[SC TO-C] Virtus Total Return Fund Inc. Tender Offer Communication
Virtus Total Return Fund Inc. (NYSE: ZTR) announced it met the conditions to trigger its second conditional tender offer to acquire an additional 10% of the Fund's outstanding shares. The Fund is a closed-end vehicle focused on capital appreciation with income as a secondary objective. Virtus Investment Advisers, Inc. serves as the investment adviser, with Duff & Phelps Investment Management Co. and Newfleet Asset Management as subadvisers. The release directs shareholders to contact Shareholder Services by phone, email, or the Closed-End Funds section of virtus.com for the Fund's most recent annual report and additional information. The notice reminds readers that closed-end funds may trade at a premium or discount to NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR) ha annunciato di aver soddisfatto le condizioni per attivare la sua seconda offerta condizionale di tender per acquistare un ulteriore 10% delle azioni in circolazione del Fondo. Il Fondo è uno strumento chiuso orientato all'apprezzamento del capitale con il reddito come obiettivo secondario. Virtus Investment Advisers, Inc. funge da advisor di investimento, con Duff & Phelps Investment Management Co. e Newfleet Asset Management come subadvisers. Il comunicato indirizza gli azionisti a contattare i Servizi agli Azionisti telefonicamente, via e‑mail o tramite la sezione Closed-End Funds di virtus.com per l'ultimo rapporto annuale del Fondo e ulteriori informazioni. L'avviso ricorda ai lettori che i fondi chiusi possono negoziare con una premio o sconto rispetto al NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR) anunció que cumplió las condiciones para activar su segunda oferta conditional de entrega para adquirir un 10% adicional de las acciones en circulación del Fondo. El Fondo es un vehículo cerrado enfocado en la apreciación de capital con el ingreso como objetivo secundario. Virtus Investment Advisers, Inc. actúa como asesor de inversiones, con Duff & Phelps Investment Management Co. y Newfleet Asset Management como subasesores. El comunicado dirige a los accionistas a ponerse en contacto con Shareholder Services por teléfono, correo electrónico o la sección Closed-End Funds de virtus.com para el informe anual más reciente del fondo y más información. El aviso recuerda a los lectores que los fondos cerrados pueden cotizar con una prima o descuento respecto al NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR)은 펀드의 발행 주식 중 추가 10%를 인수하기 위한 두 번째 조건부 입찰 제안을 촉발하기 위한 조건을 충족했다고 발표했습니다. 이 펀드는 자본 상승에 중점을 둔 폐쇄형 펀드로, 수익은 보조 목표입니다. Virtus Investment Advisers, Inc.가 투자 자문사로, Duff & Phelps Investment Management Co.와 Newfleet Asset Management가 서브자문사로 활동합니다. 공보는 주주들에게 펀드의 최신 연차 보고서 및 추가 정보를 얻으려면 전화, 이메일 또는 virtus.com의 Closed-End Funds 섹션에서 Shareholder Services에 연락하라고 안내합니다. 또한 이 공고는 폐쇄형 펀드가 NAV에 대해 프리미엄 또는 디스카운트로 거래될 수 있음을 상기시킵니다.
Virtus Total Return Fund Inc. (NYSE: ZTR) a annoncé avoir rempli les conditions pour déclencher sa deuxième offre d'achat conditionnelle afin d'acquérir 10% supplémentaires des actions en circulation du Fonds. Le Fonds est un véhicule fermé axé sur l'appréciation du capital, le revenu étant l'objectif secondaire. Virtus Investment Advisers, Inc. assure le rôle de conseiller en investissement, avec Duff & Phelps Investment Management Co. et Newfleet Asset Management en tant que sous-conseillers. Le communiqué invite les actionnaires à contacter les Services aux actionnaires par téléphone, par e-mail, ou via la section Closed-End Funds de virtus.com pour le rapport annuel le plus récent du fonds et des informations supplémentaires. L'avis rappelle que les fonds fermés peuvent être négociés à une prime ou à une décote par rapport au NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR) gab bekannt, dass es die Bedingungen erfüllt hat, um sein zweites bedingt ausgeführtes Tenderangebot auszulösen, um zusätzliche 10% der ausstehenden Anteile des Fonds zu erwerben. Der Fonds ist ein geschlossenes Anlagevehikel, das sich auf Kapitalwertsteigerung konzentriert, wobei Einkommen als sekundäres Ziel dient. Virtus Investment Advisers, Inc. fungiert als Investmentberater, mit Duff & Phelps Investment Management Co. und Newfleet Asset Management als Subberater. Die Mitteilung weist die Aktionäre an, sich telefonisch, per E-Mail oder im Abschnitt Closed-End Funds von virtus.com an Shareholder Services zu wenden, um den neuesten Jahresbericht des Fonds und zusätzliche Informationen zu erhalten. Die Notiz erinnert die Leser daran, dass Closed-End-Fonds mit einem Premium oder Discount gegenüber dem NAV gehandelt werden können.
Virtus Total Return Fund Inc. (NYSE: ZTR) أعلنت أنها استوفت الشروط لبدء عرضها الثانوي المغلّف القابل لل tender لاكتساب 10% إضافية من أسهم الصندوق القائمة. الصندوق هو أداة استثمار مغلقة تركز على زيادة رأس المال مع الدخل كهدف ثانوي. Virtus Investment Advisers, Inc. هي المستشار الاستثماري، مع Duff & Phelps Investment Management Co. وNewfleet Asset Management كمستشارين فرعيين. يوجّه البيان المساهمين للاتصال بخدمات المساهمين هاتفياً أو عبر البريد الإلكتروني أو قسم Closed-End Funds في virtus.com للحصول على أحدث تقرير سنوي للصندوق ومعلومات إضافية. يتذكّر الإشعار أن الصناديق المغلقة قد تتداول عند علاوة أو خصم إلى NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR) 宣布其已满足触发第二次有条件投标要约的条件，以收购基金在外流通股数额外的 10%。本基金是一个以资本增值为主、将收益设为次要目标的封闭式投资工具。Virtus Investment Advisers, Inc. 担任投资顾问，Duff & Phelps Investment Management Co. 与 Newfleet Asset Management 为子顾问。公告指示股东通过电话、电子邮件或访问 virtus.com 的 Closed-End Funds 部分与股东服务联系，以获取基金的最新年度报告及其他信息。通知还提醒读者，封闭式基金相对于 NAV 交易可能存在溢价或折价。
- Second conditional tender offer initiated to acquire 10% of outstanding shares
- Adviser and subadvisers disclosed: Virtus Investment Advisers, Duff & Phelps, and Newfleet
- Offer terms missing: announcement does not state the tender offer price, timeline, or acceptance conditions
- Closed-end fund valuation risk noted: shares may trade at a premium or discount to NAV
Insights
Fund triggered a conditional tender offer to repurchase an additional 10% of shares.
This declaration formally starts a second conditional tender offer to acquire 10% of outstanding shares, a material capital-return action for closed-end funds.
The announcement lists advisers and points shareholders to contact information, but does not disclose offer price, timing, or acceptance conditions, which are essential terms investors typically need to evaluate impact.
Virtus Total Return Fund Inc. (NYSE: ZTR) ha annunciato di aver soddisfatto le condizioni per attivare la sua seconda offerta condizionale di tender per acquistare un ulteriore 10% delle azioni in circolazione del Fondo. Il Fondo è uno strumento chiuso orientato all'apprezzamento del capitale con il reddito come obiettivo secondario. Virtus Investment Advisers, Inc. funge da advisor di investimento, con Duff & Phelps Investment Management Co. e Newfleet Asset Management come subadvisers. Il comunicato indirizza gli azionisti a contattare i Servizi agli Azionisti telefonicamente, via e‑mail o tramite la sezione Closed-End Funds di virtus.com per l'ultimo rapporto annuale del Fondo e ulteriori informazioni. L'avviso ricorda ai lettori che i fondi chiusi possono negoziare con una premio o sconto rispetto al NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR) anunció que cumplió las condiciones para activar su segunda oferta conditional de entrega para adquirir un 10% adicional de las acciones en circulación del Fondo. El Fondo es un vehículo cerrado enfocado en la apreciación de capital con el ingreso como objetivo secundario. Virtus Investment Advisers, Inc. actúa como asesor de inversiones, con Duff & Phelps Investment Management Co. y Newfleet Asset Management como subasesores. El comunicado dirige a los accionistas a ponerse en contacto con Shareholder Services por teléfono, correo electrónico o la sección Closed-End Funds de virtus.com para el informe anual más reciente del fondo y más información. El aviso recuerda a los lectores que los fondos cerrados pueden cotizar con una prima o descuento respecto al NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR)은 펀드의 발행 주식 중 추가 10%를 인수하기 위한 두 번째 조건부 입찰 제안을 촉발하기 위한 조건을 충족했다고 발표했습니다. 이 펀드는 자본 상승에 중점을 둔 폐쇄형 펀드로, 수익은 보조 목표입니다. Virtus Investment Advisers, Inc.가 투자 자문사로, Duff & Phelps Investment Management Co.와 Newfleet Asset Management가 서브자문사로 활동합니다. 공보는 주주들에게 펀드의 최신 연차 보고서 및 추가 정보를 얻으려면 전화, 이메일 또는 virtus.com의 Closed-End Funds 섹션에서 Shareholder Services에 연락하라고 안내합니다. 또한 이 공고는 폐쇄형 펀드가 NAV에 대해 프리미엄 또는 디스카운트로 거래될 수 있음을 상기시킵니다.
Virtus Total Return Fund Inc. (NYSE: ZTR) a annoncé avoir rempli les conditions pour déclencher sa deuxième offre d'achat conditionnelle afin d'acquérir 10% supplémentaires des actions en circulation du Fonds. Le Fonds est un véhicule fermé axé sur l'appréciation du capital, le revenu étant l'objectif secondaire. Virtus Investment Advisers, Inc. assure le rôle de conseiller en investissement, avec Duff & Phelps Investment Management Co. et Newfleet Asset Management en tant que sous-conseillers. Le communiqué invite les actionnaires à contacter les Services aux actionnaires par téléphone, par e-mail, ou via la section Closed-End Funds de virtus.com pour le rapport annuel le plus récent du fonds et des informations supplémentaires. L'avis rappelle que les fonds fermés peuvent être négociés à une prime ou à une décote par rapport au NAV.
Virtus Total Return Fund Inc. (NYSE: ZTR) gab bekannt, dass es die Bedingungen erfüllt hat, um sein zweites bedingt ausgeführtes Tenderangebot auszulösen, um zusätzliche 10% der ausstehenden Anteile des Fonds zu erwerben. Der Fonds ist ein geschlossenes Anlagevehikel, das sich auf Kapitalwertsteigerung konzentriert, wobei Einkommen als sekundäres Ziel dient. Virtus Investment Advisers, Inc. fungiert als Investmentberater, mit Duff & Phelps Investment Management Co. und Newfleet Asset Management als Subberater. Die Mitteilung weist die Aktionäre an, sich telefonisch, per E-Mail oder im Abschnitt Closed-End Funds von virtus.com an Shareholder Services zu wenden, um den neuesten Jahresbericht des Fonds und zusätzliche Informationen zu erhalten. Die Notiz erinnert die Leser daran, dass Closed-End-Fonds mit einem Premium oder Discount gegenüber dem NAV gehandelt werden können.
As filed with the Securities and Exchange Commission October 3, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
Virtus Total Return Fund Inc.
(Name of Subject Company (Issuer))
Virtus Total Return Fund Inc.
(Name of Filing Persons (Offeror))
Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
92835W107
(CUSIP Number of Class of Securities)
Kathryn Santoro
Vice President, Chief Legal Officer & Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
866-270-7788
(Name, address and telephone number of person authorized to receive notices and
communications on behalf of filing persons)
| ☒ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
| ☐ | third party tender offer subject to Rule 14d-1. |
| ☒ | issuer tender offer subject to Rule 13e-4. |
| ☐ | going-private transaction subject to Rule 13e-3. |
| ☐ | amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐
If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
| ☐ | Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |
| ☐ | Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |
|
|
News Release |
Virtus Total Return Fund Inc. Announces
Second Conditional Tender Offer
HARTFORD, CT, October 2, 2025 – Virtus Total Return Fund Inc. (NYSE: ZTR) (the “Fund”) today announced it met the conditions to trigger its second conditional tender offer (“Tender Offer”) to acquire another 10% of the Fund’s outstanding shares.
This Tender Offer was triggered when the Average Trading Discount of the Fund’s shares exceeded 10% during the period from April 1, 2025 through September 26, 2025 (“measurement period”). The average trading discount during this measurement period was 11.41%.
This Tender Offer period is expected to commence on or about November 3, 2025 and expire on or about December 3, 2025 (“expiration date”), unless extended. Under this Tender Offer, the Fund will offer to repurchase up to 10% of its outstanding shares in exchange for cash at a price equal to 98% of its net asset value (net of expenses related to the Tender Offer) as of the close of regular trading on the expiration date.
Further information about the Tender Offer will be announced at a later date and set forth in the Fund’s offering materials, which will be distributed to the Fund’s shareholders.
About the Fund
Virtus Total Return Fund Inc. is a diversified closed-end fund whose investment objective is capital appreciation, with income as a secondary objective. Virtus Investment Advisers, Inc. is the investment adviser and Duff & Phelps Investment Management Co. and Newfleet Asset Management are the subadvisers to the Fund. For more information on the Fund, contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of virtus.com.
Fund Risks
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund’s shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a premium or discount to their NAV. For more information about the Fund’s investment objective and risks, please see the Fund’s annual report. A copy of the Fund’s most recent annual report may be obtained free of charge by contacting “Shareholder Services” as set forth at the bottom of this press release.
The Fund has not commenced the Tender Offer described in this release. The Tender Offer will only be made pursuant to a Tender Offer statement on Schedule TO containing an offer to purchase, a related letter of transmittal and other documents filed with the SEC as exhibits to the Tender Offer statement on Schedule TO (collectively, the “Tender Offer Materials”), with all such documents made available on the SEC’s website at sec.gov. The Fund will also make available to shareholders, without charge, the offer to purchase, the letter of transmittal, and other necessary documents related to the Tender Offer. Shareholders should read any Tender Offer Materials carefully and, in their entirety, when and if they become available, as well as any amendments or supplements thereto, as they would contain important information about the Tender Offer.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
Investing involves risk and it is possible to lose money on any investment in the Fund.
# # #
For Further Information:
Shareholder Services
(866) 270-7788
closedendfunds@virtus.com
FAQ
What did Virtus Total Return Fund (ZTR) announce?
Who manages Virtus Total Return Fund (ZTR)?
How can shareholders obtain more information about ZTR?
Does the announcement include the tender offer price or timeline?
What risk reminder does the Fund include?
