Company: SWZ
Filing Date: 2025-01-22
Form Type: CORRESP
Source: 0000894189-25-000267
Chunk: 3

Company: Total Return Securities Fund
Filing Date: 2025-01-22
Form: CORRESP
Chunk 3
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 based on total assets may be higher than a fee based on net assets if the Fund has any liabilities. 8. On page 16 of the Preliminary Proxy Statement, the fifth paragraph discusses the change in the Fund’s investment objective and notes the proposal to change the Fund’s name. Please explain the Fund’s position with respect to compliance with Rule 35d-1. Fund Response: The Fund notes for the information of the Staff that the Fund’s existing investment objective of requiring that the Fund invest in equity and equity linked securities of Swiss companies is fundamental. The Fund has interpreted this, as set forth on page 38 of the Fund’s 2023 annual report to stockholders, to require the Fund to normally invest at least 80% of its net assets, plus borrowings for investment purposes, in Swiss equity and equity linked securities. Because the proposed change to eliminate the requirement to invest at least 80% of the Fund’s net assets in Swiss equity and equity linked securities will only be made with stockholder approval, the Fund believes a change to its name following stockholder approval of a change in the Fund’s investment objective meets the requirements of Rule 35d-1.

| David Orlic | -4- |

9. Page 18 of the Preliminary Proxy Statement has blanks for the percentage of illiquid securities representing the Fund’s total assets as of December 31, 2024. Please advise the Staff of this percentage in your response letter prior to filing your Definitive Proxy Statement. Fund Response:  In response to the Staff’s comment, the Fund hereby informs the Staff that the percentage of the Fund’s total assets as of December 31, 2024 that represents illiquid assets is 1.57%. 10. Page 18 of the Preliminary Proxy Statement, second paragraph, states that if Bulldog does not become the investment adviser but Proposal 2 or Proposal 3 is approved, the Fund’s Board, including the Non-Interested Directors, would consider what actions to take. Elsewhere the Fund discloses that Proposal 2 and 3.a are contingent on approval of each other. Please confirm this disclosure is appropriate or revise.

Fund Response: The Fund has considered the disclosure and believes it is correct. 11. Please note that a fund and its adviser may not ignore the investments of affiliated and unaffiliated underlying investment companies when determining whether the fund is in compliance with its concentration policies. Please add disclosures to clarify that the Fund will consider the investments of its underlying investment companies when