Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 45

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 45
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ing and replacing officers and selecting and supervising the Investment Adviser. The name and business address of the Directors and officers of the Fund and their principal occupations and other affiliations during the past five (5) years, as well as a description of committees of the Board, are set forth under “Management” in the Statement of Additional Information.

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Investment Adviser and Investment Advisory Agreement

The Fund is managed by the Investment Adviser, Bulldog. As noted above, at a special meeting on February 21, 2025, the Shareholders approved the Advisory Agreement under which Bulldog provide investment management services to the Fund.

The Advisory Agreement provides that Investment Adviser will provide overall investment management services for the Fund, and in connection therewith (i) supervise the Fund’s investment program, including advising and consulting with the Fund’s Board regarding the Fund’s overall investment strategy; (ii) make, in consultation with the Fund’s Board, investment strategy decisions for the Fund; (iii) manage the investing and reinvesting of the Fund’s assets; (iv) place purchase and sale orders on behalf of the Fund; (v) advise the Fund with respect to all matters relating to the Fund’s use of leveraging techniques; and (vi) provide or procure the provision of research and statistical data to the Fund in relation to investing and other matters within the scope of the investment objective and limitations of the Fund.

Under the Advisory Agreement, the Investment Adviser is compensated by the Fund through a monthly advisory fee at an annual rate of 1.00% of the Fund’s average weekly total assets, deducting all officer and director fees paid to those officers and directors of the Fund (other than the Fund’s Chief Compliance Officer) affiliated with Bulldog.

Phillip Goldstein and Andrew Dakos are primarily responsible for the day-to-day management of the Fund’s portfolio. The business experience of each of Messrs. Goldstein and Dakos during the past five (5) years is as follows:

Phillip Goldstein: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP, each a registered investment adviser. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball & Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership,