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

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 10
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i) 67% or more of the Fund’s outstanding shares present at the Meeting, if the holders of more than 50% of the Fund’s shares are present or represented by Proxy or (ii) more than 50% of the Fund’s outstanding shares (a “1940 Act Majority”). Proposal 2: Approve the Replacement of the Fund’s Fundamental Investment Objective of Capital Appreciation by Investing in Equity and Equity-Linked Securities of Swiss Companies with a Non-Fundamental Investment Objective of Providing Long-Term Total Return as Described Herein. The 1940 Act requires that the replacement of the Fund’s fundamental investment objective be approved by a 1940 Act Majority. A non-fundamental objective may be changed by the Board in its discretion. Proposal 3: Approve the Amendments to Certain of the Fund’s Fundamental Investment Restrictions.As described further in Proposal 3, you are being asked to vote on the following changes to the Fund’s fundamental investment restrictions, each to be voted on separately:

| (a) | to exclude closed-end funds from the Fund’s concentration limit; |

| (b) | to permit the issuance by the Fund  of senior securities subject to the limitations of the 1940 Act, and the rules and regulations thereunder; and |

| (c) | to permit the Fund to make short sales of securities for hedging purposes. |

The 1940 Act requires that these amendments be approved by a 1940 Act Majority.

| Q: | How can a quorum be established for the Meeting? |

| A: | The presence in person or by Proxy of the holders of a majority of the shares of the Fund’s common stock entitled to vote at the Meeting shall constitute a quorum.  Abstentions and broker non-votes will be included in determining the       
 existence of a quorum at the Meeting but will have the effect of a vote “AGAINST” each of Proposals 1, 2, and 3.  A broker non-vote occurs when a broker holding shares for a beneficial owner does not vote on a particular matter because the 
 broker does not have discretionary voting power with respect to that matter and has not received instructions from the beneficial owner.  Due to the nature of the Proposals, brokers will not have discretion to vote on any of the Proposals  
 and accordingly the Fund does not expect any broker non-votes at the Meeting.                                                                                                                                                                   |

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| Q. | How do I vote my shares? |

| A