Inc.<BR> 4.800%, 2/14/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">815
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">934
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bacardi
 Ltd. 144A<BR> 4.700%, 5/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">655
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">721
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">BAT
 Capital Corp.<BR> 4.906%, 4/2/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">573
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Chobani
 LLC 144A<BR> 7.500%, 4/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">665
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">662
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kraft
 Heinz Foods Co. 144A<BR> 3.875%, 5/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">418
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:34pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:40pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">21</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_11"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Consumer
 Staples&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kronos
 Acquisition Holdings, Inc. 144A<BR> 9.000%, 8/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$215
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>209<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sigma
 Finance Netherlands BV 144A<BR> 4.875%, 3/27/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">680
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">706
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">4,817
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;3.7%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Alliance
 Resource Operating Partners LP 144A<BR> 7.500%, 5/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">485
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">295
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Antero
 Midstream Partners LP 144A<BR> 5.750%, 1/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">330
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">258
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Blue
 Racer Midstream LLC 144A<BR> 6.625%, 7/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">335
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">297
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Callon
 Petroleum Co.<BR> 6.125%, 10/1/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">124
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">41
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Cheniere
 Energy Partners LP </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.625%,
 10/1/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">305
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.500%, 10/1/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">332
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Citgo
 Holding, Inc. 144A<BR> 9.250%, 8/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">245
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">236
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CrownRock
 LP 144A<BR> 5.625%, 10/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">525
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">501
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">DCP
 Midstream Operating LP<BR> 5.375%, 7/15/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">145
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">140
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Denbury
 Resources, Inc. 144A<BR> 9.250%, 3/31/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(6)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">119
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">48
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Geopark
 Ltd. 144A<BR> 6.500%, 9/21/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">655
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">614
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">HollyFrontier
 Corp.<BR> 5.875%, 4/1/26 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$760
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$815
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">KazMunayGas
 National Co., JSC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.750%, 4/19/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">425
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">452
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.750%, 4/19/47<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">360
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">405
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kinder
 Morgan Energy Partners LP<BR> 7.500%, 11/15/40 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">615
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">827
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kinder
 Morgan, Inc.<BR> 7.750%, 1/15/32 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">25
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">33
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Lukoil
 International Finance BV 144A<BR> 4.563%, 4/24/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">239
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MEG
 Energy Corp. 144A<BR> 7.125%, 2/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">395
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">360
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MPLX
 LP<BR> 4.000%, 3/15/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">631
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">649
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Nabors
 Industries, Inc.<BR> 5.750%, 2/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">285
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">88
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Occidental
 Petroleum Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2.700%,
 8/15/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">125
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">114
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">3.500%,
 8/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">220
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">148
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Odebrecht
 Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A<BR> 7.720%, 12/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(7)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">186
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">19
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Odebrecht
 Oil &amp; Gas Finance Ltd. 144A<BR> 0.000% <SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(8)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">26
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">&#8212;
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(9)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Parsley
 Energy LLC 144A<BR> 4.125%, 2/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">321
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Patterson-UTI
 Energy, Inc.<BR> 5.150%, 11/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">465
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">337
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:76pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:79pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">22</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_12"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Pertamina
 Persero PT 144A<BR> 6.450%, 5/30/44<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$1,565
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$1,909
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Petrobras
 Global Finance B.V.<BR> 5.750%, 2/1/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">235
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">236
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Petroleos
 de Venezuela S.A.<BR> 6.000%, 5/16/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">665
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.12pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">19
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Petroleos
 Mexicanos </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.500%,
 3/13/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">295
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">260
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.350%,
 2/12/48 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">280
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">208
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.950%, 1/28/31<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">835
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">676
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.690%, 1/23/50<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">265
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">219
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Petronas
 Capital Ltd. 144A<BR> 3.500%, 4/21/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">575
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">630
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sabine
 Pass Liquefaction LLC<BR> 4.200%, 3/15/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">335
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">356
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sanchez
 Energy Corp. 144A<BR> 7.250%, 2/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)(3)(5)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">105
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.88pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sinopec
 Group Overseas Development 2017 Ltd. 144A<BR> 3.625%, 4/12/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">590
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">641
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">State
 Oil Co. of the Azerbaijan Republic RegS<BR> 6.950%, 3/18/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">545
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">613
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Targa
 Resources Partners LP<BR> 5.875%, 4/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">509
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Transocean
 Guardian Ltd. 144A<BR> 5.875%, 1/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.12pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">92
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.12pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">84
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Transocean,
 Inc. 144A<BR> 8.000%, 2/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.12pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">90
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.12pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">49
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">USA
 Compression Partners LP </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.875%,
 4/1/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">615
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">592
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.875%,
 9/1/27 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>30 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:12.78pt;"></FONT>29<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Vine
 Oil &amp; Gas LP 144A<BR> 8.750%, 4/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">270
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">180
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">15,085
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Financials&#8212;5.9%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Acrisure
 LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 8.125%, 2/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">110
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">117
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.000%, 11/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">670
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">636
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">AerCap
 Ireland Capital DAC<BR> 3.650%, 7/21/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">830
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">690
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Allstate
 Corp. (The) Series B<BR> 5.750%, 8/15/53<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">554
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">562
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ares
 Finance Co., LLC 144A<BR> 4.000%, 10/8/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">675
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">693
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Athene
 Holding Ltd.<BR> 4.125%, 1/12/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">770
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">746
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Australia
 &amp; New Zealand Banking Group Ltd. 144A<BR> 4.400%, 5/19/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">395
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">432
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Aviation
 Capital Group LLC 144A<BR> 3.500%, 11/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">965
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">668
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Banco
 Bilbao Vizcaya Argentaria Bancomer S.A. 144A<BR> 5.125%, 1/18/33<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">685
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">627
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Banco
 de Bogota S.A. 144A<BR> 6.250%, 5/12/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">450
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">467
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Banco
 de Credito e Inversiones S.A. 144A<BR> 3.500%, 10/12/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">430
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">442
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bancolombia
 S.A.<BR> 4.625%, 12/18/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">180
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bank
 of Montreal<BR> 3.803%, 12/15/32 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">426
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">444
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:43pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:49pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">23</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_13"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Financials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bank
 of New York Mellon Corp. (The) Series G<BR> 4.700% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:5.62pt;"></FONT>530 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.62pt;"></FONT>545 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Brighthouse
 Financial, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">3.700%,
 6/22/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">162
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">159
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.625%,
 5/15/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">459
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Brightsphere
 Investment Group, Inc.<BR> 4.800%, 7/27/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">617
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Capital
 One Financial Corp.<BR> 3.750%, 7/28/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">765
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">785
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Charles
 Schwab Corp. (The) Series G<BR> 5.375% <SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">578
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">607
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Citadel
 LP 144A<BR> 4.875%, 1/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">525
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">533
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Discover
 Bank<BR> 4.682%, 8/9/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">725
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">726
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Drawbridge
 Special Opportunities Fund LP 144A<BR> 5.000%, 8/1/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">350
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">343
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Fairfax
 Financial Holdings Ltd.<BR> 4.850%, 4/17/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">535
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">538
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Goldman
 Sachs Group, Inc. (The)<BR> 3.850%, 1/26/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">565
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">623
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">ICAHN
 Enterprises LP<BR> 6.250%, 5/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">685
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Intercorp
 Peru Ltd. 144A<BR> 3.875%, 8/15/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">630
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">600
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Jefferies
 Group LLC<BR> 4.850%, 1/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">321
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">JPMorgan
 Chase &amp; Co.<BR> 2.956%, 5/13/31 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">1,130
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">1,163
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kazakhstan
 Temir Zholy Finance BV 144A<BR> 6.950%, 7/10/42<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">670
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">855
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Financials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ladder
 Capital Finance Holdings LLLP 144A<BR> 4.250%, 2/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$320
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$267
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Lincoln
 National Corp. (3 month LIBOR + 2.040%)<BR> 3.175%, 4/20/67<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">130
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">88
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MSCI,
 Inc. 144A<BR> 4.000%, 11/15/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">643
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">670
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Navient
 Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.750%,
 6/25/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">510
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">479
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.000%,
 3/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">165
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">141
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Prudential
 Financial, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.875%,
 9/15/42 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">468
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.625%,
 6/15/43<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">414
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Santander
 Holdings USA, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">3.500%,
 6/7/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">208
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.400%,
 7/13/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">435
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">458
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Springleaf
 Finance Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">6.875%,
 3/15/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">255
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">252
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">7.125%,
 3/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">290
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">286
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.375%,
 11/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">45
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">40
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Synchrony
 Financial<BR> 3.950%, 12/1/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">785
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">751
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Synovus
 Financial Corp.<BR> 5.900%, 2/7/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">359
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">350
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Toronto-Dominion
 Bank (The)<BR> 3.625%, 9/15/31 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">665
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">723
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Truist
 Bank<BR> 2.250%, 3/11/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">725
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">716
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Truist
 Financial Corp. Series P<BR> 4.950% <SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">570
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">575
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Voya
 Financial, Inc.<BR> 5.650%, 5/15/53 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">445
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">441
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Wells
 Fargo &amp; Co. Series S<BR> 5.900% <SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">530
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">527
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:43pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:61pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">24</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_14"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Financials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Zions
 Bancorp NA<BR> 3.250%, 10/29/29 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$335
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.03pt;"></FONT>319<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">24,440
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Health
 Care&#8212;2.2% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Advanz
 Pharma Corp Ltd.<BR> 8.000%, 9/6/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">77
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">70
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Avantor,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.000%, 10/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">150
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">157
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 9.000%, 10/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">145
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">157
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bausch
 Health Americas, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 9.250%, 4/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">90
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">100
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 8.500%, 1/31/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">270
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">295
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bausch
 Health Cos., Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.750%, 8/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">15
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">16
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.000%, 1/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">390
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">410
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Catalent
 Pharma Solutions, Inc. 144A<BR> 5.000%, 7/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">110
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">113
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Centene
 Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.625%,
 12/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">270
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">291
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.375%, 6/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">90
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">95
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Charles
 River Laboratories International, Inc. 144A<BR> 4.250%, 5/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">145
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">146
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Community
 Health Systems, Inc. 144A<BR> 6.625%, 2/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">294
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">DaVita,
 Inc. 144A<BR> 4.625%, 6/1/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">105
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">105
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Encompass
 Health Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.500%,
 2/1/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">447
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Health
 Care&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.750%,
 2/1/30 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>75 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:3.75pt;"></FONT>76 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Endo
 Dac 144A<BR> 6.000%, 7/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">262
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">204
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">HCA,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.375%,
 2/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">270
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">296
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.625%,
 9/1/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">335
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">384
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.125%,
 6/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">325
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">353
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.125%,
 6/15/39 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">140
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">163
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.250%,
 6/15/49 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">210
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">247
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Herbalife
 Nutrition Ltd. 144A<BR> 7.875%, 9/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">680
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">LifePoint
 Health, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.750%, 4/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:13.25pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">5
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:13.25pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.375%, 2/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">250
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">241
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Molina
 Healthcare, Inc. 144A<BR> 4.375%, 6/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">55
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">56
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ortho-Clinical
 Diagnostics, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.625%, 5/15/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">33
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">33
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.375%, 6/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">245
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">251
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.250%, 2/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">90
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">90
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Par
 Pharmaceutical, Inc. 144A<BR> 7.500%, 4/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">125
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">127
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Perrigo
 Finance Unlimited Co.<BR> 4.375%, 3/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">550
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">595
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Select
 Medical Corp. 144A<BR> 6.250%, 8/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">530
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">557
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Surgery
 Center Holdings, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.750%, 7/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">366
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 10.000%, 4/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">135
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">134
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Tenet
 Healthcare Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">8.125%,
 4/1/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">110
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">115
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:40pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:43pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">25</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_15"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Health
 Care&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.500%, 4/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>50 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.09pt;"></FONT>55<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.125%, 11/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">201
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">208
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Teva
 Pharmaceutical Finance Netherlands III BV </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">3.150%,
 10/1/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">215
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">193
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.125%, 1/31/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">470
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">504
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">West
 Street Merger Sub, Inc. 144A<BR> 6.375%, 9/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">590
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">581
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">9,219
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Industrials&#8212;2.6%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Allied
 Universal Holdco LLC 144A<BR> 6.625%, 7/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">610
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">641
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">ASGN,
 Inc. 144A<BR> 4.625%, 5/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">308
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">293
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ashtead
 Capital, Inc. 144A<BR> 4.375%, 8/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">610
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">616
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Avolon
 Holdings Funding Ltd. 144A<BR> 4.375%, 5/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">715
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">583
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">AZEK
 Co., LLC (The) 144A<BR> 9.500%, 5/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">100
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">107
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Beacon
 Roofing Supply, Inc. 144A<BR> 4.500%, 11/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">525
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">515
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Boeing
 Co. (The) </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.150%,
 5/1/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">565
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">603
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.805%,
 5/1/50 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">147
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">166
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.930%,
 5/1/60 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">147
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">170
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Bombardier,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 8.750%, 12/1/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">420
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">304
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.500%, 3/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">125
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">76
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Carlisle
 Cos., Inc.<BR> 2.750%, 3/1/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">208
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">204
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Industrials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Compass
 Group Diversified Holdings LLC 144A<BR> 8.000%, 5/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>60 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:3.75pt;"></FONT>63 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">DP
 World plc 144A<BR> 6.850%, 7/2/37<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">530
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">619
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Garda
 World Security Corp. 144A<BR> 4.625%, 2/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">320
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">323
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">GFL
 Environmental, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.000%, 6/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">84
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">88
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 8.500%, 5/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">72
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">79
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Hillenbrand,
 Inc.<BR> 4.500%, 9/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">640
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">586
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Howmet
 Aerospace, Inc.<BR> 6.875%, 5/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">240
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">255
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Norwegian
 Air Shuttle ASA Pass-Through Trust 2016-1, A 144A<BR> 4.875%, 5/10/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">442
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">287
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Oshkosh
 Corp.<BR> 4.600%, 5/15/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">492
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">526
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Signature
 Aviation US Holdings, Inc. 144A<BR> 4.000%, 3/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">645
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">571
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">SRS
 Distribution, Inc. 144A<BR> 8.250%, 7/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">505
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">480
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Stanley
 Black &amp; Decker, Inc.<BR> 4.000%, 3/15/60<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">552
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">547
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Titan
 Acquisition Ltd. 144A<BR> 7.750%, 4/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">365
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">340
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">TransDigm,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.250%, 3/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">240
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">245
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.500%, 11/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">535
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">486
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:49pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:52pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">26</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_16"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Industrials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Uber
 Technologies, Inc. 144A<BR> 7.500%, 5/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$270
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.03pt;"></FONT>268<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Waste
 Connections, Inc.<BR> 2.600%, 2/1/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">445
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">453
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">WESCO
 Distribution, Inc. 144A<BR> 7.250%, 6/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">325
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">323
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">10,817
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Information
 Technology&#8212;1.9% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Alibaba
 Group Holding Ltd.<BR> 3.400%, 12/6/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">645
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">716
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Banff
 Merger Sub, Inc. 144A<BR> 9.750%, 9/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">35
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">35
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Broadcom,
 Inc. 144A<BR> 4.150%, 11/15/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">580
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">603
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Citrix
 Systems, Inc.<BR> 3.300%, 3/1/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">720
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">741
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Dell
 International LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 5.850%, 7/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">210
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">235
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 8.100%, 7/15/36<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">412
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Exela
 Intermediate LLC 144A<BR> 10.000%, 7/15/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(6)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">120
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.53pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">21
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Flex
 Ltd.<BR> 3.750%, 2/1/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">580
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">598
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Juniper
 Networks, Inc.<BR> 3.750%, 8/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">585
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">641
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Microchip
 Technology, Inc. 144A<BR> 4.250%, 9/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">580
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">584
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Motorola
 Solutions, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.600%,
 2/23/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">498
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">549
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.600%,
 5/23/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">260
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">290
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Open
 Text Holdings, Inc. 144A<BR> 4.125%, 2/15/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">450
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">444
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Information
 Technology&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Radiate
 Holdco LLC 144A<BR> 6.625%, 2/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$600
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>615<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Science
 Applications International Corp. 144A<BR> 4.875%, 4/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">65
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">66
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">ViaSat,
 Inc. 144A<BR> 5.625%, 9/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">705
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">687
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">VMware,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">3.900%,
 8/21/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">490
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">516
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.700%,
 5/15/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">235
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">258
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">8,011
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Materials&#8212;2.9%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Alpek
 SAB de C.V. 144A<BR> 5.375%, 8/8/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">419
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">ARD
 Finance S.A. PIK Interest Capitalization, 144A<BR> 6.500%, 6/30/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(11)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">652
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">BHP
 Billiton Finance USA Ltd. 144A<BR> 6.750%, 10/19/75<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(10)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">459
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Cleveland-Cliffs,
 Inc. 144A<BR> 6.750%, 3/15/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">105
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">96
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Equate
 Petrochemical BV 144A<BR> 4.250%, 11/3/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">645
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">639
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Greif,
 Inc. 144A<BR> 6.500%, 3/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">345
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">348
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">GUSAP
 III LP 144A<BR> 4.250%, 1/21/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">215
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">201
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Hecla
 Mining Co.<BR> 7.250%, 2/15/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">360
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">366
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">INEOS
 Group Holdings S.A. 144A<BR> 5.625%, 8/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">297
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Inversiones
 CMPC S.A. 144A<BR> 3.850%, 1/13/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">595
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">595
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:49pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:67pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">27</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_17"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Materials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Kaiser
 Aluminum Corp. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.500%, 5/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>40 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:3.75pt;"></FONT>41 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 4.625%, 3/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">405
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">383
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kraton
 Polymers LLC 144A<BR> 7.000%, 4/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">612
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">612
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Mauser
 Packaging Solutions Holding Co. 144A<BR> 7.250%, 4/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">405
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">364
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Novelis
 Corp. 144A<BR> 4.750%, 1/30/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">330
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">314
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Olin
 Corp.<BR> 5.625%, 8/1/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">635
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">574
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">PolyOne
 Corp. 144A<BR> 5.750%, 5/15/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">550
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">576
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Reynolds
 Group Issuer, Inc. 144A<BR> 7.000%, 7/15/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">190
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">191
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">SABIC
 Capital II BV 144A<BR> 4.500%, 10/10/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">675
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">742
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Schweitzer-Mauduit
 International, Inc. 144A<BR> 6.875%, 10/1/26<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">505
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">505
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Scotts
 Miracle-Gro Co. (The)<BR> 4.500%, 10/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">395
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">405
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Syngenta
 Finance N.V. 144A<BR> 4.441%, 4/24/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">430
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">441
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Teck
 Resources Ltd.<BR> 6.125%, 10/1/35 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">425
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">439
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">TPC
 Group, Inc. 144A<BR> 10.500%, 8/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">240
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">206
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Trident
 TPI Holdings, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 9.250%, 8/1/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">365
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">356
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.625%, 11/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">375
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">334
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Materials&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Tronox,
 Inc. 144A<BR> 6.500%, 5/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$535
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.03pt;"></FONT>551<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">United
 States Steel Corp. 144A<BR> 12.000%, 6/1/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">445
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">444
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Vulcan
 Materials Co.<BR> 3.500%, 6/1/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">411
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">433
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">11,983
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Real
 Estate&#8212;1.3% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">EPR
 Properties<BR> 4.750%, 12/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">570
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">497
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">ESH
 Hospitality, Inc. 144A<BR> 4.625%, 10/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">590
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">558
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">GLP
 Capital LP </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.250%,
 6/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">226
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.750%,
 6/1/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">502
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">499
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.300%,
 1/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">160
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">154
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Healthcare
 Realty Trust, Inc.<BR> 2.400%, 3/15/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">257
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">234
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Healthcare
 Trust of America Holdings LP<BR> 3.100%, 2/15/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">440
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">418
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Iron
 Mountain, Inc. 144A<BR> 4.875%, 9/15/29<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">615
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">617
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">iStar,
 Inc.<BR> 4.250%, 8/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">645
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">565
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">MPT
 Operating Partnership LP </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">5.000%,
 10/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">320
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">331
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.625%,
 8/1/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">130
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">129
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Office
 Properties Income Trust<BR> 4.500%, 2/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">815
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">750
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Service
 Properties Trust </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.950%,
 2/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">320
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.78pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">259
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:52pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:76pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">28</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_18"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Real
 Estate&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">4.375%,
 2/15/30 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$215
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>163<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">5,400
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utilities&#8212;1.7%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">American
 Electric Power Co., Inc.<BR> 2.300%, 3/1/30 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">586
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">587
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CenterPoint
 Energy, Inc.<BR> 4.250%, 11/1/28 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">363
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Centrais
 Eletricas Brasileiras S.A. 144A<BR> 4.625%, 2/4/30<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">330
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">295
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CMS
 Energy Corp.<BR> 4.750%, 6/1/50 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">570
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">583
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">DPL,
 Inc.<BR> 4.350%, 4/15/29 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">835
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">840
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Edison
 International<BR> 4.950%, 4/15/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">580
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">632
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Eskom
 Holdings SOC Ltd. 144A<BR> 7.125%, 2/11/25<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">550
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">493
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Exelon
 Generation Co., LLC<BR> 3.250%, 6/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">430
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">445
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ferrellgas
 Partners LP<BR> 8.625%, 6/15/20<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">50
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">15
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">National
 Fuel Gas Co.<BR> 5.500%, 1/15/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">475
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">485
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Perusahaan
 Listrik Negara PT 144A<BR> 4.125%, 5/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">855
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">887
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Talen
 Energy Supply LLC </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 7.250%, 5/15/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">70
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">71
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">144A
 6.625%, 1/15/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">405
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">397
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">TerraForm
 Power Operating LLC 144A<BR> 5.000%, 1/31/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">495
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">527
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Texas
 Competitive Electric Holdings Co. 144A<BR> 11.500%, 10/1/20<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)(5)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">125
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">&#8212;
<FONT style="padding-left:0.06pt;"><SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(9)</SUP></FONT> </TD></TR></TABLE> </DIV> </DIV>
<DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utilities&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Transportadora
 de Gas Internacional SA ESP 144A<BR> 5.550%, 11/1/28<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$255
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:13.75pt;"></FONT>275<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:14.16pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">6,895
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Corporate Bonds and Notes<BR> <FONT style="text-transform:none;">(Identified Cost $124,673)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:7.25pt;padding-right:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">121,895
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Leveraged
 Loans<SUP style="font-size:85%;font-style:Normal;text-transform:uppercase;vertical-align:text-top;">(4)</SUP>&#8212;5.5% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Aerospace&#8212;0.2%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">AI
 Convoy (Luxembourg) S.a.r.l. Tranche B (3 month LIBOR + 3.500%)<BR> 4.650%, 1/18/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">405
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">386
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">DynCorp
 International, Inc. Tranche B, First Lien (1 month LIBOR + 6.000%)<BR> 7.000%, 8/18/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">141
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">133
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">TransDigm,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Tranche
 E (1 month LIBOR + 2.250%)<BR> 2.424%, 5/30/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">182
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">166
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Tranche
 F (1 month LIBOR + 2.250%)<BR> 2.424%, 12/9/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">111
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">101
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.67pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">786
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Chemicals&#8212;0.2%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">HB
 Fuller Co. Tranche B (1 month LIBOR + 2.000%)<BR> 2.171%, 10/21/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">418
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">407
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Innophos
 Holdings, Inc. (1 month LIBOR + 3.750%)<BR> 3.972%, 2/4/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">325
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:19.50pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">312
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.67pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">719
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:8pt;padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV>
<DIV style="padding-top:31pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:38pt;text-align:center;text-decoration:none;text-transform:none;">See
Notes to Financial Statements</DIV> </DIV> <DIV style="margin-top:10pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">29</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_19"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Consumer
 Non-Durables&#8212;0.5% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">American
 Greetings Corp. (1 month LIBOR + 4.500%)<BR> 5.500%, 4/6/24 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$570
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>525<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Diamond
 (BC) B.V. (1 month LIBOR + 3.000%)<BR> 3.759%, 9/6/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">639
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">590
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Kronos
 Acquisition Holdings, Inc. Tranche B-3 (2 month LIBOR + 4.000%)<BR> 5.000%, 5/15/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">408
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">389
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Parfums
 Holding Co., Inc. First Lien (3 month LIBOR + 4.250%)<BR> 5.250%, 6/30/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">336
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">308
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Rodan
 &amp; Fields LLC (1 month LIBOR + 4.000%)<BR> 4.182%, 6/16/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">305
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">148
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,960
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;0.2%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">California
 Resources Corp. 2016 (3 month LIBOR + 10.375%)<BR> 11.375%, 12/31/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">95
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18.59pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Citgo
 Petroleum Corp. 2019, Tranche B (3 month LIBOR + 5.000%)<BR> 6.000%, 3/27/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">307
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">292
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Fieldwood
 Energy LLC First Lien (3 month LIBOR + 5.250%)<BR> 6.250%, 4/11/22<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">685
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">84
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Traverse
 Midstream Partners LLC (1 month LIBOR + 4.000%)<BR> 5.000%, 9/27/24 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$430
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>353<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:11.26pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">733
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Financial&#8212;0.3%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Asurion
 LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%)<BR> 6.674%, 8/4/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">506
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">503
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Blackhawk
 Network Holdings, Inc. First Lien (1 month LIBOR + 2.750%)<BR> 2.924%, 6/16/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">314
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">292
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Deerfield
 Dakota Holding LLC First Lien (1 month LIBOR + 3.750%)<BR> 4.750%, 4/9/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">240
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">235
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">iStar,
 Inc. Tranche B (1 month LIBOR + 2.750%)<BR> 2.980%, 6/28/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">191
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,221
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Food
 / Tobacco&#8212;0.4% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Chobani
 LLC Tranche B (1 month LIBOR + 3.500%)<BR> 4.500%, 10/10/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">430
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">417
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Dole
 Food Co., Inc. Tranche B (1 month LIBOR + 2.750%)<BR> 3.750%, 4/6/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">395
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">385
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:91pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:100pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">30</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_20"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Food
 / Tobacco&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">H-Food
 Holdings LLC (1 month LIBOR + 3.688%)<BR> 3.861%, 5/23/25 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$514
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>492<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Milk
 Specialties Co. (1 month LIBOR + 4.000%)<BR> 5.000%, 8/16/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">126
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">112
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Shearer&#8217;s
 Foods LLC Second Lien (3 month LIBOR + 6.750%)<BR> 7.750%, 6/30/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">465
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">457
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,863
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Forest
 Prod / Containers&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">BWay
 Holding Co. (3 month LIBOR + 3.250%)<BR> 4.561%, 4/3/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">403
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">366
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Gaming
 / Leisure&#8212;0.5% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Affinity
 Gaming LLC (2 month LIBOR + 3.250%)<BR> 4.250%, 7/3/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">286
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">243
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Aristocrat
 Technologies, Inc. (3 month LIBOR + 3.750%)<BR> 4.750%, 10/19/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">75
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">74
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Everi
 Payments, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">(2
 month LIBOR + 10.500%)<BR> 11.500%, 5/9/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">35
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">35
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Tranche
 B (3 month LIBOR + 2.750%)<BR> 3.822%, 5/9/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">186
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Gateway
 Casinos &amp; Entertainment Ltd. (3 month LIBOR + 3.000%)<BR> 4.450%, 3/13/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">377
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">278
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Gaming
 / Leisure&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Landry&#8217;s
 Finance Acquisition Co. Tranche B (3 month LIBOR + 12.000%)<BR> 13.000%, 10/6/23 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$
<FONT style="padding-left:3.75pt;"></FONT>25 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:9.09pt;"></FONT>26<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Playa
 Resorts Holding B.V. (1 month LIBOR + 2.750%)<BR> 3.750%, 4/29/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">279
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">234
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Pug
 LLC Tranche B (1 month LIBOR + 3.500%)<BR> 3.674%, 2/12/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">529
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">461
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Scientific
 Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)<BR> 3.476%, 8/14/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">312
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">279
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Stars
 Group Holdings B.V. (3 month LIBOR + 3.500%)<BR> 4.950%, 7/10/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">199
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">197
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">UFC
 Holdings LLC Tranche B (6 month LIBOR + 3.250%)<BR> 4.250%, 4/29/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">109
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">104
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2,117
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Healthcare&#8212;0.6%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Accelerated
 Health Systems LLC (1 month LIBOR + 3.500%)<BR> 3.684%, 10/31/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">158
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">143
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">AHP
 Health Partners, Inc. (1 month LIBOR + 4.500%)<BR> 5.500%, 6/30/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">184
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">176
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:61pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:94pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">31</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_21"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Healthcare&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Bausch
 Health Cos., Inc. (1 month LIBOR + 2.750%)<BR> 2.921%, 11/27/25 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$136
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>133<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CHG
 Healthcare Services, Inc. (1 month LIBOR + 3.000%)<BR> 4.073%, 6/7/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">361
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">352
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Envision
 Healthcare Corp. (1 month LIBOR + 3.750%)<BR> 3.924%, 10/10/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">157
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">102
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">LifePoint
 Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)<BR> 3.924%, 11/17/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">428
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">409
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Navicure,
 Inc. (1 month LIBOR + 4.000%)<BR> 4.174%, 10/22/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">160
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">155
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">One
 Call Corp. First Lien (3 month LIBOR + 5.250%)<BR> 6.250%, 11/27/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">321
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">273
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ortho-Clinical
 Diagnostics, Inc. (1 month LIBOR + 3.250%)<BR> 3.580%, 6/30/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">266
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">252
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Phoenix
 Guarantor, Inc. Tranche B-1 (1 month LIBOR + 3.250%)<BR> 3.434%, 3/5/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">310
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">301
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Select
 Medical Corp. Tranche B (1 month LIBOR + 2.500%)<BR> 2.670%, 3/6/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">65
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:14.84pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">63
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Viant
 Medical Holdings, Inc. First Lien (3 month LIBOR + 3.750%)<BR> 5.200%, 7/2/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">439
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">359
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2,718
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:8pt;padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Housing&#8212;0.1%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CPG
 International LLC (3 month LIBOR + 3.750%)<BR> 5.933%, 5/6/24 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$472
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$453
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Information
 Technology&#8212;0.5% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Applied
 Systems, Inc. Second Lien (3 month LIBOR + 7.000%)<BR> 8.450%, 9/19/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">124
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">121
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Aston
 Finco S.a.r.l. First Lien (1 month LIBOR + 4.250%)<BR> 4.472%, 10/9/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">115
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">105
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Boxer
 Parent Co., Inc. (1 month LIBOR + 4.250%)<BR> 4.424%, 10/2/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">298
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Kronos,
 Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">2018
 (1 month LIBOR + 3.000%)<BR> 3.330%, 11/1/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">632
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">620
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Second
 Lien (1 month LIBOR + 8.250%)<BR> 9.250%, 11/1/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">126
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">124
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">SS&amp;C
 Technologies, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Tranche
 B-3 (1 month LIBOR + 1.750%)<BR> 1.924%, 4/16/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">107
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">104
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.25%;">Tranche
 B-4 (1 month LIBOR + 1.750%)<BR> 1.924%, 4/16/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">74
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">71
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Vertafore,
 Inc. First Lien (1 month LIBOR + 3.250%)<BR> 3.424%, 7/2/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">316
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">299
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:26pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:79pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">32</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_22"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Information
 Technology&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Vertiv
 Group Corp. (1 month LIBOR + 3.000%)<BR> 3.330%, 3/2/27 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$285
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>273<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2,015
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Manufacturing&#8212;0.3%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CPI
 Acquisition, Inc. First Lien (3 month LIBOR + 4.500%)<BR> 6.381%, 8/17/22 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">282
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">206
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Filtration
 Group Corp. (1 month LIBOR + 3.000%)<BR> 3.174%, 3/29/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">466
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">452
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Star
 U.S. Bidco LLC (1 month LIBOR + 4.250%)<BR> 5.250%, 3/17/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">320
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">286
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">U.S.
 Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%)<BR> 4.489%, 12/23/21 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">409
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">266
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,210
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Media
 / Telecom - Broadcasting&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Diamond
 Sports Group LLC (1 month LIBOR + 3.250%)<BR> 3.420%, 8/24/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">119
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">102
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Nexstar
 Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%)<BR> 3.120%, 9/18/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">308
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">296
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:11.26pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">398
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Media
 / Telecom - Cable/Wireless<BR> Video&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Intelsat
 Jackson Holdings SA Tranche B-5 (6 month LIBOR + 6.625%)<BR> 6.625%, 1/2/24<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">260
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">261
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Media
 / Telecom - Cable/Wireless<BR> Video&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Ziggo
 Financing Partnership Tranche I (1 month LIBOR + 2.500%)<BR> 2.684%, 4/30/28 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$135
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$129
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.92pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">390
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Media
 / Telecom -<BR> Telecommunications&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">CenturyLink,
 Inc. Tranche B (1 month LIBOR + 2.250%)<BR> 2.424%, 3/15/27 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">174
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">167
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Consolidated
 Communications, Inc. 2016 (1 month LIBOR + 3.000%)<BR> 4.000%, 10/5/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">175
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">167
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Frontier
 Communications Corp. Tranche B-1 (3 month LIBOR + 3.750%)<BR> 5.350%, 6/17/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">225
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">221
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Northwest
 Fiber LLC Tranche B, First Lien (3 month LIBOR + 5.500%)<BR> 0.000%, 4/30/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(5)(12)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:9.5pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">85
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">84
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.92pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">639
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Media
 / Telecom - Wireless<BR> Communications&#8212;0.2% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Commscope,
 Inc. (1 month LIBOR + 3.250%)<BR> 3.424%, 4/4/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">204
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">195
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">T-Mobile
 USA, Inc. (3 month LIBOR + 3.000%)<BR> 0.000%, 4/1/27<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(12)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">560
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">560
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.92pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">755
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:8pt;padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV>
<DIV style="padding-top:34pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:38pt;text-align:center;text-decoration:none;text-transform:none;">See
Notes to Financial Statements</DIV> </DIV> <DIV style="margin-top:10pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">33</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_23"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Retail&#8212;0.1%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Leslie&#8217;s
 Poolmart, Inc. Tranche B-2 (3 month LIBOR + 3.500%)<BR> 0.000%, 8/16/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(12)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$220
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$209
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Neiman
 Marcus Group Ltd. LLC (1 month LIBOR + 0.000%)<BR> 0.000%, 10/25/23<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">146
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">34
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.92pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">243
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Service&#8212;0.7%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Carlisle
 Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%)<BR> 4.000%, 3/20/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">399
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">336
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Dun
 &amp; Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%)<BR> 4.174%, 2/6/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">570
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">554
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">GFL
 Environmental, Inc. 2018 (3 month LIBOR + 3.000%)<BR> 4.000%, 5/30/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">424
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">417
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Hoya
 Midco LLC First Lien (3 month LIBOR + 3.500%)<BR> 4.572%, 6/30/24 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">113
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">90
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Pearl
 Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)<BR> 2.924%, 2/14/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">542
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">507
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Pi
 US Mergerco, Inc. Tranche B-1 (3 month LIBOR + 3.250%)<BR> 4.700%, 1/3/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">452
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">417
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Service&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Sedgwick
 Claims Management Services, Inc. 2019 (1 month LIBOR + 4.000%)<BR> 4.174%, 9/3/26 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$309
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:5.34pt;"></FONT>296<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">TKC
 Holdings, Inc. First Lien (3 month LIBOR + 3.750%)<BR> 4.750%, 2/1/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">218
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">204
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.75pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2,821
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Transportation
 - Automotive&#8212;0.1% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Cooper-Standard
 Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<BR> 2.750%, 11/2/23 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">453
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">357
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Panther
 BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%)<BR> 3.674%, 4/30/26 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:3pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">264
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">251
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:11.26pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">608
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utility&#8212;0.2%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">APLP
 Holdings LP 2020, Tranche B (1 month LIBOR + 2.500%)<BR> 3.500%, 4/14/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">257
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">249
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Brookfield
 WEC Holdings, Inc. (1 month LIBOR + 3.000%)<BR> 3.750%, 8/1/25 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:5.75pt;padding-right:3.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:29.31%;">468
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:11.09pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">457
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:82pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:109pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">34</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_24"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.31%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utility&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:42.25%;">Calpine
 Corp. 2019 (1 month LIBOR + 2.250%)<BR> 2.430%, 4/5/26 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:29.31%;">$232
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:10.00pt;"></FONT>225<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:15.92pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">931
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:29.31%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:42.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Leveraged Loans<BR> <FONT style="text-transform:none;">(Identified Cost $25,096)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:3pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:7.25pt;padding-right:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">22,946
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:3pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:3.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">Shares
 </TD>
<TD style="line-height:7pt;padding-bottom:3pt;padding-right:3pt;text-align:center;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="3">Preferred
 Stocks&#8212;1.0% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.56%;" colspan="2">Financials&#8212;0.9%
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Citigroup,
 Inc. Series P, 5.950% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">460
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">471
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Huntington
 Bancshares, Inc. Series E, 5.700% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">297
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">259
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">JPMorgan
 Chase &amp; Co. Series HH, 4.600% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">285
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">253
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">KeyCorp
 Series D, 5.000%<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(14)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">920
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">860
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">M&amp;T
 Bank Corp. Series F, 5.125%<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(14)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">470
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">470
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">MetLife,
 Inc. Series D, 5.875% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">329
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">342
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">PNC
 Financial Services Group, Inc. (The) Series S, 5.000% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13.42pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">755
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">755
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Zions
 Bancorp NA, 6.950% </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">17,485
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">454
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:27.66%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:17.53pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">3,864
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:27.66%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.56%;" colspan="2">Industrials&#8212;0.1%
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:8pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">General
 Electric Co. Series D, 5.000% </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:13.42pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">622
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:22.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">477
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:73.56%;" colspan="2">Total
 Preferred Stocks<BR> <FONT style="text-transform:none;">(Identified Cost $4,680)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:15.12pt;padding-right:3pt;padding-top:2.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">4,341
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:27.66%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="3">Common
 Stocks&#8212;81.5% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:73.56%;" colspan="2">Communication
 Services&#8212;1.9% </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Cellnex
 Telecom SA </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:27.66%;">139,651
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:17.25pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">7,835
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">Shares
 </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Communication
<BR> Services&#8212;continued </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Clear
 Channel Outdoor Holdings, Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:15.12pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">2,887
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:2pt;padding-right:3pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:23.12pt;"></FONT>3 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:16.03pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">7,838
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Energy&#8212;8.6%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Cheniere
 Energy, Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">85,825
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">3,806
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Enbridge,
 Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">326,660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">10,600
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Frontera
 Energy Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:15.12pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">1,636
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:28.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Kinder
 Morgan, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">335,944
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5,308
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Pembina
 Pipeline Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">144,520
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">3,611
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">TC
 Energy Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">164,630
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">7,410
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Williams
 Cos., Inc. (The) </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">226,330
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">4,624
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.34pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">35,363
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Industrials&#8212;20.4%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Aena
 SME SA<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">75,158
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">10,726
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Atlantia
 SpA<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">583,110
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">9,586
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Auckland
 International Airport Ltd.<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">1,104,611
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,457
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Canadian
 Pacific Railway Ltd. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">22,150
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5,530
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Ferrovial
 SA </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">209,439
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5,707
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Norfolk
 Southern Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">49,071
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">8,749
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Sydney
 Airport<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">1,274,772
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,971
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Transurban
 Group </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">1,422,873
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">13,553
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Union
 Pacific Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">75,207
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">12,775
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Vinci
 SA </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">86,876
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">8,105
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.34pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">84,159
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Real
 Estate&#8212;9.4% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">American
 Tower Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">89,110
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">23,006
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Crown
 Castle International Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">92,440
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">15,914
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.34pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">38,920
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utilities&#8212;41.2%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Ameren
 Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">76,500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5,717
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">American
 Electric Power Co., Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">120,125
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">10,241
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">American
 Water Works Co., Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:8pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">51,635
 </TD>
<TD style="line-height:0pt;padding-bottom:8pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:8pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">6,558
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:58pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">35</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_25"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">Shares
 </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utilities&#8212;continued
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Atmos
 Energy Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">53,175
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:10.00pt;"></FONT>5,465 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">CenterPoint
 Energy, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">230,245
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,094
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">CMS
 Energy Corp. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">109,035
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">6,387
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Dominion
 Energy, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">194,905
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">16,569
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">DTE
 Energy Co. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">40,855
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,395
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Edison
 International </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">125,205
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">7,276
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">EDP
 - Energias de Portugal SA </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:2pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">1,232,935
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5,760
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Emera,
 Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">84,895
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">3,375
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Enel
 SpA </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">630,290
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,873
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Essential
 Utilities, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">111,730
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,889
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Fortis,
 Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">154,475
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">5,947
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Iberdrola
 SA </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">567,178
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">6,141
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">National
 Grid plc </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">799,885
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">9,203
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">NextEra
 Energy, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">86,888
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">22,205
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">NiSource,
 Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">199,065
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">4,744
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Orsted
 A/S </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">63,863
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">7,511
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Public
 Service Enterprise Group, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.62pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">155,160
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">7,919
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Sempra
 Energy </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">92,810
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:12.00pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">11,723
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Spire,
 Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">53,420
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">3,895
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Xcel
 Energy, Inc. </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:11.38pt;padding-right:3.5pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">83,375
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">5,422
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:8.64pt;padding-right:3pt;padding-top:1.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">170,309
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Common Stocks<BR> <FONT style="text-transform:none;">(Identified Cost $328,518)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:9.12pt;padding-right:3pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">336,589
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Exchange-Traded
 Fund&#8212;0.4% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:8pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">iShares
 iBoxx High Yield Corporate Bond ETF<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(16)</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:11.38pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">21,160
 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:15.75pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,744
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Exchange-Traded Fund<BR> <FONT style="text-transform:none;">(Identified Cost $1,782)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:16.62pt;padding-right:3pt;padding-top:2.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">1,744
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:100%;" colspan="4">Rights&#8212;0.0%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:71.56%;" colspan="2">Utilities&#8212;0.0%
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:0pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">Vistra
 Energy Corp. </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:15.12pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">2,084
 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:28.87pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:2pt;padding-top:2.5pt; text-align:left;text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Rights<BR> <FONT style="text-transform:none;">(Identified Cost $2)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:3pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:30.37pt;padding-right:3pt; padding-top:2.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">2
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-right:2pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">Shares
 </TD>
<TD style="line-height:0pt;padding-right:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:2pt;padding-right:3pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:100%;" colspan="4">Warrant&#8212;0.0%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Communication
 Services&#8212;0.0% </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:0pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:45.90%;">iHeartMedia,
 Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:15.12pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">1,228
 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:2pt;padding-right:3pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:19.37pt;"></FONT>10 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Warrant<BR> <FONT style="text-transform:none;">(Identified Cost $21)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:26.62pt;padding-right:3pt;padding-top:2.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">10
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Long-Term Investments&#8212;136.5%<BR> <FONT style="text-transform:none;">(Identified Cost $562,132)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-left:9.12pt;padding-right:3pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:26.44%;">563,908
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:2.5pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;width:100%;" colspan="4">Short-Term
 Investment&#8212;0.2% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:100%;" colspan="4">Money
 Market Mutual Fund&#8212;0.2% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:8pt;padding-right:2pt; padding-top:1pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:45.90%;">Dreyfus
 Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.094%)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(16)</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:5.5pt;padding-left:7.62pt;padding-right:3.5pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.66%;">673,897
 </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:5.5pt;padding-right:2pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:5.5pt;padding-left:21.37pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.44%;">674
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:71.56%;" colspan="2">Total
 Short-Term Investment<BR> <FONT style="text-transform:none;">(Identified Cost $674)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-right:3.5pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-left:22.87pt;padding-right:3pt;padding-top:2.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:26.44%;">674
<FONT style="padding-left:0.06pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD>
<TD style="padding-right:3.5pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:25.66%;">&#160; </TD>
<TD style="padding-right:2pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:26.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;text-align:left;vertical-align:bottom;width:45.90%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">TOTAL
 INVESTMENTS&#8212;136.7%<BR> (Identified Cost $562,806) </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:3.5pt;padding-right:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:1.88pt;"></FONT>564,582<FONT style="padding-left:0.06pt;"><SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(17)</SUP></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">Other
 assets and liabilities, net&#8212;(36.7)% </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3.5pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.25pt;padding-right:3pt; padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">(151,635
<FONT style="padding-left:0.06pt;"></FONT>) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:2pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.56%;" colspan="2">NET
 ASSETS&#8212;100.0% </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3pt; padding-top:1.88pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.44%;">$
<FONT style="padding-left:1.88pt;"></FONT>412,947 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:100%;" colspan="2">Abbreviations:
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">BAM
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Build America
 Municipal Insured </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">ETF
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Exchange-Traded
 Fund </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">LIBOR
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">London
 Interbank Offered Rate </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">LLC
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Limited
 Liability Company </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">LLLP
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Limited
 Liability Limited Partnership </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">LP
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Limited
 Partnership </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">MASTR
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Morgan
 Stanley Structured Asset Security </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.36%;">PIK
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:85.24%;">Payment-in-Kind
 Security </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
</DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;padding-top:54pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:78pt;text-align:center;text-decoration:none;text-transform:none;">For information regarding the abbreviations, see
the Key Investment Terms starting on page 10.</DIV> </DIV> </DIV> <DIV style="padding-top:1pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">36</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_26"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:100%;" colspan="2">Footnote
 Legend: </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Security
 in default; no interest payments are being received during the bankruptcy proceedings. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">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 May 31, 2020, these securities amounted to a value of
$123,876 or 30.0% of net assets. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:94.18%;">Variable
 rate security. Rate disclosed is as of May 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. 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. </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(5)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Security
 in default, interest payments are being received during the bankruptcy proceedings. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(7)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">87%
of the income received was in PIK and 13% was in cash. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">No
contractual maturity date. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(9)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Amount
 is less than $500. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Interest
 payments may be deferred. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(11)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">First
 pay date will be in June 2020. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(12)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">This loan
 will settle after May 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Value
 shown as par value. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(14)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Interest
 may be forfeited. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(15)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Non-income
 producing. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(16)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:94.18%;">Shares
 of this fund are publicly offered, and its prospectus and annual report are publicly available. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:6.72%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(17)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:94.18%;">All
 or a portion of the portfolio segregated as collateral for borrowings. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:39.64%;">Foreign
 Currencies: </TD>
<TD style="line-height:8pt;padding-top:6pt;text-align:left;vertical-align:top;width:61.26%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:2pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:39.64%;">MXN
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:2pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:61.26%;">Mexican
 Peso </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;width:100%;" type="Block"> </DIV> </DIV> <DIV style="padding-top:180pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:199pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">37</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soi-toc-scheduleofinvestments-370_27"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:5pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The following table summarizes the market value of the
Fund&#8217;s investments as of May 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:3pt;padding-right:14pt;padding-top:3pt;text-align:left;vertical-align:bottom;width:43.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:14pt;padding-right:14pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.93%;">Total
<BR> Value at<BR> May 31, 2020 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:14pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:14pt;padding-right:14pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.25%;">Level
 1<BR> Quoted Prices </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:14pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:14pt;padding-right:14pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.07%;">Level
 2<BR> Significant<BR> Observable<BR> Inputs </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:14pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:14pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.11%;">Level
 3<BR> Significant<BR> Unobservable<BR> Inputs </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:14pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:43.68%;">Assets:
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:12.93%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:13.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.07%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:15.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Debt
 Securities: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:12.93%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:13.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:11.07%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:15.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Asset-Backed
 Securities </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:14pt;padding-right:14pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:12.93%;">$
<FONT style="padding-left:4pt;"></FONT>18,421 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:14pt;padding-right:14pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.25%;">$
<FONT style="padding-left:18pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:14pt;padding-right:14pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.07%;">$
<FONT style="padding-left:4pt;"></FONT>18,166 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:14pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.11%;">$255
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Corporate
 Bonds and Notes </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">121,895
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">121,894
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">1
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Foreign
 Government Securities </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">17,012
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">17,012
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Leveraged
 Loans </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">22,946
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">22,862
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">84
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Mortgage-Backed
 Securities </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">35,822
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">35,488
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Municipal
 Bonds </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">4,404
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">4,404
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">U.S.
 Government Security </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:32pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">722
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:32pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">722
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Equity
 Securities: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:12.93%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:13.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:11.07%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:15.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Common
 Stocks </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">336,589
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:18pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">261,142
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">75,447
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Exchange-Traded
 Fund </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">1,744
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">1,744
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Preferred
 Stocks </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">4,341
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:32pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">454
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">3,887
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:43.68%;">Rights
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:40pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">2
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:40pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">2
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:43.68%;">Warrant
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.93%;">10
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.25%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.07%;">10
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:14pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Money
 Market Mutual Fund </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:32pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.93%;">674
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:32pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.25%;">674
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:36pt;padding-right:14pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.07%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:14pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:22pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:15.11%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:14pt;padding-top:1.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:43.68%;">Total
 Investments </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14pt;padding-right:14pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.93%;">$564,582
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14pt;padding-right:14pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.25%;">$264,014
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14pt;padding-right:14pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.07%;">$299,894
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:14pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.11%;">$674
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Securities held by the Fund
with an end of period value of $151 was transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.</DIV>
<DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Security held by the Fund with an end of period value of
$2 were transferred from Level 3 to Level 2 due to an increase in trading activities during the period.</DIV>
<DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Some of the Fund&#8217;s investments that were
categorized as Level 3 were valued utilizing third party pricing information without adjustment. 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.</DIV> <DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Management has determined
that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended May 31, 2020.</DIV> </DIV> <DIV style="width:100%;" type="Block">
</DIV> <DIV style="margin-top:139pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to
Financial Statements</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">38</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="sal-sal-headerfooter-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
Table
of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF ASSETS AND LIABILITIES (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">(Reported in
thousands except shares and per share amounts)</DIV> </DIV> <DIV style="margin-top:1pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:82.22%;">Assets
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Investment in securities at value (Identified cost
$562,806)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:0.66pt;"></FONT>564,582 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">49
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:82.22%;">Receivables
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Investment securities sold
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:17.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">2,322
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Dividends and
interest</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:17.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">2,704
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Tax reclaims
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:23.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">397
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Prepaid Directors&#8217;
retainer</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">68
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Prepaid expenses
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:27.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">38
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:40pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Total
assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:9.66pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">570,160
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:82.22%;">Liabilities
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Borrowings&#8201;(Note
8)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">151,750
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Due to
custodian</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:33.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">&#8212;
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:82.22%;">Payables
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Investment securities purchased
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:17.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">4,847
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Investment advisory fees
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:23.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">320
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Printing fees and
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:23.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">155
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Administration and accounting
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">51
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Interest on borrowings&#8201;(Note
8)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">49
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Professional fees
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">37
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Other accrued
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:31.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:40pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Total
liabilities</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:9.66pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">157,213
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net
Assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:5pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">$412,947
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:2.38pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">Net
 Assets Consist of: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:2.38pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Common stock ($0.001 par value; 500,000,000 shares
authorized)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:18.66pt;"></FONT>47 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Capital paid in on shares of beneficial
interest</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">471,625
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Total distributable earnings (accumulated
losses)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:11pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">(58,725)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net
Assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:5pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">$412,947
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:2.38pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">Net
 Asset Value Per Share </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:2.38pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">(Net assets/shares outstanding) Shares outstanding
47,435,527</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:5pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:12.66pt;"></FONT>8.71 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:1.5pt;padding-top:3pt;text-align:left;vertical-align:top;width:2.38%;">&#160; </TD>
<TD style="padding-top:3pt;text-align:left;vertical-align:top;width:98.06%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.06%;">Amount
 is less than $500. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:101pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">39</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="sop-sop-headerfooter-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
Table
of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF OPERATIONS (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">SIX MONTHS ENDED <FONT style="text-transform:uppercase;">May 31,
2020</FONT></DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:1pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:82.22%;">Investment
 Income </TD>
<TD style="line-height:8pt;padding-bottom:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Interest
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:7.32pt;"></FONT>5,739 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Dividends
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:16.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">5,105
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Foreign taxes withheld
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:19.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">(393)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:16pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Total investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:12.32pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">10,451
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:82.22%;">Expenses
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Investment advisory
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:16.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">2,163
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Administration and accounting
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">342
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Printing fees and expenses
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">194
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Directors&#8217; fees and
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:22.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">154
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Transfer agent fees and
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">92
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Professional fees
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">40
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Custodian fees
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:30.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Miscellaneous
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:26.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">88
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Total expenses before interest
expense</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16.32pt;padding-top:1.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">3,077
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Interest expense on borrowings&#8201;(Note
8)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:16.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">1,993
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:16pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Total expenses after interest
expense</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:16.32pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">5,070
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:15.66pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">5,381
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">Net
 Realized and Unrealized Gain (Loss) on Investments </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">Net
 realized gain (loss) from: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">&#8195;Investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:13.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">(2,595)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Foreign currency
transactions</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:23.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">(92)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">(17,325)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">Net
 change in unrealized appreciation (depreciation) on: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">&#8195;Investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">(29,878)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Foreign currency
transactions</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:26.32pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">12
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:19.66pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">(278)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net realized and unrealized gain (loss) on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:9pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(50,156)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net increase (decrease) in net assets resulting from
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:5pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">$(44,775)
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:115pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">40</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="soc-soc-headerfooter-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
Table
of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENTS OF CHANGES IN NET ASSETS </DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="margin-top:1pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:2.5pt;padding-right:5pt;text-align:left;vertical-align:bottom;width:62.97%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.24%;">Six
 Months<BR> Ended<BR> May 31, 2020<BR> (Unaudited) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:2.5pt;padding-left:5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.24%;">Year
 Ended<BR> November 30, 2019<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">INCREASE
 (DECREASE) IN NET ASSETS<BR> From Operations </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Net investment income (loss)
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-right:5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.24%;">$
<FONT style="padding-left:18pt;"></FONT>5,381 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:18pt;"></FONT>5,335 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Net realized gain (loss)
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:20.34pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">(20,012)
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">31,558
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Net increase from payment by
affiliate</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:37pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:41pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Net change in unrealized appreciation (depreciation)
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:20.34pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(30,144)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:24.34pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">(3,615)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Increase (decrease) in net assets resulting from
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:20.34pt;padding-right:5pt; padding-top:1.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(44,775)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:23pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">33,284
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">From
 Dividends and Distributions to Shareholders </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Net investment income and net realized
gains</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:20.34pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">(32,091)
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:24.34pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">(6,728)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Return of
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:37pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:20.34pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">(24,375)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Dividends and Distributions to
Shareholders</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:20.34pt;padding-right:5pt; padding-top:1.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(32,091)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:20.34pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(31,103)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">From
 Capital Share Transactions </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Issuance of common stock related to reinvestment of distributions (191,088 and 150,977 shares,
respectively)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">1,914
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:27pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">1,645
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Plan of reorganization&#8201;(Note
11)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:37pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">256,119
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Increase (decrease) in net assets from capital
transactions</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:27pt;padding-right:5pt; padding-top:1.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">1,914
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">257,764
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Net increase (decrease) in net
assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:20.34pt;padding-right:5pt;padding-top:1.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">(74,952)
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19pt;padding-top:1.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">259,945
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:62.97%;">Net
 Assets </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:19pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">487,899
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">227,954
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">End of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:5pt;padding-right:5pt; padding-top:1.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.24%;">$
<FONT style="padding-left:9.34pt;"></FONT>412,947 </TD>
<TD style="line-height:0pt;padding-bottom:2.38pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:5pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:9.34pt;"></FONT>487,899 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:2.38pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">Supplemental
 &#8211; Other Information<BR> Capital share transactions were as follows: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:5pt;padding-top:2.38pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:2.38pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-top:2.38pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Common shares outstanding at beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">47,244,439
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:9pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">21,527,388
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Issuance of common stock related to reinvestment of
distributions</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.24%;">191,088
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:1pt;padding-left:19pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:19.24%;">150,977
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Common shares issued from plan of reorganization&#8201;(Note
11)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:37pt;padding-right:5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:9pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:19.24%;">25,566,074
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:8pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:62.97%;">
<DIV style="float:left;">Common shares outstanding at end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:5pt; padding-top:1.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">47,435,527
 </TD>
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:5pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">47,244,439
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.31%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.13%;">On
November 18, 2019, Virtus Total Return Fund, Inc. (ZF) was reorganized into the Fund (f/k/a Virtus Global Dividend &amp; Income Fund Inc.). The activity in the table presented above is for the accounting survivor, ZF, for the periods prior to the
date of the reorganization and for the post-reorganization fund thereafter. See Note 11 Plan of Reorganization in the Notes to Financial Statements. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.31%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.13%;">Please
 note that the tax status of Fund&#8217;s distributions is determined at the end of the taxable year. However, based on interim data as of May 31, 2020, we estimate that 16.8% of distributions will represent net investment income and 83.2% will
represent return of capital. Also refer to inside front cover for information on the Managed Distribution Plan. See Notes to Financial Statements. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:50pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">41</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="socf-socf-headerfooter-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF CASH FLOWS (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">FOR THE SIX MONTHS ENDED <FONT style="text-transform:uppercase;">May 31,
2020</FONT></DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:1pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:82.22%;">Increase
 (Decrease) in cash </TD>
<TD style="line-height:8pt;padding-bottom:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:82.22%;">Cash
 Flows provided by (Used for) Operating Activities: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net increase (decrease) in net assets resulting from operations
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:5pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:4pt;"></FONT>(44,775) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:82.22%;">Adjustments
 to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Proceeds from sales and paydowns of long-term investments
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:11.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">209,919
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">(Increase) Decrease in investment securities sold receivable
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:25.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">507
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Purchases of long-term investments
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:9pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(154,775)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Increase (Decrease) in investment securities purchased payable
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:17pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(8,858)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net (purchases) or sales of short-term
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:19.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">9,787
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net (purchases) or sales of purchased options
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:15.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">11,677
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net purchases or (sales) of written options
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(17,947)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net change in unrealized (appreciation)/depreciation on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:15.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">30,156
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net realized (gain)/loss on sales of investments from changes in the foreign exchange rates
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:29.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">64
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net realized (gain)/loss on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:15.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">19,920
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Return of capital distributions on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:25.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">114
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Amortization of premium and accretion of discounts on investments
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:25.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">164
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Proceeds from litigation
settlements</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:29.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">35
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">(Increase) Decrease in tax reclaims
receivable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:25.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">172
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">(Increase) Decrease in dividends and interest
receivable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:25.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">562
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">(Increase) Decrease in prepaid
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:29.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">11
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">(Increase) Decrease in prepaid Directors&#8217;
retainer</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:27pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(12)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Increase (Decrease) in interest payable on
borrowings</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:29.66pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">23
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Increase (Decrease) in affiliated expenses
payable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:27pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(97)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:16pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Increase (Decrease) in non-affiliated expenses
payable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:23pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(624)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash provided by (used for) operating
activities</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:15.66pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">56,023
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash provided by (used for) financing
activities:</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash payments to reduce
borrowings</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(33,000)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash distributions paid to shareholders
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:13pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(30,177)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Currency due to
custodian</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:35.66pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">&#8212;
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash provided by (used for) financing
activities:</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:13pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(63,177)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Net increase (decrease) in
cash</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:17pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">(7,154)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:82.22%;">
<DIV style="float:left;">Cash</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash and foreign currency at beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:19.66pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:19.24%;">7,203
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:8pt;padding-right:5pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash and foreign currency at end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.38pt;padding-left:5pt;padding-top:1.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:20.66pt;"></FONT>49 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:5pt;padding-top:2.38pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">Supplemental
 cash flow information: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-top:2.38pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Reinvestment of dividends and
distributions</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:10.66pt;"></FONT>1,914 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">
<DIV style="float:left;">Cash paid during the period for interest expense on
borrowings</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:19.24%;">$
<FONT style="padding-left:10.66pt;"></FONT>1,970 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:1pt;padding-right:5pt;padding-top:1pt;text-align:left;vertical-align:bottom;width:82.22%;">&#160; </TD>
<TD style="padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.22%;">(a)
 Amount is less than $500. </TD>
<TD style="line-height:8pt;padding-bottom:6pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:19.24%;">&#160; </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:58pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:60pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">42</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="fihi-fihi-headerfooter-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">FINANCIAL HIGHLIGHTS</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">THROUGHOUT EACH PERIOD</DIV> </DIV>
<DIV style="margin-top:23pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.20pt;padding-right:6pt;text-align:left;vertical-align:bottom;width:32.27%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.20pt;padding-left:6pt;padding-right:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.69%;" rowspan="2">Six
 Months<BR> Ended May 31,<BR> 2020<BR> (Unaudited) </TD>
<TD style="border-bottom:0pt solid #000000;line-height:0pt;padding-bottom:1.20pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;" rowspan="2">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.20pt;padding-left:6pt;padding-right:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.48%;" colspan="7">Year
 Ended November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:left;vertical-align:bottom;width:32.27%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2019
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2018
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:12pt;padding-right:6pt; padding-top:1.20pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2017
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:12pt;padding-right:6pt; padding-top:1.20pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">2016
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">PER
 SHARE DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.69%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.12%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net asset value, beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.69%;">$
<FONT style="padding-left:8pt;"></FONT>10.33 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>11.01 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>13.98 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>12.25 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.12%;">$
<FONT style="padding-left:8pt;"></FONT>12.22 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:8pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:32.27%;">Income
 (loss) from investment operations: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.69%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.12%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net investment income
(loss)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">0.11
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">0.24
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">0.34
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">0.30
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">0.43
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net realized and unrealized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">(1.05)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">0.52
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(1.81)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.34
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">0.66
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Payment from
affiliate</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">&#8212;
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Total from investment
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">(0.94)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:22pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">0.76
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(1.47)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:22pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.64
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:22pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">1.09
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:8pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:32.27%;">Dividends
 and Distributions to Shareholders: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.69%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.12%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">(0.68)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(0.31)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(0.31)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(0.36)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">(1.06)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net realized
gains</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.69%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.12%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(0.09)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(0.60)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.12%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Return of
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(1.13)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(1.10)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Total dividends and distributions to
shareholders</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">(0.68)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(1.44)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(1.50)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(0.96)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">(1.06)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:8pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:32.27%;">Fund
 Share Transactions (Note 10) </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.69%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.12%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Anti-dilutive impact of tender
offers</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:22pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">0.05
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net asset value, end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.69%;">$
<FONT style="padding-left:12pt;"></FONT>8.71 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>10.33 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>11.01 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>13.98 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.12%;">$
<FONT style="padding-left:8pt;"></FONT>12.25 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:0pt;padding-right:6pt;padding-top:1.58pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Market value, end of
period<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(5)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.69%;">$
<FONT style="padding-left:12pt;"></FONT>8.35 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>10.98 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:12pt;"></FONT>9.64 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>13.33 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.12%;">$
<FONT style="padding-left:8pt;"></FONT>11.61 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:1.58pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Total return, net asset value<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6),
(7)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">(8.89)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">16.67%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:15.34pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(10.17)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">26.37%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">10.09%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Total return, market value<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6),
(7)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:15.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">(17.82)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">41.67%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:15.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">(17.51)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">27.06%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">24.37%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">RATIOS/SUPPLEMENTAL
 DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:13.69%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:11.12%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:13.12%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Ratio of net expenses to average net assets<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8),
(9)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">2.27%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.99%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.61%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.55%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(11)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">2.33%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Ratio of total expenses after interest expense to average net
assets<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">2.27%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.99%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.70%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.62%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(11)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">2.33%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Ratio of net investment income (loss) to average net
assets<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">2.41%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.20%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.75%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">2.86%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(11)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">3.44%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Portfolio turnover
rate<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">25%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:24pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">110%
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(12)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">46%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">61%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">60%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Net assets, end of period
(000&#8217;s)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">$412,947
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">$487,899
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">$227,954
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">$289,580
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.12%;">$126,508
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Borrowings, end of period
(000&#8217;s)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.69%;">$151,750
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">$184,750
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:4pt;"></FONT>84,250 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.12%;">$105,000
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.12%;">$
<FONT style="padding-left:4pt;"></FONT>47,000 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:32.27%;">
<DIV style="float:left;">Asset coverage, per $1,000 principal amount of
borrowings<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.69%;">$
<FONT style="padding-left:8pt;"></FONT>3,721 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>3,641 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>3,706 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.12%;">$
<FONT style="padding-left:8pt;"></FONT>3,758 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.12%;">$
<FONT style="padding-left:8pt;"></FONT>3,692 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
<DIV style="margin-top:83pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:79pt;text-align:center;text-decoration:none;text-transform:none;">See
Notes to Financial Statements</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">43</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="fihi-fihi-headerfooter-370_2"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">FINANCIAL HIGHLIGHTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">THROUGHOUT EACH PERIOD</DIV> </DIV>
<DIV style="margin-top:23pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.20pt;padding-right:6pt;text-align:left;vertical-align:bottom;width:69.78%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.20pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:13.17%;" rowspan="2">Fiscal
<BR> Period Ended<BR> November 30,<BR> 2015<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1), (2)</SUP> </TD>
<TD style="border-bottom:0pt solid #000000;line-height:0pt;padding-bottom:1.20pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;" rowspan="2">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.20pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.49%;" rowspan="2">Year
 Ended<BR> December 31,<BR> 2014<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:left;vertical-align:bottom;width:69.78%;">&#160; </TD>
<TD style="padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:center;vertical-align:bottom;width:0%;">&#160; </TD>
<TD style="padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:center;vertical-align:bottom;width:0%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">PER
 SHARE DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:15.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Net asset value, beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.17%;">$
<FONT style="padding-left:8pt;"></FONT>13.50 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.49%;">$
<FONT style="padding-left:8pt;"></FONT>12.86 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">Income
 (loss) from investment operations: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:15.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Net investment income
(loss)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">0.48
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">0.85
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Net realized and unrealized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">(0.70)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:22pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">0.75
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Total from investment
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">(0.22)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial Narrow;font-family:Arial Narrow;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:22pt;padding-right:6pt;padding-top:1.20pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">1.60
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">Dividends
 and Distributions to Shareholders: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:15.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Net investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">(1.06)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:0.70pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">(0.96)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Total dividends and distributions to
shareholders</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">(1.06)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.34pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">(0.96)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">Fund
 Share Transactions (Note 10) </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:bottom;width:15.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:0pt;padding-right:6pt;padding-top:1.20pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Net asset value, end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.17%;">$
<FONT style="padding-left:8pt;"></FONT>12.22 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.20pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.20pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.49%;">$
<FONT style="padding-left:8pt;"></FONT>13.50 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:0pt;padding-right:6pt;padding-top:1.58pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Market value, end of
period<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(5)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.17%;">$
<FONT style="padding-left:8pt;"></FONT>10.26 </TD>
<TD style="line-height:0pt;padding-bottom:1.58pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.58pt;padding-left:6pt;padding-right:6pt; padding-top:1.58pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.49%;">$
<FONT style="padding-left:8pt;"></FONT>12.01 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:1.58pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Total return, net asset value<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6),
(7)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">(0.92)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:1.58pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:1.58pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">13.59%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Total return, market value<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6),
(7)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:19.34pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">(6.56)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:18pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">21.98%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">RATIOS/SUPPLEMENTAL
 DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:bottom;width:15.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Ratio of net expenses to average net assets<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8),
(9)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">1.97%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">1.93%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Ratio of total expenses after interest expense to average net
assets<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">1.97%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">1.93%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Ratio of net investment income (loss) to average net
assets<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">3.90%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:22pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">1.61%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Portfolio turnover
rate<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">32%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:28pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">33%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Net assets, end of period
(000&#8217;s)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.17%;">$126,454
 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.49%;">$139,630
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Borrowings, end of period
(000&#8217;s)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.17%;">$
<FONT style="padding-left:4pt;"></FONT>43,500 </TD>
<TD style="line-height:0pt;padding-bottom:0.70pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.70pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.49%;">$
<FONT style="padding-left:4pt;"></FONT>50,500 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:0.70pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.78%;">
<DIV style="float:left;">Asset coverage, per $1,000 principal amount of
borrowings<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:3.20pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.17%;">$
<FONT style="padding-left:8pt;"></FONT>3,907 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:6pt;padding-top:0.70pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:0.70pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.49%;">$
<FONT style="padding-left:8pt;"></FONT>3,765 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">On
April 3, 2017, Virtus Total Return Fund (DCA) was reorganized into the former Virtus Total Return Fund Inc. (ZF). For periods prior to April 3, 2017, the activity in the table presented above was for the accounting survivor of that reorganization,
DCA. In addition, on November 18, 2019, ZF was reorganized into the Fund. For periods between April 3, 2017 and November 18, 2019, the activity in the table presented above is for ZF, and thereafter it is for the Fund. The net asset values and other
per share information for periods prior to the April 3, 2017 reorganization were revised to reflect the share conversion ratio from that reorganization of 0.391206, and the net asset values and other per share information for periods between April
3, 2017 and November 18, 2019 have been revised to reflect the share conversion ratio from the later reorganization of 1.039518. See Note 11 Plan of Reorganization in the Notes to Financial Statements, for information about the 2019 reorganization.
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">During
 the period the Fund changed its fiscal year end from December 31 to November 30. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Calculated
 using average shares outstanding. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Amount
 is less than $0.005 per share. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(5)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Closing
 Price &#8211; New York Stock Exchange. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(6)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Not
annualized for periods less than one year. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(7)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Total return
 on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be
reinvested at prices obtained under the Fund&#8217;s Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected.
Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the
beginning and ending values. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(8)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:97.33%;">Annualized.
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:21pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">44</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="fihi-fihi-headerfooter-370_3"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">FINANCIAL HIGHLIGHTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">THROUGHOUT EACH PERIOD</DIV> </DIV>
<DIV style="margin-top:31pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:1.5pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(9)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Ratio of
 total expenses, before interest expense on the line of credit, was 1.38% for the six months ended May 31, 2020, 1.79%, 1.63%, and 1.92% for the years ended November 30, 2019, 2018 and 2017, respectively, and 1.87% for the year ended November 30,
2016, 1.61% for the fiscal period ended November 30, 2015, and 1.58% for the year ended December 31, 2014. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(10)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">The
Fund incurred certain non-recurring merger costs in 2019. When excluding these costs, the ratio of total expenses after interest expense and before expense waivers to average net assets would be 2.83%, the ratio of net expenses to average net assets
would be 2.83% and the ratio of net investment income (loss) to average net assets would be 2.36%. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(11)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">The
Fund incurred certain non-recurring merger and tender offer costs in 2017. When excluding these costs, the ratio of total expenses after interest expense and before expense waivers and earnings credits to average net assets would be 2.41%, the ratio
of net expenses to average net assets would be 2.34% and the ratio of net investment income (loss) to average net assets would be 3.07%. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(12)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.33%;">Portfolio
 turnover increased due to repositioning of the portfolio related to the reorganization on November 18, 2019 (see Note 11). </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:3.11%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(13)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:97.33%;">Represents
 value of net assets plus the borrowings at the end of the period divided by the borrowings at the end of the period multiplied by $1,000. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:314pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV> </DIV>
<DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">45</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:3pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;1.&nbsp;Organization</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Virtus Total Return Fund Inc. (f/k/a Virtus
Global Dividend &amp; Income Fund Inc.) (the &#8220;Fund&#8221;) is a closed-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund was incorporated under
the laws of the State of Maryland on July 21, 1988. The Fund&#8217;s investment objective is capital appreciation with current income as a secondary objective. <FONT style="font-style:italic;">There is no guarantee that the Fund will achieve its
investment objectives.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;2.&nbsp;Significant
Accounting Policies</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">The Fund is an
investment company that follows the accounting and reporting guidance of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 applicable to Investment Companies.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases
in net assets from operations during the reporting period. Actual results could differ from those estimates, and those differences could be significant.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:3pt;width:95.34%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">A.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Security Valuation </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">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&#8217;s policy is to recognize transfers into and out of Level 3 at the end of the reporting period.
</TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:87.048pt;text-align:left;text-decoration:none;text-indent:-52.452pt; text-transform:none;">&#8226;&nbsp;&nbsp;
&nbsp;&nbsp;Level 1 &#8211; &nbsp;quoted prices in active markets for identical securities (security types generally include listed equities).</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:87.048pt;text-align:left;text-decoration:none;text-indent:-52.452pt; text-transform:none;">&#8226;&nbsp;&nbsp;
&nbsp;&nbsp;Level 2 &#8211; &nbsp;prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:87.048pt;text-align:left;text-decoration:none;text-indent:-52.452pt; text-transform:none;">&#8226;&nbsp;&nbsp;
&nbsp;&nbsp;Level 3 &#8211; &nbsp;prices determined using significant unobservable inputs (including the Valuation Committee&#8217;s own assumptions in determining the fair value of investments).</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:34.596pt;text-align:left;text-decoration:none;text-transform:none;">A description of the valuation techniques
applied to the Fund&#8217;s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:34.596pt;text-align:left;text-decoration:none;text-transform:none;">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. Restricted equity securities and
private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:34.596pt;text-align:left;text-decoration:none;text-transform:none;">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 (&#8220;NAV&#8221;) at the close of regular trading on the New York Stock
Exchange</DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:18pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">46</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_2"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:14pt;padding-left:9.04%;text-align:left;text-decoration:none;text-transform:none;">(&#8220; NYSE&#8221;) (generally 4 p.m.
Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the
non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level
2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:9.04%;text-align:left;text-decoration:none;text-transform:none;">Debt securities, including restricted
securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the
following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the
hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing
services do not provide pricing for all securities, and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt
securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:9.04%;text-align:left;text-decoration:none;text-transform:none;">Listed derivatives, such as options, that
are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require
material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:9.04%;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:9.04%;text-align:left;text-decoration:none;text-transform:none;">A summary of the inputs used to value the
Fund&#8217;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.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:4pt;width:95.34%;" cellpadding="6" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">B.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Security Transactions and
Investment Income </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Security transactions are
recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund
is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date
using the effective interest method. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">Any
distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV>
<DIV style="margin-top:34pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">47</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_3"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:0pt;width:95.34%;" cellpadding="1" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Dividend income from REITs is
recorded using management&#8217;s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction
to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the
distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">C.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Income Taxes </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund is treated as a
separate taxable entity. It is the Fund&#8217;s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal
income taxes or excise taxes has been made. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund may be subject to
foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that
exist in the markets in which it invests. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Management of the Fund has
concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of May 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of
limitations are from the year 2016 forward (with limited exceptions). </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">D.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Distributions to Shareholders
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Distributions are recorded by
the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund has a Managed
Distribution Plan which currently provides for the Fund to make a monthly distribution of $0.08 per share. Distributions may represent earnings from net investment income, realized capital gains, or, if necessary, return of capital. Shareholders
should not draw any conclusions about the Fund&#8217;s investment performance from the terms of the Fund&#8217;s Managed Distribution Plan. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">E.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Foreign Currency Transactions
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">Non-U.S.
investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at
the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise,
the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations
arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
</TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:32pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">48</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_4"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:3pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:0pt;width:95.34%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">F.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">When-Issued Purchases and
Forward Commitments (Delayed Delivery) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund may engage in
when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by the Fund to purchase or sell a
security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes
in interest rates. The Fund records when-issued and forward commitment securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest
on the settlement date. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">G.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Leveraged Loans </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund may invest in direct
debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund
may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the
&#8220;lender&#8221;) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. The Fund&#8217;s investments in loans may be in the form of participations in loans or assignments of all or a
portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon
receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the
lender that is selling the leveraged loan. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund may invest in
multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging
countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">The
leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or
more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit
portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.
</TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:46pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">49</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_5"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:3pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:0pt;width:95.34%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">H.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap; width:95.41%;">Expenses
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Expenses incurred together by
the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately used. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">In
addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;3.&nbsp;Derivative Financial Instruments and
Transactions</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:2pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Disclosures about
derivative instruments and hedging activities are intended to enable investors to understand how and why the Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Fund&#8217;s results of operations and
financial position. Summarized below are such disclosures and accounting policies of each specific type of derivative instrument used by the Fund.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:4pt;width:95.34%;" cellpadding="6" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">A.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Options Contracts </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%;">An options contract provides
the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. The Fund pursues an option income strategy whereby it purchases and sells out-of-the-money puts and
calls, creating an options spread designed to generate a consistent level of option cash flow which should result in additional yield. The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">When the Fund purchases an
option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to
reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedule of Investments. Purchased options are reported as an asset within &#8220;Investment in securities at
value&#8221; in the Statement of Assets and Liabilities. Written options are reported as a liability within &#8220;Written options at value.&#8221; Changes in value of the purchased option are included in &#8220;Net change in unrealized appreciation
(depreciation) on investments&#8221; in the Statement of Operations. Changes in value of written options are included in &#8220;Net change in unrealized appreciation (depreciation) on written options&#8221; in the Statement of Operations. </TD></TR>

<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%;">If an option expires
unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The
difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in &#8220;Net realized gain (loss) from
investments&#8221; in the Statement of Operations. Gain or loss from written options is presented separately as &#8220;Net realized gain (loss) from written options&#8221; in the Statement of Operations. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">The risk
in writing call options is that the Fund gives up the opportunity for profit if the </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:18pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">50</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_6"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:0pt;width:95.34%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">market price of the
referenced security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the referenced security decreases and the option is exercised. The risk in buying options is that the
Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are normally subject to unlimited risk of
loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. However, the Fund may limit its risk of loss
when writing an option by purchasing an option similar to the one that is sold, except for the fact it is further &#8220;out-of-the-money.&#8221; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">The Fund invested in
derivative instruments during the period in the form of writing put/ call options and buying put/call options on the S&amp;P 500<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index. The primary
risk associated with these derivative instruments is equity risk. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">The
following is a summary of the Fund&#8217;s options contracts as presented in the Statement of Operations as of May 31, 2020: </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:83.55%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:31pt;padding-right:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.89%;">
<DIV style="float:left;">Net realized gain (loss) from purchased
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:15.20%;">$<FONT
 style="padding-left:2.66pt;"></FONT>11,345<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:31pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.89%;">
<DIV style="float:left;">Net realized gain (loss) from written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt; padding-bottom:1.25pt;padding-left:10.45pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.20%;
">(17,325)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:31pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.89%;">
<DIV style="float:left;">Net change in unrealized appreciation (depreciation) on purchased
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt; padding-bottom:1.25pt;padding-left:30.22pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.20%;
">171
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:31pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:71.89%;">
<DIV style="float:left;">Net change in unrealized appreciation (depreciation) on written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:2.5pt;padding-left:21.56pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:15.20%;">(278)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:31pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:71.89%;">
<DIV style="float:left;">Total realized and unrealized gain (loss) on purchased and written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.20%;">$
<FONT style="padding-left:4.45pt;"></FONT>(6,087) </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:86.59%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:48pt;padding-right:1pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:18.85%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:96.97%;">Amount
included in Net realized gain (loss) from investments. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:48pt;padding-right:1pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:18.85%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:96.97%;">Amount
 included in Net change in unrealized appreciation (depreciation) on investments. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:9.04%;text-align:left;text-decoration:none;text-transform:none;">For the time period options were held during
the period, the average quarterly premiums paid by the Fund for purchased options was $231 and the average quarterly premiums received by the Fund from written options was $417.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;4.&nbsp;Investment Advisory Fees and Related Party
Transactions</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:2pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:3pt;width:95.34%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">A.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap; width:95.41%;">Adviser
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Virtus Investment Advisers,
Inc. (the &#8220;Adviser&#8221;), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (&#8220;Virtus&#8221;), is the investment adviser of the Fund. The Adviser manages the Fund&#8217;s investment program and general operations
of the Fund, including oversight of the Fund&#8217;s subadvisers. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">As
compensation for its services to the Fund, the Adviser receives a fee at an annual rate of 0.70% of the Fund&#8217;s average daily Managed Assets, which is calculated daily and paid monthly. &#8220;Managed Assets&#8221; is defined as the value of
the total assets of the Fund minus the sum of all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings or other indebtedness, entered into for the purpose of leverage). </TD></TR></TABLE> </DIV> </DIV>
<DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:20pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">51</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_7"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:3pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:4.66%;margin-top:0pt;width:95.34%;" cellpadding="1" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">B.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap; width:95.41%;">Subadvisers
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Duff &amp; Phelps Investment
Management Co. (&#8220;DPIM&#8221;), an indirect, wholly-owned subsidiary of Virtus, is the subadviser of the equity portion of the Fund&#8217;s portfolio, Newfleet Asset Management LLC (&#8220;Newfleet&#8221;), an indirect, wholly-owned subsidiary
of Virtus, is the subadviser of the fixed income portion of the Fund&#8217;s portfolio, and for the period of this report Rampart Investment Management Company, LLC (&#8220;Rampart&#8221;), an indirect, wholly-owned subsidiary of Virtus, was the
subadviser of the Fund&#8217;s options overlay strategy. For the period, these three subadvisers were, in the aggregate, responsible for the day-to-day portfolio management of the Fund for which they were each paid a fee by the Adviser. Effective
June 18, 2020, the options overlay strategy was removed from the investment strategy of the Fund. Therefore, Rampart is no longer a subadviser of the Fund. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">C.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Administration Services
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Virtus Fund Services, LLC
(&#8220;VFS&#8221;), an indirect, wholly-owned subsidiary of Virtus, serves as administrator to the Fund. For the services provided by the administrator under the Administration Agreement, the Fund pays the administrator an asset-based fee
calculated on the Fund&#8217;s average daily Managed Assets. This fee is calculated daily and paid monthly. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">For the period ended May 31,
2020, the Fund incurred administration fees totaling $342 which are included in the Statement of Operations within the line item &#8220;Administration and accounting fees.&#8221; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">D.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Directors&#8217; Fees
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">For the period ended May 31,
2020, the Fund incurred Directors&#8217; fees totaling $154 which are included in the Statement of Operations within the line item &#8220;Directors&#8217; fees and expenses.&#8221; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.59%;">E.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.41%; ">Director Compensation
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.59%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.41%;">The Fund
provides a deferred compensation plan for its Directors who receive compensation from the Fund. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Fund, and
then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Directors. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;5.&nbsp;Purchases and Sales of Securities</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:2pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Purchases and sales of securities (excluding
U.S. Government and agency securities, short-term investments, and written options) during the period ended May 31, 2020, were as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:25.29%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:48pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:45.72%;">Purchases
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:52.28%;">Sales
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:48pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:45.72%;">$140,451
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:52.28%;">$193,998
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:65pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">52</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_8"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Purchases and sales of long-term U.S.
Government and agency securities during the period ended May 31, 2020, were as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:23.99%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:48pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:48.30%;">Purchases
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:49.70%;">Sales
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:48pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:48.30%;">$14,324
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:49.70%;">$15,921
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;6.&nbsp;Federal Income Tax
Information</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:2pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">At May 31, 2020, federal
tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:97.86%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:2.5pt;padding-right:6pt;text-align:left;vertical-align:bottom;width:37.54%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.47%;">Federal
<BR> Tax Cost </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.27%;">Unrealized
<BR> Appreciation </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.55%;">Unrealized
<BR> (Depreciation) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:18.03%;">Net
 Unrealized<BR> Appreciation<BR> (Depreciation) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:15.5pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:37.54%;">Investments
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:11.47%;">$563,622
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.27%;">$37,944
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.55%;">$(36,984)
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:18.03%;">$960
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">For the fiscal
period ended November 30, 2019, the Fund had capital loss carryovers available to offset future realized gains shown below:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:38.52%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:15.5pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:67.04%;" colspan="3">No
 Expiration </TD>
<TD style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:15.5pt;padding-right:6pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:30.69%;">Short-Term
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:34.35%;">Long-Term
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:30.96%;">Total
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:15.5pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:30.69%;">$10,086
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.35%;">$2,948
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:30.96%;">$13,034
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Under the
Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Capital losses realized after October 31 and
certain late year losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal period ended November 30, 2019, the Fund deferred qualified late-year losses as follows:</DIV>
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:10.14%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:15.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:100%;">Capital
<BR> Loss<BR> Deferred </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:15.5pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:100%;">$
 34 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;7.&nbsp;Credit and Market
Risk</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Local, regional or global events
such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund&#8217;s portfolio
manager(s) to invest the Fund&#8217;s assets as intended.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">In countries with limited or developing
markets, investments may present greater risks than in more developed markets, and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market
prices of these investments and the income they generate, as well as the Fund&#8217;s ability to repatriate such amounts.</DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:31pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">53</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_9"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
</A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none; ">High-yield/high-risk securities typically
entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk
securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadvisers to accurately predict risk.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest a high percentage of its
assets in specific sectors of the market in the pursuit of its investment objectives. Fluctuations in these sectors of concentration may have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in
such sectors.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">The Fund borrows through
its line of credit for the purpose of leveraging its portfolio. While leverage presents opportunities for increasing the Fund&#8217;s total return, it also has the effect of potentially increasing losses. Accordingly, any event which adversely
affects the value of an investment held by the Fund would be magnified to the extent the Fund is leveraged.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;8.&nbsp;Borrowings</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:2pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">On November 18, 2019, the Fund amended its
Credit Agreement (the &#8220;Agreement&#8221;) with a commercial bank (the &#8220;Bank&#8221;) that allows the Fund to borrow cash from the Bank, up to a limit of $235,000 (&#8220;Commitment Amount&#8221;). Borrowings under the Agreement are
collateralized by investments of the Fund. The Agreement results in the Fund being subject to certain covenants including asset coverage and portfolio composition (among others). If the Fund fails to meet or maintain certain covenants as required
under the Agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the Agreement, necessitating the sale of securities at potentially inopportune times. Interest is charged at LIBOR plus an
additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance, if less than 75% of the Commitment Amount is outstanding as a loan to the Fund. Total commitment fees accrued for the period ended May 31, 2020
were $43 and are included in the &#8220;Interest expense on borrowings&#8221; line of the Statement of Operations. The Agreement has a term that extends until the 179<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">th</SUP> day after the date that the lender delivers a &#8220;notice of termination&#8221; to the Fund. The Bank has the ability to require repayment of
outstanding borrowings under the Agreement upon certain circumstances such as an event of default.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">For the period ended May 31, 2020, the
average daily borrowings under the Agreement and the weighted daily average interest rate were $171,406 and 2.23%, respectively. At May 31, 2020, the amount of such outstanding borrowings was as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:24.63%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:15.5pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.88%;">Outstanding
<BR> Borrowings </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:44.12%;">Interest
<BR> Rate </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:15.5pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:53.88%;">$151,750
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:44.12%;">1.01%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;9.&nbsp;
Indemnifications</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Under the
Fund&#8217;s organizational documents, its Directors and officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts
that provide a variety of indemnifications to other parties. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the</DIV> </DIV> <DIV style="width:100%;" type="Block">
</DIV> <DIV style="margin-top:20pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">54</DIV>
</DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_10"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
 </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:14pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Fund and that have not occurred. However,
the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;10.&nbsp;Capital Stock and Reinvestment Plan;
Reinvestment Program; Dividend Distributions; Tender Offers</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">At May 31, 2020, the Fund had one class of
common stock, par value $0.001 per share, of which 500,000,000 shares are authorized and 47,435,527 shares are outstanding.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Registered shareholders may elect to have
all distributions paid by check mailed directly to the shareholder by Computershare as dividend paying agent. Pursuant to the Automatic Reinvestment and Cash Purchase Plan (the &#8220;Plan&#8221;), shareholders not making such election will have all
such amounts automatically reinvested by Computershare, as the Plan agent, in whole or fractional shares of the Fund, as the case may be. During the periods ended May 31, 2020 and November 30, 2019, there were shares 191,088 and 150,977 shares
issued pursuant to the Plan, respectively.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Pursuant to the Board-approved stock
repurchase program, the Fund may repurchase up to 20% of its outstanding shares in the open market at a discount to NAV. The Fund started its buyback of shares on April 11, 2012. During the periods ended May 31, 2020 and November 30, 2019, there
were no repurchases.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">On June 18, 2020,
the Fund paid a distribution of $0.08 to shareholders of record on June 11, 2020. The distribution had an ex-dividend date of June 10, 2020.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">On July 20, 2020, the Fund paid a
distribution of $ 0.08 to shareholders of record on July 13, 2020. The distribution had an ex-dividend date of July 10, 2020.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;11.&nbsp;Plan of Reorganization</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:2pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">On November 1, 2019, the shareholders of the
former Virtus Total Return Fund Inc. (the &#8220;Merged Fund&#8221;) and the shareholders of the Fund approved an Agreement and Plan of Reorganization (the &#8220;Reorganization&#8221;). Pursuant to the&nbsp;Reorganization, the Fund acquired
substantially all of the assets and assumed substantially all of the liabilities of the Merged Fund in exchange for an equal aggregate value of the Fund&#8217;s shares. The Fund is the legal surviving entity, while the Merged Fund is the accounting
survivor for purposes of financial and performance history of the Fund.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Each shareholder of the Merged Fund received
shares of the Fund equal to the net asset value of their Merged Fund shares, as determined at the close of business on November 15, 2019. The Reorganization was accomplished by a tax-free exchange of shares and was effective on November 18, 2019.
The share transactions associated with the Reorganization are as follows:</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:84.10%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:31pt;padding-right:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:24.00%;">Merged
 Fund<BR> Shares Outstanding </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:20.81%;">Shares
 Converted<BR> of the Fund </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.28%;">Merged
 Fund<BR> Net Assets </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:22.13%;">Conversion
 Ratio </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:31pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.00%;">21,662,219
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:20.81%;">
<DIV style="padding-left:19%;">22,518,266</DIV> </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.28%;">
<DIV style="padding-left:27%;">$233,400</DIV> </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:22.13%;">1.039518
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:68pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">55</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_11"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
 </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">The net assets and composition of net assets
for the Fund at the close of November 15, 2019, were as follows:</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:97.04%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:31pt;padding-right:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:9.72%;">The
 Fund&#8217;s<BR> Net Assets </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:30.71%;">Common
 Stock<BR> ($0.001 par value<BR> 500,000,000 shares authorized) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:20.20%;">Capital
 paid<BR> in on shares<BR> of beneficial interest </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:32.48%;">Total
 distributable<BR> earnings (accumulated losses) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:31pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.72%;">$256,119
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:30.71%;">$25
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:20.20%;">$279,502
 </TD>
<TD style="line-height:0pt;padding-bottom:12pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:12pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:32.48%;">$(23,408)*
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">*Includes net
unrealized appreciation of $31,057 at the close of business on November 15, 2019.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">For financial reporting purposes, assets
received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to align ongoing reporting of the Fund&#8217;s realized and unrealized gains and losses
with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately after the acquisition amounted to $489,519.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Assuming the acquisition had been completed
on December 1, 2018, the beginning of the annual reporting period of the Fund, the pro-forma results of operations for the period ended November 30, 2019 would have been as follows:</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:59.45%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:31pt;padding-right:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:61.79%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:20.06%;">$11,647
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:31pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:61.79%;">
<DIV style="float:left;">Net realized and unrealized gain (loss) on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.5pt;padding-left:16.45pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:20.06%;">50,645
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(b)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:31pt;padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:61.79%;">
<DIV style="float:left;">Net increase (decrease) in net assets resulting from
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-4pt;margin-top:4pt;padding-top:2pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:20.06%;">$62,292
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">(a) $5,335, as
reported in the Statement of Operations, plus $6,312 Net investment income from the Fund pre-reorganization.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">(b) $27,949, as reported in the Statement of
Operations, plus $22,696 Net realized and change in unrealized gain (loss) on investments from the Fund pre-merger.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Because the Fund and the Merged Fund have
been managed as an integrated single fund since the merger was completed, it is also not feasible to separate the income/(losses) and gains/(losses) of the Merged Fund that have been included in the Fund&#8217;s Statement of Operations since
November 18, 2019.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;12.&nbsp;Regulatory Matters
and Litigation</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">From time to time, the
Fund, the Adviser, the subadvisers, and/or their respective affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other
things, securities laws, client investment guidelines, and laws and regulations affecting their activities. At this time, the Fund and the Adviser believe that the outcomes of such matters are not likely, either individually or in the aggregate, to
be material to these financial statements.</DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:55pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">56</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ntf-toc-ntf-370_12"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
 </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:uppercase;">May 31, 2020</DIV> </DIV>
<DIV style="margin-top:3pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;13.&nbsp;Recent Accounting Pronouncements</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">In March 2017, the Financial Accounting
Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;), ASU 2017-08, Receivables &#8211; Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which
amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. This ASU does not require any accounting change for debt securities held at a discount; the discount continues
to be amortized to maturity. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has implemented the ASU 2017-08 and determined the impact of this guidance to the
Fund&#8217;s net assets at the end of the period is not material.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">In March 2020, the FASB issued ASU No.
2020-04 (&#8220;ASU 2020-04&#8221;), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the
effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference
rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;14.&nbsp;Subsequent Events</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Management has evaluated the impact of all
subsequent events on the Fund through the date the financial statements were available for issuance, and has determined that the following is the only subsequent event requiring recognition or disclosure in these financial statements.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4pt;padding-left:4.66%;text-align:left;text-decoration:none;text-transform:none;">Effective June 18, 2020, the option overlay
strategy employed by the Fund has been removed from the Fund&#8217;s investment strategy. As a result of this change, Rampart is no longer a subadviser to the Fund.</DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV>
<DIV style="margin-top:197pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">57</DIV> </DIV>
</DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ai1-ai1-text-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc"> Table of Contents
 </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">CERTIFICATION</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">The Fund files the required annual Chief
Executive Officer (&#8220;CEO&#8221;) certification regarding compliance with the NYSE&#8217;s listing standards no more than 30 days after each annual shareholder meeting for the Fund. The Fund has included the certifications of the Fund&#8217;s
CEO and Principal Financial Officer required by Section 302 of the Sarbanes-Oxley Act in the Fund&#8217;s Form N-CSR filed with the SEC for the period of this report.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">KEY INFORMATION</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Shareholder Relations: 1-866-270-7788</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">For general information and literature, as well as updates
on net asset value, share price, major industry groups and other key information.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">REINVESTMENT PLAN</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">The Automatic Reinvestment and Cash Purchase
Plan (the &#8220;Plan&#8221;) offers shareholders a convenient way to acquire additional shares of the Fund. Registered holders will be automatically placed in the Plan and may opt out by calling Shareholder Relations at the number listed above. If
shares are held at a brokerage firm, contact your broker about participation in the Plan.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">REPURCHASE OF SECURITIES</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">Notice is hereby given in accordance with
Section 23(c) of the 1940 Act that the Fund may from time to time purchase its shares of common stock in the open market when Fund shares are trading at a discount from their net asset value.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">PROXY VOTING INFORMATION (FORM N-PX)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">The subadvisers vote proxies relating to
portfolio securities in accordance with procedures that have been approved by the Fund&#8217;s Board. You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month
period ended June 30, free of charge, by calling toll-free 1-866-270-7788. This information is also available through the SEC&#8217;s website at <FONT style="font-style:italic;text-decoration:underline;">https://www.sec.gov.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">PORTFOLIO HOLDINGS INFORMATION</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">The Fund files its complete schedule of
portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form NPORT-P. Form NPORT-P is available on the SEC&#8217;s website at
<FONT style="font-style:italic;text-decoration:underline;">https://www.sec.gov</FONT><FONT style="font-style:italic;">.</FONT></DIV> </DIV> <DIV style="margin-top:103pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">58</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ai-toc-additionalinformation-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:18pt;text-align:center;text-decoration:none;text-transform:none;">Results of Annual Meeting of Shareholders (Unaudited)</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">The Annual Annual Meeting of Shareholders of
Virtus Total Return Fund Inc. was held on May 21, 2020. The meeting was held for purposes of electing four (4) nominees to the Board of Directors for a three-year term, or until a successor has been duly elected and qualified.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;padding-left:2.33%;text-align:left;text-decoration:none;text-transform:none;">The results were as follows:</DIV>
<DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.13%;" cellpadding="0" cellspacing="0">

<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:4pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:top;width:30.0%;">Election
 of Directors </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:top;width:38.24%;">Votes
 For </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:6pt;padding-right:4pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;width:31.76%;">Votes
 Withheld </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:4pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:30.0%;">Connie
 D. McDaniel </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:38.24%;">35,347,962
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:6pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:31.76%;">2,015,608
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:4pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:30.0%;">Geraldine
 M. McNamara </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:38.24%;">35,280,252
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:6pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:31.76%;">2,083,317
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:4pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:30.0%;">R.
 Keith Walton </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:38.24%;">35,400,148
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:6pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:31.76%;">1,963,422
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:4pt; padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:30.0%;">Brian
 T. Zino </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:6pt; padding-right:6pt;padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:38.24%;">35,401,017
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial Narrow;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:3pt;padding-left:6pt;padding-right:4pt;padding-top:2pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:31.76%;">1,962,552
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-indent:4.66%;text-transform:none;">Based on the
foregoing, Connie D. McDaniel, Geraldine M. McNamara, R. Keith Walton, and Brian T. Zino were re-elected to the Board of Directors. The Fund&#8217;s other Directors who continue in office are George R. Aylward, Donald C. Burke, Sidney E. Harris,
John R. Mallin, Philip R. McLoughlin, James M. Oates, and James B. Rogers, Jr.</DIV> </DIV> <DIV style="margin-top:365pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">59</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="ibc-insidebackcover-text-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
 Table of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:uppercase;">VIRTUS TOTAL RETURN FUND INC.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">101 Munson Street</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Greenfield, MA 01301-9668</DIV> </DIV> <DIV style="margin-top:30pt;">
<DIV style="float:left;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Board of Directors</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">George R. Aylward</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Donald C. Burke</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Sidney E. Harris</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">John R. Mallin</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Connie D. McDaniel</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Philip R. McLoughlin, Chairman</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Geraldine M. McNamara</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">James M. Oates</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">James B. Rogers, Jr.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">R. Keith Walton</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Brian T. Zino</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">William R. Moyer, Advisory Member</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Thomas J. Brown, Honorary Member</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Hassell H. McClellan, Honorary Member</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Richard E. Segerson, Honorary Member</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Officers</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.6184pt;text-align:left;text-decoration:none;text-indent:-12.6184pt;text-transform:none; ">George R. Aylward, President
and Chief Executive Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Francis G. Waltman, Executive Vice
President</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.6184pt;text-align:left;text-decoration:none;text-indent:-12.6184pt;text-transform:none;">W. Patrick
Bradley, Executive Vice President, Chief Financial Officer, and Treasurer</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.6184pt;text-align:left;text-decoration:none;text-indent:-12.6184pt;text-transform:none;">Nancy J. Engberg, Senior Vice
President and Chief Compliance Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Julia R. Short, Senior Vice
President</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Peter Batchelar, Senior Vice President</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:12.6184pt;text-align:left;text-decoration:none;text-indent:-12.6184pt;text-transform:none; ">Jennifer Fromm, Vice President,
Chief Legal Officer, Counsel and Secretary</DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Investment Adviser</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Virtus Investment Advisers, Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">One Financial Plaza</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Hartford, CT 06103-2608</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Administrator</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Virtus Fund Services, LLC</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">One Financial Plaza</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Hartford, CT 06103</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Custodian</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">The Bank of New York Mellon</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">240 Greenwich Street</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">New York, NY 10286-1048</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Transfer Agent</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Computershare</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">P.O. Box 505005</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Louisville, KY 40233-5005</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Fund Counsel</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Sullivan &amp; Worcester LLP</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">1666 K Street, NW</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">7th Floor</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Washington, DC 20006</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">How to Contact Us</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:2pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:42.84%;">Shareholder
Services </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2.00pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:57.16%;">1-866-270-7788
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:2pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:53.02%;">Website
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0.00pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:46.98%;">www.Virtus.com
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; </DIV> <DIV style="border:1pt solid black;margin-top:133pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:12pt;padding-left:1.46%;text-align:left;text-decoration:none;text-transform:none;">Important Notice to Shareholders<BR> <FONT
 style="font-weight:Normal;">The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share
the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-866-270-7788.</FONT></DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <A name="bc-backcover-tagline-370_1"> </A> <DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <A href="#toc">
Table
of Contents </A> </DIV> <DIV style="width:100%;"> <DIV style="float:right;overflow:hidden;position:relative;width:21.16%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Virtus Total Return Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">c/o Computershare Investor Services</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">P.O. Box 505005</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Louisville, KY 40233-5005</DIV> </DIV>
<DIV style="float:left;overflow:hidden;position:relative;width:21.16%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">For more information about<BR> Virtus Closed-End Funds, please<BR> contact us
at <FONT style="font-weight:bold;">1-866-270-7788<BR> </FONT>or <FONT style="font-weight:bold;">closedendfunds@virtus.com<BR> </FONT>or visit <FONT style="font-weight:bold;">Virtus.com</FONT>.</DIV> </DIV>
<DIV style="background-color:#000000;float:left;height:388pt;margin-top:11pt;position:relative;width:0.17%;z-index:-1;" type="Block"> </DIV> <DIV style="width:37.69%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:85.86%;">8524
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap; width:14.14%;">07-20
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;2. Code of Ethics. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Response not required for semi-annual report. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;3.
Audit Committee Financial Expert. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Response not required for semi-annual report. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;4. Principal Accountant Fees and Services. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Response not required for semi-annual report. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;5.
Audit Committee of Listed Registrants. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Response not required for semi-annual report. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;6. Investments. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1 of this form. </P></TD></TR></TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure of Proxy Voting Policies and Procedures for <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Response not required for semi-annual report. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;8. Portfolio Managers of <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Response not required for semi-annual report. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">There has been no change, as of the date of this filing, in any of the portfolio managers identified in
response to paragraph (a)(1) of this Item in the registrant&#146;s most recently filed annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;N-CSR,</FONT> except that effective June&nbsp;18, 2020, Warun Kumar ceased to be a portfolio
</P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
manager of the registrant when the registrant discontinued its options overlay strategy and therefore terminated Rampart Investment Management Company, LLC, as a subadviser.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Purchases of Equity Securities by <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment
Company and Affiliated Purchasers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRANT PURCHASES OF EQUITY SECURITIES </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Period</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(a)&nbsp;Total&nbsp;Number</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of Shares (or</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;Units)&nbsp;Purchased&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(b)&nbsp;Average</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Price&nbsp;Paid&nbsp;per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;Share&nbsp;(or&nbsp;Unit)&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(c)&nbsp;Total&nbsp;Number&nbsp;of&nbsp;Shares</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(or&nbsp;Units)&nbsp;Purchased&nbsp;as&nbsp;Part</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;of&nbsp;Publicly&nbsp;Announced&nbsp;Plans&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>or Programs</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(d)&nbsp;Maximum&nbsp;Number&nbsp;(or</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;Approximate&nbsp;Dollar&nbsp;Value)&nbsp;of&nbsp;Shares&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(or&nbsp;Units)&nbsp;that&nbsp;May&nbsp;Yet&nbsp;Be&nbsp;Purchased</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Under the Plans or Programs</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">December 2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">January 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">February 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">March 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">April 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">May 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">$0.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,654,033</TD></TR>
</TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The date each plan or program was announced: 3/13/12 and expanded 9/19/12 and 2/10/14 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The dollar amount (or share or unit amount) approved: 6,884,886 shares </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The expiration date (if any) of each plan or program: None </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Each plan or program that has expired during the period covered by the table: None </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Each plan or program the registrant has determined to terminate prior to expiration, or under which the
registrant does not intend to make further purchases. None </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;10. Submission of Matters to a Vote of Security Holders.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant&#146;s Board
of Trustees that were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> (17 CFR 229.407) (as required by Item 22(b)(15) of
Schedule 14A (17 CFR <FONT STYLE="white-space:nowrap">240.14a-101)),</FONT> or this Item. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;11. Controls and Procedures. </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) (17 CFR <FONT
STYLE="white-space:nowrap">270.30a-3(c)))</FONT> are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule <FONT STYLE="white-space:nowrap">30a-3(b)</FONT> under the 1940 Act (17 CFR <FONT STYLE="white-space:nowrap">270.30a-3(b))</FONT> and Rules <FONT STYLE="white-space:nowrap">13a-15(b)</FONT> or
<FONT STYLE="white-space:nowrap">15d-15(b)</FONT> under the Securities Exchange Act of 1934, as amended (17 CFR <FONT STYLE="white-space:nowrap">240.13a-15(b)</FONT> or <FONT STYLE="white-space:nowrap">240.15d-15(b)).</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the 1940 Act (17 CFR <FONT STYLE="white-space:nowrap">270.30a-3(d)))</FONT> that occurred during the registrant&#146;s last fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure of Securities Lending Activities for <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Not applicable. </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;13. Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><A HREF="d920986dex99cert.htm">(a)(2)</A></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><A HREF="d920986dex99cert.htm" -->Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> under
 the 1940 Act and Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 are attached hereto. </A> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><A HREF="d920986dex99906cert.htm">(b)</A></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><A HREF="d920986dex99906cert.htm" -->Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(b)
</FONT> under the 1940 Act and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto. </A> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><A HREF="d920986dex9913c.htm">(c)</A></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d920986dex9913c.htm" -->Copies of the Registrant&#146;s notices to shareholders pursuant to Rule <FONT
STYLE="white-space:nowrap">19a-1</FONT> under the 1940 Act which accompanied distributions paid for the period from December&nbsp;1, 2019, to May&nbsp;
31, 2020, pursuant to the Registrant&#146;s Managed Distribution Plan are filed herewith as required by the terms of the Registrant&#146;s exemptive order issued on November&nbsp;17, 2008. </A> </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">(Registrant)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Total Return Fund Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" NOWRAP>By&nbsp;(Signature&nbsp;and&nbsp;Title)*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George R. Aylward</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President and Chief Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August&nbsp;5,
2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" NOWRAP>By&nbsp;(Signature&nbsp;and&nbsp;Title)*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George R. Aylward</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President and Chief Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August&nbsp;5,
2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" NOWRAP>By&nbsp;(Signature&nbsp;and&nbsp;Title)*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ W. Patrick Bradley</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer, and Treasurer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August&nbsp;5,
2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP> Print the name and title of each signing officer under his or her
signature. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d920986dex99cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302
<TEXT>
<HTML><HEAD>
<TITLE>Certification Pursuant to Section 302</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Certification Pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> under the 1940
Act and Section&nbsp;302 of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Sarbanes-Oxley Act </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">I, George R. Aylward, certify that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Virtus Total Return
Fund Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:<U> &nbsp;&nbsp;August&nbsp;5, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ George R.&nbsp;Aylward</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">George R. Aylward, President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(principal executive officer)</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Certification Pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> under the 1940
Act and Section&nbsp;302 of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Sarbanes-Oxley Act </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">I, W. Patrick Bradley, certify that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Virtus Total Return
Fund Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:<U> &nbsp;&nbsp;August&nbsp;5, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ W. Patrick Bradley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">W. Patrick Bradley, Executive Vice President,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer, and Treasurer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(principal financial officer)</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>d920986dex99906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
<TEXT>
<HTML><HEAD>
<TITLE>Certification Pursuant to Section 906</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Certification Pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(b)</FONT> under the 1940
Act and Section&nbsp;906 of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Sarbanes-Oxley Act </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, George R. Aylward, President and Chief Executive Officer of Virtus Total Return Fund Inc. (the &#147;Registrant&#148;), certify that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of the Registrant (the &#147;Report&#148;) fully
complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:<U> August&nbsp;5, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ George R. Aylward</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">George R. Aylward, President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(principal executive officer)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Total Return
Fund Inc. (the &#147;Registrant&#148;), certify that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of the Registrant (the &#147;Report&#148;) fully
complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:<U> August&nbsp;5, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ W. Patrick Bradley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">W. Patrick Bradley, Executive Vice President,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer, and Treasurer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(principal financial officer)</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13(C)
<SEQUENCE>4
<FILENAME>d920986dex9913c.htm
<DESCRIPTION>EX-99.13(C)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.13(C)</TITLE>
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<IMG SRC="g920986g57f93.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #808080">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Virtus
Total Return Fund Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL"><B>HARTFORD, CT, December</B><B></B><B>&nbsp;19, 2019</B> &#151; <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return
Fund Inc.</U></FONT><FONT STYLE="font-family:ARIAL"> (NYSE: ZTR) (formerly known as Virtus Global Dividend&nbsp;&amp; Income Fund Inc.) declared a distribution of $0.113 per share to shareholders of record at the close of business on
December&nbsp;12, 2019 <FONT STYLE="white-space:nowrap">(ex-date</FONT> December&nbsp;11, 2019). </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER:1px solid #000000; padding-left:8pt"><B>Distribution Estimates</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;November&nbsp;2019&nbsp;(MTD)&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;&nbsp;&nbsp;Year-to-date&nbsp;
(YTD)</FONT></FONT><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">(Sources)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution </I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution </I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Investment Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.017</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">15.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.259</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">19.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.096</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">84.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.097</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">80.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>1.356</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>%&nbsp;</B></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD December&nbsp;1, 2018 to November&nbsp;30, 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>

<TD WIDTH="90%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>November&nbsp;29,
2019</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Average Annual Total Return on NAV for the <FONT
STYLE="white-space:nowrap">5-year</FONT> period <SUP STYLE="font-size:85%; vertical-align:top">(2) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">7.13</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Current Fiscal YTD Annualized Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(3) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">13.13</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>YTD Cumulative Total Return on NAV <SUP
STYLE="font-size:85%; vertical-align:top">(4) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">16.67</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>YTD Cumulative Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(5) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the
Fund&#146;s NAV and reinvestment of all distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the
Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD Cumulative Total Return on NAV is the percentage change in the Fund&#146;s NAV from the first day of the year to this
month end, including distributions paid and assuming reinvestment of those distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this month end as
a percentage of the Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="100%"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><center> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #808080;width:79%">&nbsp;</P></center> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><FONT STYLE="font-size:9pt" COLOR="#808080">Virtus Investment Partners | One Financial Plaza | Hartford, CT 06103 | </FONT><B></B><FONT
STYLE="font-size:9pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><B></B></P></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Virtus Total Return Fund Inc. - 2 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;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&#146;s assets and will constitute a return of the shareholder&#146;s capital. You should not draw any conclusions about the
Fund&#146;s investment performance from the amount of this distribution or from the terms of the Fund&#146;s Managed Distribution Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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 will depend on the Fund&#146;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 shareholders a Form <FONT
STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell shareholders what distributions to report for federal income tax purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">For more information on <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund Inc.</U></FONT><FONT
STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff">,</FONT><FONT STYLE="font-family:ARIAL"> contact shareholder services at (866) <FONT STYLE="white-space:nowrap">270-7788,</FONT> by email at </FONT><FONT
STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closedendfunds@virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">, or through the </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closed end fund</U></FONT><FONT
STYLE="font-family:ARIAL"> section on the web at </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:14%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="right">Cusip: 92835W107 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="center"># # # </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<div style ="background-color:#ffffff; max-width:100%">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="100%"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><center> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #808080;width:79%">&nbsp;</P></center> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><FONT STYLE="font-size:9pt" COLOR="#808080">Virtus Investment Partners | One Financial Plaza | Hartford, CT 06103 | </FONT><B></B><FONT
STYLE="font-size:9pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><B></B></P></TD></TR></TABLE>
</div>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g920986g57f93.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #808080">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Virtus
Total Return Fund Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL"><B>HARTFORD, CT, January</B><B></B><B>&nbsp;9, 2020</B> -- <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc.</U></FONT><FONT STYLE="font-family:ARIAL"> (NYSE: ZTR) declared a distribution of $0.113 per share to shareholders of record at the close of business on December&nbsp;31, 2019 <FONT STYLE="white-space:nowrap">(ex-date</FONT> January&nbsp;6,
2020). </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


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<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER:1px solid #000000; padding-left:8pt"><B>Distribution Estimates</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>December 2019
(MTD)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> (YTD)<SUP STYLE="font-size:85%; vertical-align:top">(1) </SUP></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">(Sources)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of&nbsp;Current </I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of&nbsp;Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Investment Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.019</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">16.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.019</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">16.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.094</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">83.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.094</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">83.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>%&nbsp;</B></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD December&nbsp;1, 2019 to November&nbsp;30, 2020. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>December&nbsp;31,
2019</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Average Annual Total Return on NAV for the <FONT
STYLE="white-space:nowrap">5-year</FONT> period <SUP STYLE="font-size:85%; vertical-align:top">(2) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">8.52</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Current Fiscal YTD Annualized Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(3) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">12.73</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>YTD Cumulative Total Return on NAV <SUP
STYLE="font-size:85%; vertical-align:top">(4) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.19</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>YTD Cumulative Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(5) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.06</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the
Fund&#146;s NAV and reinvestment of all distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the
Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD Cumulative Total Return on NAV is the percentage change in the Fund&#146;s NAV from the first day of the year to this
month end, including distributions paid and assuming reinvestment of those distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this month end as
a percentage of the Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="100%"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><center> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #808080;width:79%">&nbsp;</P></center> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><FONT STYLE="font-size:9pt" COLOR="#808080">Virtus Investment Partners | One Financial Plaza | Hartford, CT 06103 | </FONT><B></B><FONT
STYLE="font-size:9pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><B></B></P></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Virtus Total Return Fund Inc. - 2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;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&#146;s assets and will constitute a return of the shareholder&#146;s capital. You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or
from the terms of the Fund&#146;s Managed Distribution Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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 will depend on the Fund&#146;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 shareholders a Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell shareholders what distributions to report
for federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">For more information on <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc.</U></FONT><FONT STYLE="font-family:ARIAL">, contact shareholder services at (866) <FONT STYLE="white-space:nowrap">270-7788,</FONT> by email at
</FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closedendfunds@virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">, or through the </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closed end
fund</U></FONT><FONT STYLE="font-family:ARIAL"> section on the web at </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="right">Cusip: 92835W107 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="center"># # # </P>
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<TD VALIGN="top"><center> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #808080;width:79%">&nbsp;</P></center> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><FONT STYLE="font-size:9pt" COLOR="#808080">Virtus Investment Partners | One Financial Plaza | Hartford, CT 06103 | </FONT><B></B><FONT
STYLE="font-size:9pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><B></B></P></TD></TR></TABLE>


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 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #808080">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Virtus
Total Return Fund Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL"><B>HARTFORD, CT, February</B><B></B><B>&nbsp;21, 2020</B> -- <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc</U></FONT><FONT STYLE="font-family:ARIAL">. (NYSE: ZTR) declared a distribution of $0.113 per share to shareholders of record at the close of business on February&nbsp;13, 2020 <FONT STYLE="white-space:nowrap">(ex-date</FONT> February&nbsp;12,
2020). </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER:1px solid #000000; padding-left:8pt"><B>Distribution Estimates</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>January 2020
(MTD)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> (YTD)<SUP STYLE="font-size:85%; vertical-align:top">(1) </SUP></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">(Sources)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Investment Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.016</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">14.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.054</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">23.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.097</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">85.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.172</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">76.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.226</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>%&nbsp;</B></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD December&nbsp;1, 2019 to November&nbsp;30, 2020. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>

<TD WIDTH="90%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>January&nbsp;31,
2020</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Average Annual Total Return on NAV for the <FONT
STYLE="white-space:nowrap">5-year</FONT> period <SUP STYLE="font-size:85%; vertical-align:top">(2) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">9.12</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Current Fiscal YTD Annualized Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(3) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.49</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>YTD Cumulative Total Return on NAV <SUP
STYLE="font-size:85%; vertical-align:top">(4) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">7.37</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>YTD Cumulative Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(5) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">2.08</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the
Fund&#146;s NAV and reinvestment of all distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the
Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD Cumulative Total Return on NAV is the percentage change in the Fund&#146;s NAV from the first day of the year to this
month end, including distributions paid and assuming reinvestment of those distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this month end as
a percentage of the Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="100%"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><center> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #808080;width:79%">&nbsp;</P></center> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><FONT STYLE="font-size:9pt" COLOR="#808080">Virtus Investment Partners | One Financial Plaza | Hartford, CT 06103 | </FONT><B></B><FONT
STYLE="font-size:9pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><B></B></P></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Virtus Total Return Fund Inc. - 2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;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&#146;s assets and will constitute a return of the shareholder&#146;s capital. You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or
from the terms of the Fund&#146;s Managed Distribution Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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 will depend on the Fund&#146;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 shareholders a Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell shareholders what distributions to report
for federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">For more information on <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc.</U></FONT><FONT STYLE="font-family:ARIAL">, contact shareholder services at (866) <FONT STYLE="white-space:nowrap">270-7788,</FONT> by email at
</FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closedendfunds@virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">, or through the </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closed end
fund</U></FONT><FONT STYLE="font-family:ARIAL"> section on the web at </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="right">Cusip: 92835W107 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="center"># # # </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="100%"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><center> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #808080;width:79%">&nbsp;</P></center> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><FONT STYLE="font-size:9pt" COLOR="#808080">Virtus Investment Partners | One Financial Plaza | Hartford, CT 06103 | </FONT><B></B><FONT
STYLE="font-size:9pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><B></B></P></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g920986g57f93.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #808080">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Virtus
Total Return Fund Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:35pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL"><B>HARTFORD, CT, March</B><B></B><B>&nbsp;19, 2020</B> -- <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc.</U></FONT><FONT STYLE="font-family:ARIAL"> (NYSE: ZTR) declared a distribution of $0.113 per share to shareholders of record at the close of business on March&nbsp;12, 2020 <FONT STYLE="white-space:nowrap">(ex-date</FONT> March&nbsp;11, 2020).
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER:1px solid #000000; padding-left:8pt"><B>Distribution Estimates</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>February 2020 (MTD)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Fiscal <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-Date</FONT></FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>(YTD)<SUP STYLE="font-size:85%; vertical-align:top">(1)
</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">(Sources)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of&nbsp;Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Investment Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.026</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">22.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.080</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">23.6</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.087</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">77.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.259</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">76.4</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.339</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>%&nbsp;</B></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Fiscal year starts December&nbsp;1, 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>

<TD WIDTH="90%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>February&nbsp;28,
2020</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Average Annual Total Return on NAV for the <FONT
STYLE="white-space:nowrap">5-year</FONT> period <SUP STYLE="font-size:85%; vertical-align:top">(2) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">6.80</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Current Fiscal YTD Annualized Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(3) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.74</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Fiscal YTD Cumulative Total Return on NAV <SUP
STYLE="font-size:85%; vertical-align:top">(4) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-1.44</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Fiscal YTD Cumulative Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(5) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.43</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the
Fund&#146;s NAV and reinvestment of all distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the
Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund&#146;s NAV from the first day of the fiscal
year to this month end, including distributions paid and assuming reinvestment of those distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">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&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Virtus Total Return Fund Inc. - 2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;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&#146;s assets and will constitute a return of the shareholder&#146;s capital. You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or
from the terms of the Fund&#146;s Managed Distribution Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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 will depend on the Fund&#146;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 shareholders a Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell shareholders what distributions to report
for federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">For more information on <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc</U></FONT><FONT STYLE="font-family:ARIAL">., contact shareholder services at (866) <FONT STYLE="white-space:nowrap">270-7788,</FONT> by email at
</FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closedendfunds@virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">, or through the </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closed end
fund</U></FONT><FONT STYLE="font-family:ARIAL"> section on the web at </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="right">Cusip: 92835W107 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="center"># # # </P>

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 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #808080">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Virtus
Total Return Fund Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL"><B>HARTFORD, CT, April</B><B></B><B>&nbsp;20, 2020</B> -- <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc</U></FONT><FONT STYLE="font-family:ARIAL">. (NYSE: ZTR) declared a distribution of $0.113 per share to shareholders of record at the close of business on April&nbsp;13, 2020 <FONT STYLE="white-space:nowrap">(ex-date</FONT> April&nbsp;9, 2020).
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Distribution Estimates</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>March 2020 (MTD)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Fiscal <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-Date</FONT></FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>(YTD)<SUP STYLE="font-size:85%; vertical-align:top">(1)
</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">(Sources)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Investment Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.015</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">13.2</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.095</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">21.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.098</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">86.8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.357</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">79.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.452</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>%&nbsp;</B></TD></TR>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Fiscal year starts December&nbsp;1, 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>March&nbsp;31,
2020</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Average Annual Total Return on NAV for the <FONT
STYLE="white-space:nowrap">5-year</FONT> period <SUP STYLE="font-size:85%; vertical-align:top">(2) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">2.21</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Current Fiscal YTD Annualized Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(3) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.54</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Fiscal YTD Cumulative Total Return on NAV <SUP
STYLE="font-size:85%; vertical-align:top">(4) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-21.35</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Fiscal YTD Cumulative Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(5) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">5.85</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the
Fund&#146;s NAV and reinvestment of all distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the
Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund&#146;s NAV from the first day of the fiscal
year to this month end, including distributions paid and assuming reinvestment of those distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">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&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Virtus Total Return Fund Inc. - 2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;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&#146;s assets and will constitute a return of the shareholder&#146;s capital. You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or
from the terms of the Fund&#146;s Managed Distribution Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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 will depend on the Fund&#146;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 shareholders a Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell shareholders what distributions to report
for federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">For more information on <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc</U></FONT><FONT STYLE="font-family:ARIAL">. , contact shareholder services at (866) <FONT STYLE="white-space:nowrap">270-7788,</FONT> by email at
</FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closedendfunds@virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">, or through the </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closed end
fund</U></FONT><FONT STYLE="font-family:ARIAL"> section on the web at </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="right">Cusip: 92835W107 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="center"># # # </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g920986g57f93.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #808080">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Virtus
Total Return Fund Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL"><B>HARTFORD, CT, May</B><B></B><B>&nbsp;18, 2020</B> -- <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc.</U></FONT><FONT STYLE="font-family:ARIAL"> (NYSE: ZTR) declared a distribution of $0.113 per share to shareholders of record at the close of business on May&nbsp;11, 2020 <FONT STYLE="white-space:nowrap">(ex-date</FONT> May&nbsp;8, 2020).
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


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<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Distribution Estimates</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>April 2020 (MTD)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Fiscal <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-Date</FONT></FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>(YTD)<SUP STYLE="font-size:85%; vertical-align:top">(1)
</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">(Sources)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;&nbsp;Per&nbsp;Share&nbsp;&nbsp;</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Amount
</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>&nbsp;Percentage&nbsp;</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>of Current</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Distribution</I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Investment Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.096</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">17.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.112</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">98.9</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">%&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.469</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">83.0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.113</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>0.565</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>%&nbsp;</B></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Fiscal year starts December&nbsp;1, 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>

<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#d9d9d9" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>April&nbsp;30,
2020</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Average Annual Total Return on NAV for the <FONT
STYLE="white-space:nowrap">5-year</FONT> period <SUP STYLE="font-size:85%; vertical-align:top">(2) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">3.02</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Current Fiscal YTD Annualized Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(3) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">16.40</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Fiscal YTD Cumulative Total Return on NAV <SUP
STYLE="font-size:85%; vertical-align:top">(4) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">-14.67</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL"><I>Fiscal YTD Cumulative Distribution Rate <SUP
STYLE="font-size:85%; vertical-align:top">(5) </SUP></I></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right">6.83</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">%&nbsp;</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the
Fund&#146;s NAV and reinvestment of all distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the
Fund&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund&#146;s NAV from the first day of the fiscal
year to this month end, including distributions paid and assuming reinvestment of those distributions. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">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&#146;s NAV at month end. </P></TD>
<TD WIDTH="8%">&nbsp;</TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Virtus Total Return Fund Inc. - 2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;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&#146;s assets and will constitute a return of the shareholder&#146;s capital. You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or
from the terms of the Fund&#146;s Managed Distribution Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">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 will depend on the Fund&#146;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 shareholders a Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell shareholders what distributions to report
for federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL">For more information on <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>Virtus Total Return Fund
Inc.</U></FONT><FONT STYLE="font-family:ARIAL"> , contact shareholder services at (866) <FONT STYLE="white-space:nowrap">270-7788,</FONT> by email at
</FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closedendfunds@virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">, or through the </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>closed end
fund</U></FONT><FONT STYLE="font-family:ARIAL"> section on the web at </FONT><FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0000ff"><U>www.virtus.com</U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="right">Cusip: 92835W107 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="center"># # # </P>
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#   [

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
