Company: SWZ
Filing Date: 2025-01-22
Form Type: CORRESP
Source: 0000894189-25-000267
Chunk: 1

Company: Total Return Securities Fund
Filing Date: 2025-01-22
Form: CORRESP
Chunk 1
---
 at the meeting for quorum or other purposes. Fund Response: In response to the Staff’s comment, the Fund will revise the relevant paragraph to include the requested disclosure in the Definitive Proxy Statement. 3. On page 5 of the Preliminary Proxy Statement, last paragraph on the page, please make bold the terms “total assets” and “net assets”. In addition, please disclose that total assets may be higher than net assets. Also on page 5, please disclose that as a result of the implementation of the proposals, other expenses of the Fund may increase, such as acquired fund fees and expenses to the extent the Fund invests in closed-end funds. Fund Response: In response to the Staff’s comment, the Fund will make the requested changes in the Definitive Proxy Statement. The Fund notes for the information of the Staff the disclosure in the second paragraph on page 21 of the Preliminary Proxy Statement under “Risks Associated with Proposed Investments” that states the Fund’s stockholders will indirectly bear the expenses of any closed-end funds in which the Fund invests. 4. On page 5 of the Preliminary Proxy Statement, the last sentence on the page should be removed due to Rule 14e-8 as it prohibits publicly announcing plans to make a tender offer that has not yet been commenced if one of Rule 14e-8’s conditions is met. Fund Response: The Fund has considered the Staff’s comment and respectfully declines to remove the sentence. Based on the trading history of the Fund, the Fund has a reasonable belief that, subsequent to the capital gains distribution described in the second to last sentence on page 5 of the Preliminary Proxy Statement, its shares may trade at a discount to NAV per share in excess of 10% for 10 consecutive trading days in 2025. If this condition is satisfied, the Fund has every intention to commence the offer within a reasonable time and complete the offer. The Fund believes there is nothing fraudulent, deceptive or manipulative with making an announcement of an intention to conduct a tender offer if specified conditions are met. Moreover, the Fund has a reasonable belief that it will have the means to purchase the shares of the Fund’s common stock to complete the offer. Finally, the Fund confirms that it does not intend, directly or indirectly, for the announcement of this tender offer to manipulate the market price of the Fund’s common stock. Accordingly, the Fund believes that its announcement of the tender offer does not meet any of the conditions of Rule 14e-