<SEC-DOCUMENT>0001398344-22-003940.txt : 20220517
<SEC-HEADER>0001398344-22-003940.hdr.sgml : 20220517
<ACCEPTANCE-DATETIME>20220225154057
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001398344-22-003940
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246
		BUSINESS PHONE:		(513) 587-3400

	MAIL ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_001.gif" ALT="" STYLE="height: 34px; width: 225px">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: right">February
25, 2022</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B><U>FILED VIA EDGAR CORRESPONDENCE</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F Street, NE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549-4720</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Attn: Valerie J. Lithotomos</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font-size: 11pt"><FONT STYLE="font-size: 11pt">Re:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Preliminary Proxy Statement on Schedule 14A filed on February
15, 2022<BR>
File No. 811-02363</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Dear Ms. Lithotomos:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On behalf of Cornerstone Total Return Fund, Inc. (the
&ldquo;Fund&rdquo;), this letter is in response to the comments relayed in a telephone conversation with the undersigned on February 22,
2022 from the Staff of the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) regarding the Fund&rsquo;s Preliminary Proxy
Statement on Schedule 14A filed on February 15, 2022 (the &ldquo;Proxy Statement&rdquo;) under the Securities Exchange Act of 1934 as
amended (the &ldquo;Exchange Act&rdquo;). We have set forth below, in bold face type, the comment, followed by the Fund&rsquo;s responses:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px; font-size: 11pt"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Reference is made to the Director Nominee table beginning on page 2 of the Proxy Statement. Please add &ldquo;over past 5 years&rdquo; to heading of the last column of such table.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The requested revision has been made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Reference is made to Proposal No. 1 (regarding election of directors). Please advise whether the Fund believe the disclosure in the Proxy Statement clearly states that brokers have discretionary voting power with respect to this proposal.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The Fund confirms that Proposal No.
1 is routine and, as such, brokers have discretionary voting power pursuant to New York Stock Exchange (NYSE) Rule 452. The following
has been added under the &ldquo;REQUIRED VOTE&rdquo; section of Proposal 1:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;Proposal No. 1 is considered a &ldquo;routine&rdquo;
matter under the rules of the New York Stock Exchange (&ldquo;NYSE&rdquo;), and beneficial owners who do not provide proxy instructions
or who do not return a proxy card may have their shares voted by broker-dealer firms on the proposal in the discretion of such broker-dealer
firms.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>In the &ldquo;CONSIDERATION AND APPROVAL BY THE BOARD OF DIRECTORS&rdquo; section for Proposal No. 2, please provide additional disclosure regarding the considerations made by the Board when it determined to approve, and to recommend that Fund stockholders approve, Proposal No. 2. In addition, please clarify that any future rights offerings will be made pursuant to a registration statement that has been filed with and declared effective by the SEC.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE: </B>The referenced section has been revised
to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;The Board met in person on February
11, 2022 to consider, among other things, increasing the authorized number of shares of the Fund&rsquo;s common stock. The Board considered
that the increase in authorized shares, by itself, would not be dilutive to with respect to either the net asset value per share of the
Fund or with respect to stockholder&rsquo;s voting percentages. In addition, the Board considered that the number of issued and outstanding
shares of the Fund has increased as a result of reinvestment of distributions through the Fund&rsquo;s reinvestment plan and the purchase
of additional Fund shares pursuant to the Fund&rsquo;s rights offerings, resulting in a decreased number of authorized shares available
for issuance by the Fund in the future. The Board considered that, in recent years, the Board has approved several rights offerings (the
&ldquo;Prior Rights Offerings&rdquo;) whereby stockholders of the Fund were permitted to acquire additional shares of the Fund pursuant
to a registration statement filed with, and declared effective by, the SEC. The Board noted that these Prior Rights Offerings were historically
made when the Fund was trading at a premium to its net asset value and were anti-dilutive with respect to the Fund&rsquo;s net asset value,
but were dilutive with respect to voting percentages for stockholders electing not to fully participate in them. The Board considered
it prudent to approve and recommend an increase in the Fund&rsquo;s number of authorized shares at this time, subject to approval by the
Fund&rsquo;s stockholders, to provide the Fund with flexibility in the future for, among other things, the ability of Fund stockholders
to reinvest future distributions through the Fund&rsquo;s reinvestment plan and the ability of the Fund stockholders to acquire additional
shares of the Fund in future rights offerings that the Fund will effect pursuant to registration statements that will be filed with, and
declared effective by, the SEC.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Please supplementally advise the Staff whether SEC permission is required for the increase in authorized shares proposed in Proposal No. 2.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The Fund supplementally advises the
Staff that it is not aware of any requirement to obtain permission or approval of the SEC in order for the Fund to increase its amount
of authorized shares. The Fund is required to obtain, and is seeking, shareholder approval of such increase under the provisions of the
New York Business Corporation Law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Please clarify whether Proposal No. 2 is considered routine or non-routine. If non-routine, please revise the broker non-vote language accordingly.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The Fund confirms that Proposal No.
2 is routine and, as such, brokers have discretionary voting power pursuant to NYSE Rule 452, and supplementally advises the Staff that
Fund management had previously confirmed with the NYSE that a proposal to increase the number of authorized shares of the Fund was considered
routine. The following has been added under the &ldquo;REQUIRED VOTE&rdquo; section of Proposal No. 2:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;Proposal No. 2 is considered a &ldquo;routine&rdquo;
matter under the rules of the New York Stock Exchange (&ldquo;NYSE&rdquo;), and beneficial owners who do not provide proxy instructions
or who do not return a proxy card may have their shares voted by broker-dealer firms on the proposal in the discretion of such broker-dealer
firms.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">6.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Please supplementally advise the Staff why a proposal for shareholder ratification of the change in the Fund&rsquo;s independent registered public accounting firm is not included in the Proxy Statement.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The Fund supplementally advises the
Staff that under Rule 32a-4 of the Investment Company Act of 1940, as amended, the Fund is exempt from the requirement to submit the selection
of its independent registered public accounting firm for shareholder ratification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">7.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Please provide the letter that will be attached as Appendix A.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The referenced letter has been attached
as Appendix A to the Proxy Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 11pt">8.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 11pt"><B>The Staff notes the disclosure in the Proxy Statement that the Board last approved the investment management agreement on February 11, 2022. Please advise whether the investment management agreement is required to be approved by the Fund&rsquo;s stockholders.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RESPONSE:</B> The Fund supplementally informs the
Staff that the investment management agreement was approved by the Fund&rsquo;s stockholders at the Fund&rsquo;s Annual Stockholder Meeting
held on April 16, 2019. After its initial term of two years, the continuance of the investment management agreement is subject to annual
approval the Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center">*********************</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The disclosure provided in the response to Comment
Nos 1, 2, 3, 5 and 7 above, and other revisions which are non-material in nature, will be incorporated in the Company&rsquo;s definitive
Proxy Statement which will be filed today, February 25, 2022. Should you have any additional questions or comments regarding this letter,
please contact the undersigned at (212) 885-5205.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt"><I>/s/ Margaret Murphy</I><BR>
Margaret Murphy</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
