Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 16

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 16
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og. The expenses of Bulldog will not necessarily be reduced as a result of the receipt of such information or research. Research services furnished to Bulldog by brokers who effect securities transactions for the Fund may be used by Bulldog in servicing other investment companies and accounts that it manages. Similarly, research services furnished to Bulldog by brokers who effect securities transactions for other investment companies and accounts that Bulldog manages, if any, may be used by Bulldog in servicing the Fund. Not all of these research services are used by Bulldog in managing any particular account, including the Fund. If approved by stockholders, the Proposed Agreement will be effective for an initial period ending two years following its approval by stockholders and will continue in effect thereafter for successive annual periods, provided that such continuance is specifically approved at least annually by the affirmative vote of a majority of the Fund’s Board who are not parties to the Proposed Agreement or “interested persons” (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval and either (a) a 1940 Act Majority, or (b) the vote of a majority of the Fund’s Board. If this Proposal is approved by a 1940 Act Majority, the Proposed Agreement will take effect upon the termination of the Current Agreement, which is expected to occur not later than 60 days following written notice to Schroders. -10- The Proposed Agreement may be terminated at any time, without payment of any penalty, by the Board, by vote of a 1940 Act Majority or by Bulldog, in each case on 60 days’ written notice to the parties thereto. The Proposed Agreement will automatically terminate in the event of its “assignment” (as defined in the 1940 Act). The description of the Proposed Agreement in this Proxy Statement is a summary only. The form of Proposed Agreement is attached hereto as Exhibit A. You should read the Proposed Agreement. Background to the Board’s Approval of the Proposed Agreement Following completion of the Fund’s tender offer in November, 2018, the Fund’s current investment adviser,Schroders,advised the Board that it would cease to provide executive officers to the Fund, which it had been providingat no additional cost to the Fund. Shortly thereafter, JPMorgan Chase Bank, N.A., the Fund’s administratorand custodian, notified the Fund of its resignation as custodian and administrator for the Fund. Theseactions have resulted in additional costs to the Fund