Virtus Total Return Fund: Saba reports 4.92% stake

Funds and accounts advised by Saba Capital have the right to receive dividends and proceeds from sales of the reported shares.

Available on EDGAR 11/06/2026 - 08:30 AM EST Accepted by SEC EDGAR 11/06/2026 - 08:30 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

For Virtus Total Return Fund Inc. (ZTR), Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein each report the same beneficial ownership position: 2,457,476 common shares, or 4.92%, with shared voting and dispositive power. The percentage is based on 49,993,603 common shares outstanding as of May 31, 2026.

Approximately $16,041,199 was paid to acquire the reported shares. The stated funding sources include investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings. The trades from September 30, 2026 through the market open on November 4, 2026 were effected in the open market.

Key Figures

Beneficially owned common shares (each reporting person): 2,457,476 shares Percentage of class: 4.92% Common shares outstanding: 49,993,603 shares +1 more

4 metrics

Beneficially owned common shares (each reporting person) 2,457,476 shares Same reported position for Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein

Percentage of class 4.92% Based on common shares outstanding as of May 31, 2026

Common shares outstanding 49,993,603 shares As of May 31, 2026

Amount paid to acquire common shares Approximately $16,041,199 Total paid to acquire the reported common shares

Key Terms

beneficial ownership, shared voting power, shared dispositive power, margin account borrowings

4 terms

beneficial ownership technical

"aggregate amount beneficially owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared voting power technical

"Shared Voting Power 2,457,476.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power technical

"Shared Dispositive Power 2,457,476.00"

margin account borrowings financial

"margin account borrowings made in the ordinary course of business"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ZTR shares did the reporting persons report owning?

Each of the three reporting persons reported beneficial ownership of 2,457,476 ZTR common shares, representing 4.92% of the class. The percentage is based on 49,993,603 common shares outstanding as of May 31, 2026.

How much did Saba pay to acquire ZTR shares?

Approximately $16,041,199 was paid to acquire the reported common shares. The trades from September 30, 2026 through the market open on November 4, 2026 were effected in the open market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Virtus Total Return Fund Inc.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

92835W107

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/04/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 92835W107

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,457,476.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,457,476.00

11

Aggregate amount beneficially owned by each reporting person

2,457,476.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.92 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 49,993,603 shares of common stock outstanding as of 5/31/26, as disclosed in the company's N-CSRS filed 8/5/26.

SCHEDULE 13D

CUSIP Number(s): 92835W107

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,457,476.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,457,476.00

11

Aggregate amount beneficially owned by each reporting person

2,457,476.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.92 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 49,993,603 shares of common stock outstanding as of 5/31/26, as disclosed in the company's N-CSRS filed 8/5/26.

SCHEDULE 13D

CUSIP Number(s): 92835W107

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,457,476.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,457,476.00

11

Aggregate amount beneficially owned by each reporting person

2,457,476.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.92 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 49,993,603 shares of common stock outstanding as of 5/31/26, as disclosed in the company's N-CSRS filed 8/5/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: Virtus Total Return Fund Inc.
(c)	Address of Issuer's Principal Executive Offices: 101 Munson Street, Greenfield, MASSACHUSETTS , 01301.
Item 1 Comment: This Amendment No. 1 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $16,041,199 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 49,993,603 shares of common stock outstanding as of 5/31/26, as disclosed in the company's N-CSRS filed 8/5/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D on 9/30/26 through the market open of the filing date of this Schedule 13D/A are set forth in Schedule A, and are incorporated herein by reference. All trades were effected in the open market.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Nov-04-2026
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	11/06/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	11/06/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	11/06/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823