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

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 14
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.00% of the Fund’s average weeklytotal assets. |

Example:The following example illustrates the hypothetical expenses that you would pay on a $1,000 investment in common shares, assuming (i) annual expenses of 1.61% (for Schroders at December 31, 2023), 1.78% (for Bulldog at December 31, 2023) and (ii) a 5% annual return throughout the periods.

|           | 1 Year | 3 Years | 5 Years | 10 Years |
| Schroders |    $16 |     $51 |     $88 |     $191 |
| Bulldog   |    $18 |     $56 |     $96 |     $209 |

The purpose of the above table is to help a holder of common shares understand the fees and expenses that such stockholder would bear indirectly. The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than shown. -9- As is the case with SIMNA under the Current Agreement, under the Proposed Agreement, Bulldog will maintain a staff to furnish the services to the Fund under the Proposed Agreement. Bulldog will bear all expenses of its employees in connection with its duties under the Proposed Agreement. However, unlike the Current Agreement, Bulldog will deduct from its advisory fee 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. The Fund would continue to bear all of its own expenses and liabilities, including but not limited to expenses for legal, accounting and auditing services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations; fees and expenses incurred in connection with listing the Fund’s shares on any stock exchange; costs of printing and distributing stockholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund’s custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the Securities and Exchange Commission; expenses of registering or qualifying securities of the Fund for sale in various states; freight and other charges in connection with the shipment of the Fund’s portfolio securities; fees and expenses of Non-Interested Directors or non-interested members of any advisory or investment board, committee or panel of the Fund; fees