[Letterhead of Helios Total Return Fund, Inc.]
January 11, 2012
VIA EDGAR
Brion R. Thompson, Esq.
United States Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, DC 20549
Re: | Helios Total Return Fund, Inc. |
File Nos.: 333-178129 and 811-05820 |
Dear Mr. Thompson:
In connection with your review of the Pre-effective Amendment No. 1 to the Registration Statement on Form N-14 (the Registration Statement) of the Helios Total Return Fund, Inc. (the Fund) that was filed with the Securities and Exchange Commission on January 9, 2012 (SEC Accession No. 0001193125-12-006731), the Fund acknowledges that:
1. In connection with the comments made by the Commission staff, the staff has not passed on the accuracy or adequacy of the disclosure made herein, and the Fund and its management are solely responsible for the content of such disclosure;
2. The staffs comments, and changes in disclosure in response to the staffs comments, do not foreclose the Commission or other regulatory body from the opportunity to seek enforcement or take other action with respect to the disclosure made herein; and
3. The Fund represents their neither it nor its management will assert the staffs comments or changes in disclosure in response to the staffs comments as a defense in any action or proceeding by the Commission or any person.
Securities and Exchange Commission
January 11, 2012
Page 2
Sincerely,
/s/ Kim G. Redding
Kim G. Redding
President
1(212) 318-6275
rachaelschwartz@paulhastings.com
January 11, 2012 |
75302.00007 |
VIA EDGAR
Brion R. Thompson, Esq.
United States Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, DC 20549
Re: | Helios Total Return Fund, Inc. |
File Nos.: 333-178129 and 811-05820 |
Dear Mr. Thompson:
This letter responds to the comment communicated to the undersigned telephonically on January 11, 2012, with respect to the Pre-effective Amendment No. 1 to the Registration Statement on Form N-14 (the Registration Statement) of Helios Total Return Fund, Inc. (the Fund), which was filed with the Securities and Exchange Commission (the Commission) on January 9, 2012 (SEC Accession No. 0001193125-12-006731).
The Funds response to your comment is reflected below. We have restated the substance of your comment for your ease of reference. Capitalized terms have the same meanings as in the Registration Statement, unless otherwise indicated. To the extent a comment is applicable to another part of the Registration Statement, we will make the corresponding change accordingly.
Joint Proxy Statement/Prospectus
Comment 1: Under the section entitled Comparison of the Funds, the Staff notes that HTR has a fundamental investment restriction not to invest 25% or more of the value of its total assets in securities of issuers engaged in any one industry. The Staff considers mortgage backed securities to be an industry and therefore should be included in the Funds concentration policy.
Response 1: HTR has revised the written description of its concentration policy as follows:
HTR may not invest 25% or more of the value of its total assets in securities of issuers engaged in any one industry, other than issuers of ABS securities (including MBS).
Paul Hastings LLP | 75 East 55th Street | New York, NY 10022
t: +1.212.318.6000 | www.paulhastings.com
Brion R. Thompson, Esq.
January 11, 2012
Page 2
The Fund believes that this clarification is not a change to the Funds fundamental investment restriction regarding concentration, but is rather a clarification of the written expression of that policy. The Fund notes that its prospectus has always stated that the Funds principal investment strategy is to invest at least 60% of its assets in mortgage backed securities. The prospectus also contains ample risk disclosure associated with the Funds investments in mortgage backed securities. We further note that to the best of the Funds knowledge, the Fund has always invested more than 25% of its total assets in mortgage backed securities. The proposed change to the Funds written concentration policy will clarify that the limitation of Funds concentration policy was never intended to apply to mortgage backed securities.
********
Should you have any questions regarding the foregoing, please do not hesitate to contact the undersigned at the number above. Thank you.
Very truly yours,
/s/ Rachael L. Schwartz
Rachael L. Schwartz
for PAUL HASTINGS LLP
Y*JB;5[57%/P8 MD_#]<:UMK)4@LHH;?<4AA4Q7*JN5@$8CG(BTJNW9B#U.MV5M> M['F73_IN3XSCS-I[TW)\9QYET_Z;D^,X\S:>]-R?&L>9M/>FY/C./,NG_3]-R?&<>9M/>FY/C./,VGO3< MGQG'F;3WIN3XSCS-I[TW)\9QYFT]Z;D^,X\S:>]-R?&<>9M/>FY/C./,VGO3 M C6UB/!C1@Z6N*0HYPD(\LIG&E"S MG:_=8Z@.SOZ-9Z9-!C1X^F"A''E"(1QI7%>YJJ9CDR,HB=G1;(-GM@KU>;@D MJ2L%[C-X-MAB<\TI>`US]CD_F:Y>S%KOT:C6SXZ/*)%KR\EBJ.3'7M^R,U4V M]G1<;?[<:6B7:WVHZPY-[NTAT:(22Q?M&QT0H$R)39O*J]=$Q`A>Y&E8UGMM MQ,D6/?+5(?)B#D.^JAJE.W)W[R.1-M%Q,/;P-F3!Q#EAQU?E9)D-$K@!5_8T MKZ)7$FXW#VXML:'"`^3*,MWSH(0VYGNHPBN 0$A7EE-<4X\QFO3*Q4X79B]7X`1R36R$24..5SF#*YN5$:1S-Y$VX MD1Y806R_17*]]O81SF'A+3ARHKRT<5$K1Z?B_0N+U?HX!236R&Z2..9SF"*Y MKF-RO>S?1-[LQ9;](`.,:Z0F2B1PN<\0G. ]<[^!"A@1 M'2I\I6U:`#-G]IR[&ICG[;H.R0H1$0D<%UGD'-(%V\Q58^3' L M;(_2^IE3/#`KG$A7%F57?NQG?K%:E42KD ! MD^T'GXN9U>ZF/_G-G_ZO_P`SCW)D7F&.WW4RP7SH0B<4<8ZE-F$PE79FHE,. M(]R,&QKGO<[8UK6IF TW$GS0`S6YS2,D24$1Z M*K3A[?\`6NQJ;0,6XQI]G/(+=]-RP'&<3D>C'FBC(-SF*[@*E4Z\PU[\*B[4 M5*+^'%VAZ8LL'5NG)TXEQ#G(T,T1"HF9KFH=A4>C6HU=CVKEJF(UH]TO;J=: M;<62-[9 [?WN+_`'F;C5OW.;])F-%>X.D,X=6V2S1GF$!C M:7>")2(091[.(88:I3K(S=ZZ8U/ "Z0,U7P)J/%G&J.H[A/ZV+VI M\]<:2^Z!?IDQH"SW!,]NBV\]S&!^T19;'2B(KD78[?B#V=M,3[J*WRKJ2$'B MMM\%,TN4N=C.&%J-=5^]7JQIRY:B]L]1P[A$N,:-9[G.>^%RQS2&*B-=0+3Y M'[V1 OX2M,+56G+Q.? ?;+4 M /\&^&\7B9OW7X;RV;-F_N.6_HZ/= M:1*A2X\>9>VDB'/'*(4EG-W! KEJB(M<6VUM>I$MT&)"0B_K.6`P6?^UEQJH$<)3G-9IK M!!"QQ"E>X:HU@QL17O Q,:6CR@&C2!6[*4!QN$8;N8.N4@WHCV+3OZ/=*3 M)A2X\>7=1NBG/'*(,EJ29E5`1[485$14^JJ]>-4QXP2R)!;49@@!8XI2OJRC M!C8CGN C7,=].+OJ#1@#F@:I`^W:ELL M6.^11TAR%2<``D5V1QF;:)]F]>Y5QI:/)"6.<5K&TH#C>(HW(0FZ09$:]COI MQ9M6Z65O\4:5(IHL9Z)DN,7-G?$WE:WBUK1%5$ 3\;X?R?'R4ZLVVGRO_V@`(`0$#`3\AR3P/Y89Y`".& M))0M%16',,IW,IWQ9H8-+.UT"%CZ;-S@2%WL>5WZ.#+U?A14+&W;T'#A5016 M#M1^`:\%2$E*M)>(XZP1$,,;0#@KICAVM!P^\LZ/7`3%"D^,#)X4ZX"JG=0J M(+J;]UBO2)Y/'% M3VL94["'5>V"\DAH64N1*(X:0;14NA;")YLU+YZUE5-W9T[7TP7K^M?G^ RNP>QK:F$;;%Q!H0*HH:ACM4HI]R:\XD`421KXMB!O"(\M) MW:'F$G#^9TX,!O`BH`NCT?\`2V?`-_`3OPZ=^'@ITZ=/#3QY_P"1PZ=^G3_) M6X'R.5]'G+\E)!(LUJ]`Y#AP*)P]>_05+LR'_A,NL@`;&^T`RP6BP]<>'CCK MQ]<=4PB<*+1N'P)>T6G@29*,V((<",H2\8@=L:&YOF1.8=N'(ZRU'"U3(*;@ MPWKP!L45$4V9(CS$72.++-XN-:1NY$ZC>6GB^Y<<>56CU,W1GI0;5G+"0,`P M,L* #2+(A*$SYC/V/?=O03:1WB-R\@TY_YS(S7?GHN5;5N(SD83DH'2O;$< MS4:C'P:10P7C2SK%SJ1C%N`AW!$^N$2.0)5>=+(A4S@K[HAUAI?+1C>2.!ZI MW6\/36"4UZF=UF*LM,HN1:E-J>"5O!&A<25Q>='AZ.YI#O;)X2,QH /DP*3"YJVHN(0&%8GJG2AN$CHC<<^U4OMCY?3 MMT+A>M8*((Y,8^OCP01#M:8+:%%A=.K$#?5G7K.D'R@!!`9R.S`8`84\DN"^ MFE?N?ZS83*+T*;`<)(?,$K!=2QZ`CEP\XV#X-0C4[U+N=,?,EWJ!R0!7'R*Y MGJ&E8./1S?\`_$?:I=`=\;N,NC=`S@K@-89+N#3L+FN2C^^92:E*$QII_0<2 M@/`'*558*B,!S0+%'$G%5<8E**$DPW#P42;%WX^N\&$U2H2OE#SEUO\`@8,F MT:8J&$N,,ZS(6W;A`9//^6.]BXU\7__:``@!`@,!/R'$F-CR8,BGW/7EX^WH M\X%]$FD]'*Q^`JA#Z^7%'>!O.4EAK.R9Y$WQZ/Q.''/Q_P"_@@:%,^/?'4"N MCD_B,<2/V[G5(\. _P#Y&G%K<\\6M]/?CIGH7USW_&?_V@`(`0,# M`3\APV&*(H^S-Y);]4C[IE/28D<*5[7T-4OE"SWG'HC?YH8>[QZ)4XNB:[[^ M`2=A8<.X8``_3:[\=,=\&=`.X9W$E\'2^^3J,#K#F>0_6#%ZW/PN/)Z*?I?` MK+;46C/<'OB.C-+'LT8GN\%Z^^`5R ,"/L9J3V'SA*[_`)RGKXM2`N-G1,($`$T\/ASI@'8^ M8?;#:?''<<)T81PLOX94W/O[G4P_L88KOHX_#M6_V>,3MUP+!^R89P<\TA_C MU_[+_]H`#`,!``(1`Q$``!`6F*4"0```````9SB.&8```````3;\JUZX```` M``>9Q/L(X``````""20""````"``00"`2"2``"`"`$D,0"`"#N0"0`=*9390 M`8Q*"+8````````````#_]H`"`$!`P$_$,2CGAPY30%H@YSPL9+B;"4#G$.0 MZ;3GMB%4`"JIH-J^`Q_J`F`=J*9(TRG B%6VY"ZVVC6Q_MFI/`T`NA1TH^QG5[?VX\`!68"0 MA`#PN[Z43TCE%V*"Q!V"?`)@[[9<"\FQ3W4^CH!>JHADIV2Z_`61`6+5:JJN M;:9X3#FK'``+;@+8NZ4':N,!0@CCGB=-K'U8VID85!&?MMDQ98Y-(/$6`CBV ME"YC0(:D4)K5GG0PMO7L8!T@H=A6@V-+.^(NQ.R/N&'!NZYUO[:_F2!^,14= M"DLUR*0FQMJ'#Z&&]25P;'858"3"W=ZA!(&9S]6X-9-2(=V$";-8P-Y.PG4= M@@ML1[J76!^^V$(H2)*V7:I-"=JC@^.@'H5V6^:5,J..0=MB$.%4-^;/."3V M:8:)E<$8'K4.ZX$"\_S->\VMP$LF2G!Z?;L/V;OMOZ?4[3G-.;F[W<)[>A M\UX2;\$M^ERG')/)V\_7RA3Y.ZW[?YX(40[D-<[SLFSMLZ_US9-FV;-:?I<$ MX23A.>/KS>F\8FX8,3KCG[#"@4`%5``Y59#!>$]DS1@C+-D[SI]/OR!SQ]>/ ME)J_0]N?)/TG^PX^E-!J==!T3HV$#T;;$C]'40.DWT=$HO94("!>8)I@(*(@ MN`.YIB!%`)70$VK4)C>J?Y]@Q,#I6#FY@!09N@"Z%@P:/IKWR9:)R3]X,]QY M$E:"XUI(MY@2>QKC-4RMS[9#1*KBE$%\(Y1%1?0PM]Z+JII5Q.\0M2$M:IL6 M&(L;T"2T"P6AK"1\"UXF!@-<42NL5I8C&$65P5:C95?44(4H!QY2K=13)N:& MUQ>A)'D01X>H>)9=ZP`BY)@!&0,6#86!"<^1[`^P/=Z$A ^' M[K.QZI0!#;!4D!%L7LQA,#6>FKD090:83-``@00@/0XPQALUT_VYQZ/0)\&K MVZG79@MC4++8:VFNS@FD;J9#O6K2Q5L[GW_JPS)OTQ_0K0`ZHT;(833'#1`N M)LBGAN)5FSQZVT4;J(#=91>HVSC+V8VGOLDD[,53[1J?+F-94#<^6XVGO-O2 M^W"63*Y6B;8E]V$LY-%9KZ%#FXQ\,G_I([GB%G\6)(!FKG72XM#G#RCVP8D& M$9E+A$N%P%7\8P,-%^,Z(*7*..=J$$&6NL`*'CO,4,8H*6&8*!O^^\L*4P,X MZ81L`\L5H>OH,%7(A&<@!#`8Q9!?^F(1%<&0MAN`'$NRBW"QS[01KR429J%F M9G:0!+*)FKU*67@4VV0M#+*<-74:.@)O+OGWBDQE)DK3%@]+'8O0"9>1#_ M`"H&X2)K`-#*,=+'(FJL.Y_2K[#_`-7OB__:``@!`@,!/Q#$PJ;$D]]ZSQ00 M9_#Z<9?T_-#/><>C(*<*A?:\YXP*0N!2OL<^@2@CN(_KX"RPD2-_ZMY,(ZFK MW-_-RW:1OAAU^O7$3M/NIA 9EWWE=-WSOS,8@AY#?O\`^8(E7_`M M!TSYW_F'7[O2$1MUPB"+S_"1(\7-AA.F("C3_K"*''_S^&ACC+D&./0$AQZJ M`E!B`L8D_P"*@]G!2.<-=*GI0*S/:P4]!FP8@W$R;GQ?_]H`"`$#`P$_$,,5 M`0"408$1$41Q-S0/_<(??$-J3#;#;@7TL%.B7DXO)Z%LNL4[V@QIVPT^BB0@ M,W82'W<-\8'E8%5<``IY-?`=!";BN%.*FM\'&-,4XM#HP3=1A99B,``W4Y#) M2%T:X,6<`OH#DAHJ"*4N2*I1JK4;5_>)MES>DG9.<_(_KR9^$XGYW-/T?8S\ MW]L;\UM7\[^`84]B@$X)7P-'7$\17-CD%G1I?'7%$*I%4VM7K-/$,U1F-:XR MN9LB\D#)^/(2L"`^X5Z;R*<*<++T`J`^) F0'+V0^Z?S@RP]#:[$!QIQ$)T`VKK&V\- MD!%ZD>'K@E7**)!2]4#P`-8R14*@`ZB3_>;6X$D&GN4#0KWRV>FRE32:T;'Q MUP7#WS`@VKTLP$GU%0_D'0Z+HQ2XF)>*=_&$DIH6NK-6].,'9Y#*244=G/)Q ..FWGG_'+_`#K_`-)__]D_ ` end
Z"CYL"@"0K@XE$>LA8QN#CBJU)R"DG"/*A>JTG/P]:K-K.RC@8+SJS5+TCG M!=JJT%59%RIZ*A"P6`8@U95`>G5*,XA]@MX\3Z[7:`UFTN9[&4A[EZ:E96Z. M,H0M(/&69:KU-L[K@1T:N/7+^$1<^/Z2]7D#2<30J&UHFL%W3Y; MA$`_]5T7\1_\@ZD7_:$W8.J:8_']BMBHI_I[5WKO">U3N39!&R;K:>QNI.-! M0%@C9%Q5:XL_CP6+W*L#%V % M85/'-3F[?.N!,4J@L81@L].V;`;X*/7QTBH($_2HLH4H?$0ZQ@5-%99NM#XG M7C9#`&Z^9=M,WX4J^6N0&>N40O"V[)=,BK!CJ@P;ATTH2"47+S[:1C2PMG13 M>,DU$DP_+13`X=P`.V9VH$!H-`J#$5/56[X+-CG=VP)=-5[I/1TSD74RU/:: MS?1TBUDV-@QB]DY-*K2L+(M5EDI>)BI1@]8)+IF.F#(C,0'L VFDA-MTQ64B%YZ) 7?KU5DAK`^2^5KCGQE7M>;/HPPV=Q7C(\E&4V_8:M9C2[NM+ M2;V3(51C&LI^5<$(HZ5,D+R'9.B$,!%?,2@ ]>]I:C,-_^ATAG6JF1&,LS]\U79QM:M281,FP?2 L2LD3_U"G_9#2?XEL8?L&]=98?C]BJ_ M)/+C?^7,/^":_P"X3ZQG-64<9T_R1S'^ZO(7^$I?H,T2IN`'^7-3_P!Y^4_V M^3J\OQJK 02-(]J M=Z[5<1*@>DBV>*JQ9S)MGC;PD$2-TGXADGPFO1>MS:9#IF6<`Z#9*QW88^U4 MBZ[14*P5JP1:P+LI*,?P$HHDH00['172-W361.!54%B'34*4Y#%!$""X'.BA MW1:,>L*NL_O'#"L,K\G_`"B9TNZ82U]QKD2-Q)1E)0` S>E=@1`_ RP47(P3EP\ ,0*Z*3\8MS'\0$W8!HTZ754D5%$E_#FPO* MQHKC.F8*R7Q\GV!H^*(5K3ZWD#"=N%X_DZK"$%M$*.&4'&VE9PJWCDB)D56C M(U90A2BLD"OF)LA#'&H-%%7#HNQJO)+IIFW,9[KE+43)..MY\*XSO$UANGY. MJAF%]M[RNU>TV)+&&.+&U*+O^\ML`[YK'-GT8@+Q5T8C H,9IFR [4?%^V#:[4VUTUS*[6W&4BV] MKKDQ7%Y.,5A(5-*2CD9AFS4>QZIR"!5D@,F80$`-\.LDM*BG@JMZKU.8E3+N M=!UXT-P]7+BJEL/D:#E,PWV(K<^[JU+QK7)9%1!&PV%FS4A62;R315DE$%U2 MJ&3AB$[=ER@9'05>>B.QP5D6?#WQMM6;1JKJK1)!5JU;ME'[^0MJSYZ9NB1$ M7;U8MC3*J[<"3S4,!0`QQ$>P=1YC_%30)<.7= !MMO95(%W[-%]8GS-D68?-(\4W<=+H"J?TQ<0SHH=O4[#<'6PAQ] MY1DZHR3N=O,69"S9K5E[&>);W+XUR99JJ<*'=8*:DJ\_B;1$OF4[#I>]PZ[> M1CF$PZC"LG:J1A,5HY4'Q,'X1Q-(!J M,J;#T>HVBZ2Z.Q6-I!:)J-?EK))I1[>$NQ'#]5A#-'KM-DW.L0IU1("9! M.4!$.X=98B`['*BJ[).GCRB5@Q*8!*8K-L4Q3`("401(`@(#\0$!ZQ%64?9K M;.7N&LMLV;==V\=XROK9HT:HJ.'+IRO595)!NV;HE.JNNNJ<"D(4!,8P@``( MCT&:)8/!34+;1^/RI0%VJMDIL\EDG)KE6$M<%*5R82;N9TAVSA2,F&K-Z1!P M3\29Q(!3A\0$>LDOQ8*K ,1:N-*33K5 MS6/$\YL%@W8"-:H;)X9IY55KI"S[($E%;?`1S=!\]>$6<-Q?(N4&SCT%W#U! MP1-%PFN3*"'MTNP(53@:]%(@\YV$YF.3C*!K'N+=LJO"D;1^+V^'SL7ZLPH! M2ECW4PC*RB;9#UA\163;+G``[^E^KJ/+/B*)J]:K7I]1]S)CEO8[$[78Q?TB M1S%K/<;!#PT0T?RE8Q;5DIB)@:AB^ Q1:[9U&LK.T;JL3J"<$B&7*=3\!3=8VD!U3DI.25[A;F,?8/H58Q/O3 MK'M'CK,U$@8JL3=BBL;OK;"7U>%9DCBVA-ZXD6#@'\V1J59<43OVJS@YU$G! MDS`!;F.IJTBB@.\5!V2LK7??G:O`^W=9UCR_BW5K0B.NF<+9E;(%*)$9"RJP LI#9"]GI%%K*BY#ST@Z=U8J$ ."$6>+JK*MQ,0AY`T-+:^\5!Q->@7_]D_ ` end