Virtus Total Return Fund Inc.
Virtus Total Return Fund Inc.
Investment Overview
The Fund's investment objective is capital appreciation, with current income as a secondary objective. The Fund seeks to meet its objectives through a combination of equity and fixed income investments.
Contact Us
Contact your financial representative for more information.
Email or call for service at
1-866-270-7788
Investment Partners
Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management pursues specialized investment strategies with exceptional depth of resources and expertise. Since its earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, the firm's attention has been set on identifying attractive opportunities through active management and fundamental research, while managing the associated risks. Today, building on a distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, Clean Energy, and Diversified Real Assets.
Quality. Reliability. Specialization. Since 1932.
Learn more about Duff & Phelps Investment Management Co.
Newfleet Asset Management
Newfleet Asset Management leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction.
Newfleet Asset Management is a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an SEC registered investment adviser.
Learn more about Newfleet Asset Management
Investment Professionals
Connie Luecke, CFA
Senior Managing Director, Senior Portfolio Manager
Industry start date: 1983
Start date as fund Portfolio Manager: 2011
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date as fund Portfolio Manager: 2011
Performance
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. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.
Performance reflects the deduction of Fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on market value shown in the table. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of one year or less are cumulative returns.
The Fund's historical performance prior to 11/18/2019 reflects the performance of the Virtus Total Return Fund Inc. (ZF). This change is due to the fact that ZF was the accounting survivor when the Fund and ZF merged on 11/18/2019. Also, performance and characteristics prior to 12/9/2011 were attained by a different investment adviser using a different investment strategy.
Inception date shown reflects performance inception date. The Fund began operations on 9/30/1988.
Expenses
Ratings Distribution (% Fixed)
| Aaa | |
| Aa | |
| A | |
| Baa | |
| Ba | |
| B | |
| Caa | |
| Ca | |
| C | |
| D | |
| NR | |
| Cash & Equivalents |
The ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of a corporation's or government's debt issues. The ratings apply to the fund's holdings and not the fund. Ratings are provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Newfleet uses the higher rating. If a rating is not available, the bond is placed in the Not Rated category. Credit ratings are subject to change. Aaa, Aa, A, and Baa are investment grade ratings; Ba, B, Caa, Ca, C, and D are below-investment grade ratings.
Sector Allocation (% Equity)
| Utilities | |
| Industrials | |
| Energy | |
| Real Estate | |
| Communication Services | |
| Consumer Discretionary |
Allocations are subject to change daily.
Sector Allocation (% Fixed Income)
| Corporate - High Quality | |
| Corporate - High Yield | |
| Asset Backed Securities | |
| Bank Loans | |
| Non-Agency Residential MBS | |
| Emerging Market - High Yield | |
| Mortgage Backed Securities | |
| Treasury | |
| Non-Agency Commercial MBS | |
| Yankee - High Quality | |
| Cash | |
| Taxable Municipals | |
| Municipals | |
| Equity |
Allocations are subject to change daily.
Top Holdings (% Fund)
| Security | |
|---|---|
| Transurban Group | |
| American Tower Corp | |
| NextEra Energy Inc | |
| Cheniere Energy Inc | |
| Aena SME SA | |
| Enbridge Inc | |
| Sempra | |
| National Grid PLC | |
| Crown Castle Inc | |
| American Electric Power Co Inc |
Holdings are subject to change.
Assets (in millions)
(as of 11/30/2023)| Total Net Assets | $429.15 |
| Total Borrowed Debt | $187.00 |
| Total Managed Assets | $616.15 |
Effective Leverage
(as of 11/30/2023)| Borrowed Debt | 30.35% |
Assets (in Millions):
Total Net Assets: includes net assets applicable to Common Shareholders
Total Managed Assets: Total Net Assets + Total Borrowed Debt
Effective Leverage:
Borrowed Debt: % is Total Borrowed Debt divided by Total Managed Assets
Distributions are not guaranteed and are subject to change.
Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.
Year-to-Date Distribution History
| Month | Ex-Date | Payable Date | Distribution |
|---|---|---|---|
| November | 11/10/2023 | 11/24/2023 | $0.050000 |
| October | 10/11/2023 | 10/24/2023 | $0.050000 |
| September | 09/08/2023 | 09/21/2023 | $0.050000 |
| August | 08/10/2023 | 08/23/2023 | $0.080000 |
| July | 07/12/2023 | 07/25/2023 | $0.080000 |
| June | 06/09/2023 | 06/23/2023 | $0.080000 |
| May | 05/10/2023 | 05/23/2023 | $0.080000 |
| April | 04/12/2023 | 04/25/2023 | $0.080000 |
| March | 03/10/2023 | 03/23/2023 | $0.080000 |
| February | 02/10/2023 | 02/24/2023 | $0.080000 |
| January | 01/05/2023 | 01/10/2023 | $0.080000 |
You should not draw any conclusions about the Fund’s investment performance from its distributions. Please view the Fund’s Section 19a notices below, if applicable, which set forth information regarding the estimated composition of the distributions, including any portion that may constitute a return of capital.
Fund Distributions and Managed Distribution Plan
Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.
The amounts and sources of distributions reported in Section 19(a) Notices 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’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please consult a tax professional regarding specific tax matters.
Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.
Form 8937 Organizational Actions
Automatic Reinvestment Plan
This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.
Net Asset Value vs. Market Price
Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV.
Disclosures
There can be no assurance that the
This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.
Contact your financial representative for more information, or email or call for service at 1-866-270-7788.
Risk Considerations
Automatic Reinvestment
Holdings
Distributions
| November 16, 2023 | |
| October 11, 2023 | |
| September 20, 2023 | |
| September 13, 2023 | |
| August 31, 2023 | |
| August 9, 2023 | |
| July 11, 2023 | |
| June 5, 2023 | |
| May 25, 2023 | |
| May 3, 2023 | |
| April 5, 2023 | |
| March 6, 2023 | |
| March 1, 2023 | |
| February 3, 2023 | |
| January 3, 2023 | |
| December 6, 2022 | |
| December 2, 2021 | |
| November 18, 2021 | |
| October 4, 2021 |
Section 19a Notices
| November 2023 | |
| October 2023 | |
| September 2023 | |
| August 2023 | |
| July 2023 | |
| June 2023 | |
| May 2023 | |
| April 2023 | |
| March 2023 | |
| February 2023 | |
| January 2023 | |
| December 2022 | |
| November 2022 | |
| October 2022 | |
| September 2022 | |
| August 2022 | |
| July 2022 | |
| June 2022 | |
| May 2022 | |
| April 2022 | |
| March 2022 | |
| February 2022 | |
| January 2022 | |
| December 2021 |
News Releases/Communications
| May 23, 2023 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders | |
| April 11, 2023 - Joint Annual Meeting of Shareholders Proxy Statement | |
| September 21, 2022 - Virtus Total Return Fund Inc. Announces Details of Completed Rights Offering | |
| September 19, 2022 - Virtus Total Return Fund Inc. Completes Rights Offering | |
| August 11, 2022 - Virtus Total Return Fund Inc. Rights Offering Prospectus | |
| August 1, 2022 - Virtus Total Return Fund Inc. Rights Offering Declared Effective | |
| July 28, 2022 - Virtus Total Return Fund Inc. Announces Record Date for Proposed Rights Offering | |
| July 5, 2022 - Virtus Closed-End Funds Update | |
| May 24, 2022 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders | |
| April 18, 2022 - Joint Annual Meeting of Shareholders Proxy Statement | |
| March 3, 2022 - Virtus Total Return Fund Inc. Authorizes Rights Offering | |
| May 20, 2021 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders | |
| April 15, 2021 - Joint Annual Meeting of Shareholders Proxy Statement | |
| June 18, 2020 - Virtus Closed End Funds Remove Options Strategies | |
| May 21, 2020 - Virtus Closed End Funds Announce Results of Joint Annual Meeting & Adjournment of Duff & Phelps Select MLP and Midstream Energy Fund Annual Meeting | |
| April 9, 2020 - Joint Annual Meeting of Shareholders Proxy Statement | |
| November 18, 2019 - Reorganization of Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc. Completed; Share Conversion Price Announced | |
| November 4, 2019 - Virtus Closed End Funds Announce Results of Joint Special Meetings of Shareholders | |
| October 8, 2019 - Special Meeting Proxy Reminder Letter - ZTR | |
| September 6, 2019 - Special Meeting Proxy Reminder Letter - ZTR | |
| August 21, 2019 - Special Meeting Proxy Statement - ZTR | |
| July 3, 2019 - Virtus Closed-End Funds Announce Joint Special Meetings of Shareholders | |
| May 22, 2019 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders | |
| April 16, 2019 - Proxy Statement - ZTR | |
| October 15, 2018 - Rampart Investment Management Added as Subadviser on Three Virtus Closed-End Funds | |
| June 29, 2017 - Virtus Global Dividend & Income Fund Inc Announces Results of Tender Offer - ZTR | |
| June 26, 2017 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer - ZTR | |
| May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers - ZTR | |
| May 26, 2017 - Virtus Global Dividend & Income Fund Inc Offer to Purchas - ZTR | |
| January 3, 2017 - Virtus Global Dividend & Income Fund Inc Announces Final Results of Tender Offer- ZTR | |
| December 27, 2016 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer - ZTR | |
| November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers- ZTR | |
| November 25, 2016 - Virtus Global Dividend & Income Fund Inc Tender Offer To Purchase - ZTR | |
| November 21, 2016 - Results of Special Meetings of Shareholders- ZTR | |
| November 1, 2016 - Special Meeting Proxy Reminder Letter- ZTR | |
| October 17, 2016 - Special Meeting Proxy Statement- ZTR | |
| September 23, 2016 - Zweig Total Return Fund Changes Name to Virtus Global Dividend & Income Fund - ZTR | |
| September 7, 2016 - Virtus and Zweig Closed-End Funds Announce Actions- ZTR | |
| August 22, 2016 - Zweig Fund And Zweig Total Return Fund Announce Conditions Met For Second Tender Offers | |
| August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership | |
| June 3, 2016 - Zweig Total Return Fund Announces Final Results of Tender Offer- ZTR | |
| May 27, 2016 - Zweig Total Return Fund Announces Preliminary Results of Tender Offer- ZTR | |
| April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers | |
| April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers- ZTR | |
| April 29, 2016 - Zweig Total Return Fund Inc Tender Offer to Purchase- ZTR | |
| April 5, 2016 - Zweig Fund and Zweig Total Return Fund Announce Tender Offer Programs | |
| April 1, 2016 - Zweig Fund and Zweig Total Return Fund Announce Increases to Distribution Rates- ZTR |