Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 9

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 9
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 is not approved by the Fund’s stockholders, the Board, including the Non-Interested Directors, would consider what actions, if any, would be 
 appropriate.                                                                                                                                                                                                                           |

| Q: | Are any further actions proposed following the Meeting? |

| A: | If the Fund’s stockholders approve each of Proposals 1, 2 and 3, the Board anticipates that the Fund would, as soon as practicable, opportunistically sell substantially all of the liquid positions in the Fund’s portfolio in order to        
 facilitate implementation of the new investment objective and strategy.  The Board noted that a sale of the Fund's liquid positions would result in the realization of a large amount of capital gains followed by a capital gains distribution 
 to maintain the Fund's status as a "regulated investment company" for Federal income tax purposes, which would reduce thetotal assetsof the Fund by approximately 30% based upon current prices of                                              
 the Fund’s portfolio holdings but will ultimately depend on stock prices at the time of sale. In addition, if, subsequent to said distribution, the Fund trades at a discount tonet assetvalue per                                              
 share (“NAV”) in excess of 10% for 10 consecutive trading days in 2025, the Fund’s Board intends, as promptly as practicable, to commence a tender offer for at least 15% of the Fund’s outstanding shares of common stock at a price of at     
 least 98% of NAV in order to provide an opportunity for stockholders to exit, at least in part, their investment at a price per share close to NAV.  The Fund’s total assets may be higher than its net assets.                                 |

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| Q: | Who is eligible to vote at the Meeting? |

| A: | Stockholders of record of the Fund as of the close of business on January 24, 2025 are entitled to vote at the Meeting and any adjournments thereof.  As of that date, the Fund had 12,990,704 shares of common stock outstanding and      
 entitled to vote.  Stockholders are entitled to one vote for each Fund share held and fractional votes for each fractional Fund share held, with no shares having cumulative voting rights. Stockholders are not entitled to any appraisal 
 rights as the result of any Proposal.                                                                                                                                                                                                      |

| Q: | What vote is required to approve the Proposals? |

| A: | Each Proposal requires the approval of a “majority of the outstanding voting securities” of the