Company: SWZ
Filing Date: 2025-01-10
Form Type: PRE 14A
Source: 0000894189-25-000129
Chunk: 9

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 9
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) affiliated with Bulldog.                                           |

| Q: | What will happen if the Proposed Agreement is not approved by Stockholders? |

| A: | If stockholders fail to approve Proposal 2 or Proposals 3.a, or if the Proposed Agreement is not approved by the Fund’s stockholders, the Board, including the Non-Interested Directors, would consider what actions, if any, would be 
 appropriate.                                                                                                                                                                                                                           |

| Q: | Are any further actions proposed following the Meeting? |

| A: | If the Fund’s stockholders approve each of Proposals 1, 2 and 3, the Board anticipates that the Fund would, as soon as practicable, opportunistically sell substantially all of the liquid positions in the Fund’s portfolio in order to         
 facilitate implementation of the new investment objective and strategy.  The Board noted that a sale of the Fund's liquid positions would result in the realization of a large amount of capital gains followed by a capital gains distribution  
 to maintain the Fund's status as a "regulated investment company" for Federal income tax purposes, which would reduce the total assets of the Fund by approximately [30]% based upon current prices of the Fund’s portfolio holdings but will    
 ultimately depend on stock prices at the time of sale. In addition, if, subsequent to said distribution, the Fund trades at a discount to net asset value per share (“NAV”) in excess of 10% for 10 consecutive trading days in 2025, the Fund’s 
 Board intends, as promptly as practicable, to commence a tender offer for at least 15% of the Fund’s outstanding shares of common stock at a price of at least 98% of NAV in order to provide an opportunity for stockholders to exit, at least  
 in part, their investment at a price per share close to NAV.                                                                                                                                                                                     |

-5-

| Q: | Who is eligible to vote at the Meeting? |

| Q: | What vote is required to approve the Proposals? |

| A: | Each Proposal requires the approval of a “majority of the outstanding voting securities” of the Fund under the 1940 Act, as further set forth below: |

Proposal 1: Approve a New Investment Advisory Agreement.The 1940 Act requires that the Proposed Agreement be approved by a “majority of the outstanding voting securities” of the Fund. As defined in the 1940 Act, a “majority of the outstanding voting securities” of the Fund means the lesser of (