Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 67

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 67
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 Fund Complex is comprised of the Fund, Special Opportunities Fund, Inc. (NYSE: SPE) and High Income Securities Fund (NYSE: PCF).

** Messrs. Dakos and Goldstein each may be considered an “interested person” of the Fund within the meaning of the 1940 Act because of their positions as partners of the Fund’s Investment Adviser and Mr. Dakos’ position as an officer of the Fund.

*** Each executive officer serves on a year-to-year basis for an indefinite term, until his or her successor is elected and qualified.

The Board believes that the significance of each Director’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of the Board’s effectiveness. However, the Board believes that Directors need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the Board believes that the Directors satisfy this standard. Experience relevant to having this ability may be achieved through a Director’s educational background; business, professional training or practice (e.g., medicine, accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Fund) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. The Board’s Nominating and Corporate Governance Committee Charter contains certain other factors considered by the Nominating and Corporate Governance Committee in identifying and evaluating potential Director nominees. The Board and its committees have the ability to engage other experts as appropriate.

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Information about each Director follows (supplementing the information provided in the table above), including some of the specific experiences, qualifications, attributes or skills that each Director possesses which the Board believes has prepared them to be effective Directors. Each Director satisfies the Fund’s Director qualification requirements set forth in the Nominating and Corporate Governance Committee Charter, which are as follows: (i) the character and integrity of the person: (ii) whether or not the person is qualified under applicable laws and regulations to serve as a Director of the Fund; (iii) whether or not the person has any relationships that might impair his or her service on the