Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 32

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 32
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en (HSG), Switzerland. Other Accounts Managed. The following table shows information regarding other accounts managed by the portfolio managers of the Registrant, as of December 31, 2024:

|                | Number of 
  Accounts | Total Assets in 
        Accounts | Number of Accounts  
 where Advisory Fee  
 is Based on Account 
 Performance         | Total Assets in  
 Accounts where   
 Advisory Fee is  
 Based on Account 
 Performance      |
| Stefan         
 Frischknecht   |           |                 |                     |                  |
| Registered     
 Investment     
 Companies      |      None |            None | None                | None             |
| Other Pooled   
 Investment     
 Vehicles       |         2 |    $186,483,271 | None                | None             |
| Other Accounts |         3 |    $995,089,499 | None                | None             |
| Daniel Lenz    |           |                 |                     |                  |
| Registered     
 Investment     
 Companies      |      None |            None | None                | None             |
| Other Pooled   
 Investment     
 Vehicles       |         2 |    $352,209,363 | None                | None             |
| Other Accounts |         4 |    $909,123,176 | None                | None             |

Material Conflicts of Interest. Whenever a portfolio manager manages other accounts, potential conflicts of interest exist, including potential conflicts between the investment strategy of the Registrant and the investment strategy of the other accounts. For example, in certain instances, a portfolio manager may take conflicting positions in a particular security for different accounts, by selling a security for one account and continuing to hold it for another account. In addition, the fact that other accounts require the portfolio manager to devote less than all of his or her time to a fund may be seen itself to constitute a conflict with the interest of the Registrant. Each portfolio manager may also execute transactions for another fund or account at the direction of such fund or account that may adversely impact the value of securities held by the Registrant. Securities selected for funds or accounts other than the Registrant may outperform the securities selected for the Registrant. Finally, if the portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Registrant may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and accounts. Schroders’ policies, however, require that portfolio managers allocate investment opportunities among accounts managed by them in an equitable manner over