Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 11

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 11
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 not have discretionary voting power with respect to that matter and has not received instructions from the beneficial owner.  Due to the nature of the Proposals, brokers will not have discretion to vote on any of the Proposals  
 and accordingly the Fund does not expect any broker non-votes at the Meeting.                                                                                                                                                                   |

-6-

| Q. | How do I vote my shares? |

| A. | You can vote your shares in person at the Meeting, or by completing, signing and dating the enclosed Proxy Card and mailing it in the enclosed postage-paid envelope.  Alternatively, you may vote by telephone by calling the toll-free 
 number on the Proxy Card or by computer by going to the secure website provided on the Proxy Card and following the instructions, using your Proxy Card as a guide.                                                                      |

| Q. | Will my vote make a difference? |

| A. | Yes.  Your vote is important and makes a difference in the governance of the Fund, no matter how many shares you own. Your prompt response will help ensure that the Proposals can be implemented, and will help the Fund to expedite this 
 transition and avoid additional Proxy solicitation costs.  We encourage all stockholders to participate in the governance of the Fund.                                                                                                     |

| Q. | Who do I call if I have questions? |

| A. | If you need any assistance, or have any questions regarding the Proposals or how to vote your shares, please call InvestorCom LLC at (877) 972-0090. |

-7- PROPOSAL 1: APPROVAL OF PROPOSED INVESTMENT ADVISORY AGREEMENT
BETWEEN THE FUND AND BULLDOG INVESTORS, LLP At a meeting held on December 13, 2024, the Fund’s Board, including all of the members of the Board who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), constituting a majority of the Board, voted to approve and recommend to stockholders for their approval a proposed Investment Advisory Agreement between the Fund and Bulldog Investors, LLP (“Bulldog”). We refer to Directors who are not “interested persons” of the Fund as “Non-Interested Directors” and to the proposed Investment Advisory Agreement with Bulldog as the “Proposed Agreement.” In addition, we refer to Non-Interested Directors who are not “interested persons” of Bulldog as the “Non-Bulldog Directors.”