<SEC-DOCUMENT>0001193125-24-174126.txt : 20240731
<SEC-HEADER>0001193125-24-174126.hdr.sgml : 20240731
<ACCEPTANCE-DATETIME>20240702123557
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-174126
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRTUS ASSET TRUST
		CENTRAL INDEX KEY:			0001018593
		ORGANIZATION NAME:           	
		IRS NUMBER:				956981193
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		101 MUNSON STREET
		CITY:			GREENFIELD
		STATE:			MA
		ZIP:			01301
		BUSINESS PHONE:		(800) 243-4361

	MAIL ADDRESS:	
		STREET 1:		ONE FINANCIAL PLAZA
		STREET 2:		26TH FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX ASSET TRUST
		DATE OF NAME CHANGE:	20060523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX-KAYNE FUNDS
		DATE OF NAME CHANGE:	20021223

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAYNE ANDERSON RUDNICK MUTUAL FUNDS
		DATE OF NAME CHANGE:	20010226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Virtus Global Multi-Sector Income Fund
		CENTRAL INDEX KEY:			0001528811
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		101 MUNSON STREET
		CITY:			GREENFIELD
		STATE:			MA
		ZIP:			01301
		BUSINESS PHONE:		860-243-1574

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Virtus-Newfleet Global Multi-Sector Income Fund
		DATE OF NAME CHANGE:	20110909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Newfleet Global Multi-Sector Income Fund
		DATE OF NAME CHANGE:	20110829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRTUS VARIABLE INSURANCE TRUST
		CENTRAL INDEX KEY:			0000792359
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE FINANCIAL PLAZA
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103
		BUSINESS PHONE:		8002487971

	MAIL ADDRESS:	
		STREET 1:		ONE FINANCIAL PLAZA
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX EDGE SERIES FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIG EDGE SERIES FUND
		DATE OF NAME CHANGE:	19920304

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #999999">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">One Financial Plaza,
Hartford, CT 06103 | 800.248.7971 | Virtus.com </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">July&nbsp;2, 2024 </P> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Attention: Brian Szilagyi </P> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Re: Virtus Global Multi-Sector Income Fund (File <FONT
STYLE="white-space:nowrap">No.&nbsp;811-22608)</FONT> (&#147;VGI&#148;), Virtus Total Return Fund Inc. (File No. <FONT STYLE="white-space:nowrap">811-05620)(&#147;ZTR&#148;),</FONT> Virtus Asset Trust (File No.
<FONT STYLE="white-space:nowrap">811-07705)(&#147;VAT&#148;)</FONT> and Virtus Variable Insurance Trust (File No. <FONT STYLE="white-space:nowrap">811-04642)(&#147;VVIT&#148;)(each,</FONT> a &#147;Registrant&#148; and collectively, the
&#147;Registrants&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Dear Mr. Szilagyi: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Thank you for your telephonic
comments on June&nbsp;3, 2024, regarding the annual reports on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> and Form <FONT STYLE="white-space:nowrap">N-CEN</FONT> for the Registrants listed above, covering their fiscal years ended
November&nbsp;30 and December&nbsp;31, 2023, as applicable. Below, we describe the changes to be made to future reports in response to the Staff&#146;s comments and provide any responses to such comments, as requested. </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">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For VGI and ZTR, Item 4(d) of the Registrants&#146; certifications filed as an exhibit to Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> on February&nbsp;5, 2024, does not appear to refer to the correct time period. (It says, &#147;during the registrant&#146;s most recent fiscal quarter,&#148; instead of, &#147;during the period covered by this
report.&#148;) Please file an amended <FONT STYLE="white-space:nowrap">N-CSR</FONT> to correct the certification and ensure future filings are correct. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: VGI and ZTR confirm that we will file an amended <FONT STYLE="white-space:nowrap">N-CSR</FONT> to correct the certification and ensure
that future filings are correct. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" 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">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For VGI and ZTR, in future annual shareholder reports as appropriate, please include a statement that
additional information about the trustees/directors is included in the statement of additional information (&#147;SAI&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: Because VGI and ZTR do not have current registration statements, the information regarding trustees/directors in their most recent SAIs
is out of date. Therefore, VGI and ZTR will add to future annual shareholder reports as appropriate the following statement to address this comment: &#147;Additional information relating to the Fund&#146;s directors and officers, and any other
information found elsewhere in this Annual/Semiannual Report, may be requested by contacting the Fund at the address provided on the back cover of this report.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" 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">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For VGI and ZTR, in future annual shareholder reports as appropriate, please disclose the term of office
of the trustees in the trustees and officers disclosure. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: VGI and ZTR confirm that we will include the referenced
information in future annual shareholder reports as requested. </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Brian Szilagyi, U.S. SEC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">July 2, 2024</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Page 2 of 4</P></TD>
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For VGI and ZTR, in future annual shareholder reports as appropriate, please disclose whether there have
been any material changes (and what they are, if any): (1) to the funds&#146; investment objectives and policies that have not been approved by shareholders, (2)&nbsp;to the funds&#146; charter or bylaws that would delay or prevent a change in
control of the company that have not been approved by shareholders, (3)&nbsp;to the funds&#146; principal risk factors associated with investment in the funds, or (4)&nbsp;in the persons who are primarily responsible for the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the funds&#146; portfolios, including any new persons&#146; business experience during the past 5 years and the length of time he/she has been
responsible for the management of the portfolio. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: VGI and ZTR confirm that we will include the referenced
disclosure in future annual shareholder reports as requested. </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">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For VAT, please confirm to the staff whether Virtus Seix Floating Rate High Income Fund received consent
fees, up front origination fees and/or amendment fee income from loans in excess of 5% of total income. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: Although
the referenced fund did receive such fees and income, they did not exceed 5% of total income. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" 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">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: The Staff believes that VAT has not appropriately reflected the maximum sales charge in its prospectus
disclosure in accordance with <FONT STYLE="white-space:nowrap">N-1A</FONT> for the average annual total returns. (The annual report has the maximum sales charge reflected correctly.) Please confirm that the funds will comply with the requirements
for future filings. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: VAT respectfully disagrees that the average annual total returns in the prospectus are
incorrect. The only difference between the average annual total returns shown in the annual report and those shown in the prospectus is the inclusion in the annual report of a row showing a return for Class&nbsp;C shares after CDSC that is 1.00%
lower than the return shown for Class&nbsp;C shares without CDSC. That row was added in response to an earlier comment from the Staff. However, if a shareholder is invested in Class&nbsp;C shares for one year, in practice that shareholder will not
be charged a CDSC at redemption. Therefore, we believe that the correct disclosure is actually the disclosure in the prospectus. Because the disclosure in the annual report is more conservative, we accepted the Staff&#146;s prior comment and added
disclosure showing the performance as being 1.00% lower than the actual performance to show the impact of the CDSC should it be charged. However, to the extent that a change should be made in response to this comment we believe that the appropriate
change would be to match the annual report disclosure to the prospectus disclosure rather than the other way around. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" 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">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: Please discuss in correspondence the reasons for the amendment to the 12/31/22 <FONT
STYLE="white-space:nowrap">N-CEN</FONT> for VAT filed on September&nbsp;15, 2023. In addition, when filing future amendments to form <FONT STYLE="white-space:nowrap">N-CEN</FONT> please include a brief explanation of the reason for the filing.
</P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: VAT filed the referenced amendment to update the list of exemptions relied upon during the period. VAT confirms
that we will include a brief explanation of the reason for the filing when filing any future amendments to Form <FONT STYLE="white-space:nowrap">N-CEN.</FONT> </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Brian Szilagyi, U.S. SEC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">July 2, 2024</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Page 3 of 4</P></TD>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For VAT, Virtus Seix Corporate Bond Fund has a significant percentage of its net assets invested in the
Financials sector at year end. However, the most recent prospectus does not include sector risk disclosure. Sector risk should be included in the prospectus if the fund focuses on a particular sector for 3 or more years. Please explain why the
sector disclosure, including strategies and risks, are not disclosed in the summary prospectus. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: Investment
strategy and risk disclosure is generally determined in a collaborative process involving a fund&#146;s investment adviser and subadviser in addition to others such as legal counsel. After consultation with one of the referenced fund&#146;s
portfolio managers, we believed that the categorization of certain assets as representing the Financials sector was based upon the nature of the assets being corporate bonds and notes and the automated data pull from our vendor differing from the
subadviser&#146;s view of the fund&#146;s risks which was more diversified. Therefore, we did not add sector-specific disclosure to this fund&#146;s prospectus. However, we will add the disclosure as suggested. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: It appears that foreign capital gains taxes have not been appropriately disclosed in accordance with <FONT
STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap">6-07.7(d)</FONT> for VVIT and VAT. Please explain how the Virtus SGA International Growth Series and SGA International Growth Fund are in compliance with that section.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: VVIT and VAT believe that the capital gains tax has been appropriately presented on the financial statements.
Notably, both the referenced series and the referenced fund in fiscal years ended 2021 and 2022 paid capital gains tax for transactions in India. As it relates to the 2023 financials, however, neither paid capital gains tax, and both were owed
refunds from the Indian tax authority in relation to surplus tax payments made in the previous years. We presented the refund for Virtus SGA International Growth Series in the Statement of Operations on the line &#147;Foreign Capital Gains Tax&#148;
once it was determined that the fund was more likely than not to receive the refund. We did not make the same presentation for Virtus SGA International Growth Fund since the refund amount owed was immaterial. </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">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: Please explain how Virtus KAR <FONT STYLE="white-space:nowrap">Small-Cap</FONT> Growth Series, a series
of VVIT, and Virtus Zevenbergen Innovative Growth Stock Fund, a series of VAT, meet the diversification requirements, considering that individual investments representing more than 5% of total assets are greater than 25% of total assets.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>: The issuers over 5% of total assets exceeded 25% of total assets only due to market appreciation and did not
exceed 25% of total assets at the time of purchase. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" 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">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U>Comment</U>: For Virtus Seix Floating Rate High Income Fund, a series of VAT, please explain why the required
disclosures regarding the impact to valuation if there is an increase or decrease in unobservable inputs are not shown in the financial statements as required by FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">820-10-50-2(g)</FONT></FONT></FONT> and 7.228 of AICPA Audit and Accounting Guide. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL"><U>Response</U>:
VAT notes that its existing disclosure discusses the risks including volatility of assets valued based upon unobservable inputs. However, VAT confirms that we will enhance the disclosure in future filings to include the impact to valuation if there
is an increase or decrease in unobservable inputs. </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Brian Szilagyi, U.S. SEC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">July 2, 2024</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Page 4 of 4</P></TD>
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">If you would like to discuss any of these responses in further detail or if you have any questions, please feel free to
contact me at (860) <FONT STYLE="white-space:nowrap">263-4790.</FONT> Thank you. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Best regards, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">/s/ Jennifer Fromm </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Jennifer Fromm </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Vice President, Secretary and Chief Legal Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Virtus Asset Trust and Virtus
Variable Insurance Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Vice President and Assistant Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left">W. Patrick Bradley </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:11pt; font-family:ARIAL">Benjamin Lowe </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:11pt; font-family:ARIAL">Nikita Thaker </P>
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