On March 7, 2016, Bulldog Investors, LLC announced that it has delivered a letter to the Company Secretary of Virtus Total Return Fund. In the letter, Bulldog Investors announced its intention to submit a proposal at meeting recommending that the Board of Trustees promptly approve and submit to shareholders for a vote a proposal to liquidate the fund. Bulldog Investors continued that the purpose of its proposal is to eliminate the fund's persistent trading discount and allow all shareholders to realize net asset value.