Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 5

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 5
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 North America Inc. (“SIMNA”) and sub-investment adviser, SchroderInvestment Management North America Limited (“SIMNA Ltd” and together with SIMNA, “Schroders”),advised the Board that it would cease to provide executive officers to the Fund, which it had been providingat no additional cost to the Fund.  Shortly 
 thereafter, JPMorgan Chase Bank, N.A., the Fund’s administratorand custodian, notified the Fund of its resignation as custodian and administrator for the Fund.  Theseactions                                                                                                                                                                 
 have resulted in additional costs to the Fund because it was required to obtain replacement officersand a new administrator and custodian.                                                                                                                                                                                                    |

At a meeting of the Board of Directors in September 2023, Phillip Goldstein reported to the Board that he had received unsolicited communications from institutional investors asking that the Board consider a change in the Fund’s current focus on Swiss investments. Mr. Goldstein reminded the Board that in 2019 the Fund sought stockholder approval for a change in the Fund’s investment objective and fundamental investment restrictions as well as a change in the Fund’s investment adviser to Bulldog. Mr. Goldstein noted that while the Fund did not get the requisite stockholder approval in 2019 to implement the changes, of the shares voted at the meeting, more votes were cast “for” the proposals than against. Mr. Goldstein stated that in light of the recent communications from investors, Bulldog would like to submit a new proposal to the Fund for its consideration. In response to Bulldog’s request, the Board established a committee comprised of Non-Interested Directors who are not “interested persons” of Bulldog (Richard Dayan, Gerald Hellerman and Moritz Sell, collectively, the “Non-Bulldog Directors”) regarding a possible change in the Fund’s fundamental investment objective and fundamental investment restrictions together with a change in the investment adviser of the Fund in order to make the Fund a more attractive investment opportunity. At in-person meetings of the Board in December 2023, March 2024, June 2024 and September 2024, the Non-Bulldog Directors met in executive session with Messrs. Goldstein and Dakos with respect to a potential change in the Fund’s investment objective, fundamental restrictions and investment adviser. -3- At an in-person meeting of the Board on December 13, 2024, the Directors, including all of the Non-Bulldog Directors (meeting with the full Board and separately in executive session) met