Company: SWZ
Filing Date: 2025-01-22
Form Type: CORRESP
Source: 0000894189-25-000267
Chunk: 2

Company: Total Return Securities Fund
Filing Date: 2025-01-22
Form: CORRESP
Chunk 2
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8. The Fund also notes that it is customary for registered closed-end funds to announce conditional tender offers, such as the one disclosed by the Fund in its Preliminary Proxy Statement. See, for example, (i) the conditional tender offer announced by Eaton Vance Municipal Bond Fund on May 6, 2024, (ii) the adoption of a discount management program by certain BlackRock closed-end funds on May 3, 2024, pursuant to which each such BlackRock fund intends to commence a tender offer for its common shares if certain conditions are met during specified time periods, and (iii) the Schedule TO filed by Virtus Total Return Fund Inc. with the Commission on March 11, 2024.

| David Orlic | -3- |

5. On or about page 9 of the Preliminary Proxy Statement, in the second paragraph, please include the tabular disclosure required by Item 22(a)(3)(iv) of Schedule 14A. Fund Response: The Fund acknowledges the Staff’s comment and will include the required tabular disclosure in the Definitive Proxy Statement. 6. On page 12 of the Preliminary Proxy Statement, the Fund includes a comparison of the Fund’s performance with that of Special Opportunities Fund, Inc. Please also include in the same table the performance of PCF or explain supplementally why it is not being included in the table.

Fund Response: The Fund has considered the Staff’s comment and determined, following discussions with Bulldog, that inclusion of PCF’s past performance data in the comparison table would not be appropriate because Bulldog did not become the investment adviser to PCF until November 8, 2024, and PCF’s investment objective is sufficiently differentiated from the investment objective pursued by Bulldog for Special Opportunities Fund, Inc. and the proposed investment objective for the Fund as to warrant its exclusion. The Fund notes that prior to November 8, 2024, PCF’s investment objective was high current income as a primary objective and capital appreciation as a secondary objective. On November 8, 2024, that objective changed to high current income. 7. On page 13 of the Preliminary Proxy Statement, second paragraph, second sentence, please add a disclosure in this area to the effect that a fee based on total assets can result in a higher fee than a fee based on net assets.

Fund Response: In response to the Staff’s comment, the Fund will include disclosure in the Definitive Proxy Statement to the effect that an advisory fee