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Closed-End Fund Multi-Asset

Virtus Total Return Fund Inc.

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Market Price
(as of )
Managed Assets
$ (as of )
Net Assets
$ (as of )
Average Daily Volume
(as of )
Shares Outstanding
Distribution Frequency

Portfolio Overview

Investment Overview

The Fund's investment objective is capital appreciation, with current income as a secondary objective. The Fund has a current target allocation of investing approximately 60% of its total assets in equity securities and 40% in fixed income.

The equity portion of the Fund invests globally in owners/operators of infrastructure in the communications, utility, energy, and transportation industries.

The fixed income portion of the Fund is designed to generate high current income and total return through the application of active sector rotation, extensive credit research, and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets.

Effective November 18, 2019, this Fund changed its name from Virtus Global Dividend & Income Fund Inc.

Management Team

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, and MLPs & Energy. Quality. Reliability. Specialization. Since 1932.

Learn more about Duff & Phelps Investment Management Co.

Newfleet Asset Management, LLC

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.

Learn more about Newfleet Asset Management, LLC

Investment Professionals

Connie Luecke

Connie Luecke, CFA

Senior Managing Director, Senior Portfolio Manager

Industry start date: 1983
Start date as fund Portfolio Manager: 2011

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David Albrycht, CFA

David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985
Start date as fund Portfolio Manager: 2011

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Performance & Risk


As of
As of

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.



Credit Quality (% Fund)

(as of 03/31/2021)
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)

(as of 03/31/2021)
Real Estate
Communication Services
Consumer Discretionary

Allocations are subject to change daily.

Sector Allocation (% Fixed Income)

(as of 03/31/2021)
Corporate - High Yield
Corporate - High Quality
Bank Loans
Non-Agency Residential MBS
Asset Backed Securities
Emerging Market - High Yield
Yankee - High Quality
Non-Agency Commercial MBS
Taxable Municipals

Allocations are subject to change daily.

Top Holdings (% Fund)

(as of 03/31/2021)
NextEra Energy Inc
American Tower Corp
Transurban Group
Crown Castle International Corp
Enbridge Inc
Union Pacific Corp
Dominion Energy Inc
Sempra Energy
Norfolk Southern Corp

Holdings are subject to change.


Assets (in millions)

(as of 04/30/2021)
Total Net Assets $452.83
Total Borrowed Debt $159.75
Total Managed Assets $612.58

Effective Leverage

(as of 04/30/2021)
Borrowed Debt 26.08%
Assets (in Millions):

Total Net Assets: includes Net Assets Applicable to Common Shareholders
Preferred Assets: consist of the value of: Auction Rate Preferred Shares, and/or Series A Cumulative Preferred Shares, and/or Mandatory Redeemable Preferred Shares.
Total Managed Assets: Total Net Assets + Preferred Assets + Borrowed Debt

Effective Leverage:

Preferred Assets: % consists of Total Preferred assets divided by Total Managed Assets.
Borrowed Debt: % is short term debt + long term debt divided Total Managed Assets
Total Effective Leverage (%) consists of Preferred Assets + Borrowed Debt, as applicable, divided by Total Managed Assets


Ex. Dividend Date
Record Date
Payable Date
Market Price Distribution Rate
(as of )

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
April 04/09/2021 04/19/2021 $0.080000
March 03/10/2021 03/18/2021 $0.080000
February 02/10/2021 02/19/2021 $0.080000
January 01/06/2021 01/11/2021 $0.080000

Ex-Date Record Date Payable Date Total Distribution ($/Share)

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.

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.


There can be no assurance that the fund will achieve its investment objectives.

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  or call for service at 1-866-270-7788.

Risk Considerations

Equity Securities: 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.
Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
Foreign Investing: Investing in foreign securities subjects the portfolio to additional risks such as increased volatility, currency fluctuations, less liquidity, and political, regulatory, economic, and market risk.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans are subject to credit and call risk, may be difficult to value, and have longer settlement times than other investments, which can make loans relatively illiquid at times.
ABS/MBS: 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 non-repayment of underlying collateral, including losses to the portfolio.
Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Closed-End Funds: 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 volatility.

Related Literature

Fact Sheet

Virtus Total Return Fund Fact Sheet

Automatic Reinvestment

Virtus Total Return Fund - Automatic Reinvestment and Cash Purchase Plan


Virtus Total Return Fund Inc. Fiscal Q1 2020 Holdings
Virtus Total Return Fund Inc. Fiscal Q3 2020 Holdings


May 4, 2021
April 6, 2021
March 4, 2021
February 2, 2021
January 4, 2021
December 2, 2020
November 19, 2020
November 4, 2020
October 5, 2020
September 8, 2020
August 28, 2020
August 6, 2020
July 6, 2020
June 5, 2020
May 26, 2020
May 4, 2020
April 2, 2020
March 5, 2020
March 4, 2020
February 4, 2020
December 6, 2019
December 2, 2019
October 2, 2019 - ZF

Section 19a Notices

April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019 - ZF
July 2019 - ZF

News Releases/Communications

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 Total Return Fund Inc Tender Offer to Purchase- ZTR
April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers- ZTR
April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers
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


Governance and Nominating Committee Charter
Virtus Closed End Funds Audit Committee Charter
Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters

Financial Materials

ZTR Annual Report
ZTR Semiannual Report
2020 ZTR Tax Information
ZTR Quarterly Report