ZTR Overview

Tender Offer Announcement: Virtus Total Return Fund Inc. has triggered its second conditional tender offer to acquire 10% of its outstanding shares due to an average trading discount exceeding 10% during the specified measurement period.

Tender Offer Details: The tender offer is expected to commence on November 3, 2025, and will allow shareholders to sell shares at 98% of the net asset value, with further details to be provided in the Fund's offering materials.

Tender Offer Announcement: Virtus Total Return Fund (ZTR) plans to initiate its second conditional tender offer to repurchase up to 10% of its outstanding shares due to shares trading at an average discount of 11.41% to net asset value.

Offer Details: The tender offer is set to begin around November 3, 2025, and will expire around December 3, 2025, with shares repurchased for cash at 98% of net asset value, net of related expenses.

Discounted Closed-End Funds (CEFs): The article discusses the potential of investing in discounted closed-end funds, which can offer high yields and trade below fair value, making them appealing for contrarian investors. Examples include Nuveen Dow 30 Dynamic Overwrite Fund and Neuberger Berman Next Generation Connectivity Fund, both providing attractive distribution rates.

Investment Strategies and Performance: Various CEFs are highlighted for their unique investment strategies, such as covered calls and thematic focuses on technology and connectivity. While some funds like Royce Micro-Cap Trust have shown consistent outperformance, others like Virtus Total Return Fund face challenges in comparison to benchmarks, emphasizing the importance of selecting the right funds for income generation.

Annual Meeting Results: The Virtus funds held a joint annual meeting on June 2, 2025, where shareholder voting results showed strong support for various board members across multiple funds, with most receiving over 90% approval.

About the Funds: Virtus Investment Advisers manages several closed-end funds focused on generating income through diversified strategies in various asset classes, while highlighting the risks associated with investing in these funds.