# EDGAR Filing Document

**Accession Number:** 0000836412
**File Stem:** 0001193125-25-307887
**Filing Date:** 2025-12
**Character Count:** 9633
**Document Hash:** 0119ffe34a0ddc0c0be0b29ab08aea3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307887.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307887

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Total Return Fund Inc.
- **CENTRAL INDEX KEY:** 0000836412

**ORGANIZATION NAME:**
- **EIN:** 133474242
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79663
- **FILM NUMBER:** 251548943

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 866-270-7788

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZWEIG TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Total Return Fund Inc.
- **CENTRAL INDEX KEY:** 0000836412

**ORGANIZATION NAME:**
- **EIN:** 133474242
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 866-270-7788

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS GLOBAL DIVIDEND & INCOME FUND
- **DATE OF NAME CHANGE:** 20160929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZWEIG TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19920703

As filed with the Securities and Exchange Commission December 4, 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)

------

**INTRODUCTORY STATEMENT** 

This Amendment No. 2 amends the Tender Offer Statement on Schedule TO originally filed by Virtus Total Return Fund Inc. (the "Fund") with the Securities and Exchange Commission (the "Commission") on November 3, 2025.

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| | |
|:---|:---|
| **Item 12.** | **Exhibits.** |
| (a)(1)(i) | [Issuer tender offer statement dated November 3, 2025\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1i.htm) |
| (a)(1)(ii) | [Form of letter of transmittal to holders of certificated shares\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1ii.htm) |
| (a)(1)(iii) | [Form of letter of transmittal to holders of non-certificated shares\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1iii.htm) |
| (a)(1)(iv) | [Form of letter to brokers, dealers, commercial banks, trust companies, and other nominees\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1i.htm) |
| (a)(1)(v) | [Form of letter to clients of brokers, dealers, commercial banks, trust companies, and other nominees\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1v.htm) |
| (a)(1)(vi) | [Form of letter to stockholders\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1vi.htm) |
| (a)(1)(vii) | [Form of letter to stockholders holding certificated shares\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1vii.htm) |
| (a)(2) |  |
| (a)(3) | Not applicable |
| (a)(4) | Not applicable |
| (a)(5)(i) | [Text of press release dated and issued October 2, 2025\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a1vii.htm) |
| (a)(5)(ii) | [Notice of guaranteed delivery\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99a5ii.htm) |
| (a)(5)(iii) | [Text of press release dated and issued November 3, 2025\*\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525264776/d80859dex99a5iii.htm) |
| (a)(5)(iv) | [Text of press release dated and issued December 4, 2025 (filed herewith)](d813600dex99a5iv.htm) |
| (b) |  |
| (d)(1) | [Standstill agreement between Virtus Investment Advisers, Inc. and Bulldog Investors LLP dated March 6, 2024\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99d1.htm) |
| (d)(2) | [Standstill agreement between Virtus Investment Advisers, Inc. and Yakira Partners L.P. dated March 6, 2024\*](http://www.sec.gov/Archives/edgar/data/836412/000119312525262287/d163686dex99d2.htm) |
| (g) |  |
| (h) |  |
| 107 | [Filing fee table\*](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/836412/000119312525262287/d163686dexfilingfees.htm) |
| \* | Previously filed as an exhibit to the Schedule TO filed with the Commission on November 3, 2025 |
| \*\* | Previously filed as an exhibit to the amended Schedule TO filed with the Commission on November 4, 2025 |
| **Item 13.** | **Information Required by Schedule 13e-3** |
|  | Not applicable |

---

------

SIGNATURE

After due 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.

---

| |
|:---|
| VIRTUS TOTAL RETURN FUND INC. |
| <u>/s/ Kathryn L. Santoro</u> |
| Name: Kathryn L. Santoro |
| Title: Secretary |

---

Dated: December 4, 2025

## Ex-99.(A)(5)(Iv)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g813600g1204081122613.jpg) <br>| **News Release** <br>|

---

**Virtus Total Return Fund Inc. Announces** 

**Preliminary Results of Tender Offer** 

**HARTFORD, CT, Thursday, December 4, 2025** – <u>Virtus Total Return Fund Inc.</u> (NYSE: ZTR) (the "Fund") today announced preliminary results of its previously announced tender offer ("Tender Offer") to acquire up to 10% of the Fund's outstanding shares, which expired on December 3, 2025 at 5 p.m. (Eastern).

Approximately 15,013,106 shares were tendered, including shares tendered pursuant to notices of guaranteed delivery, based on preliminary information. With the Tender Offer oversubscribed, the relative number of shares that will be purchased from each tendering shareholder will be prorated based on the number of shares properly tendered.

The purchase price of the properly tendered and accepted shares is 98% of the Fund's net asset value per share as of the close of regular trading on December 3, 2025, which is equal to $6.9874 per share. The Fund expects to announce the final results of the Tender Offer on or about December 8, 2025.

**About the Fund** 

<u>Virtus Total Return Fund Inc.</u> is a diversified closed-end fund whose investment objective is capital appreciation, with income as a secondary objective. Virtus Investment Advisers, LLC is the investment adviser and <u>Duff & Phelps Investment Management Co.</u> and <u>Newfleet Asset Management</u> are the subadvisers to the Fund. For more information about the Fund, contact shareholder services at (866) 270-7788, by email at <u>closedendfunds@virtus.com</u>, or through the <u>Closed-End Funds</u> section of <u>virtus.com</u>.

**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.

\# \# \#

**<u>For Further Information:</u>** 

Shareholder Services

&nbsp;&nbsp;&nbsp;&nbsp;(866) 270-7788

<u>closedendfunds@virtus.com</u>