Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 44

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 44
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 investment in the securities denominated in that currency will rise. Certain foreign countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located outside of the country, due to a blockage of foreign currency exchanges or otherwise.

<div align='center'>LISTING OF SHARES</div>

The Fund’s Shares trade on the NYSE under the ticker symbol “SWZ” and are required to meet the NYSE’s continued listing requirements.

<div align='center'>MANAGEMENT OF THE FUND</div>

Directors and Officers

The Board is responsible for the overall management of the Fund, including supervision of the duties performed by the Investment Adviser. There are five (5) Directors of the Fund, two (2) of which may be considered “interested persons” (as defined in the 1940 Act) of the Fund. The Directors are responsible for the Fund’s overall management, including adopting the investment and other policies of the Fund, electing and replacing officers and selecting and supervising the Investment Adviser. The name and business address of the Directors and officers of the Fund and their principal occupations and other affiliations during the past five (5) years, as well as a description of committees of the Board, are set forth under “Management” in the Statement of Additional Information.

<div align='center'>32</div>

Investment Adviser and Investment Advisory Agreement

The Fund is managed by the Investment Adviser, Bulldog. As noted above, at a special meeting on February 21, 2025, the Shareholders approved the Advisory Agreement under which Bulldog provide investment management services to the Fund.

The Advisory Agreement provides that Investment Adviser will provide overall investment management services for the Fund, and in connection therewith (i) supervise the Fund’s investment program, including advising and consulting with the Fund’s Board regarding the Fund’s overall investment strategy; (ii) make, in consultation with the Fund’s Board, investment strategy decisions for the Fund; (iii) manage the investing and reinvesting of the Fund’s assets; (iv) place purchase and sale orders on behalf of the Fund; (v) advise the Fund with respect to all matters relating to the Fund’s use of leveraging techniques; and (vi) provide or procure the provision of research and statistical data to the Fund in relation to investing and other matters within the scope of the investment objective and limitations of the Fund.

Under the Advisory Agreement, the Investment Adviser is compensated by the Fund through a monthly advisory fee