Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 20

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 20
---
3.

<div align='center'>16

USE OF PROCEEDS</div>

If fully-subscribed, the net proceeds of the Offering will be approximately $[●] or approximately $[●] per Share. The Fund intends to use the net proceeds of the Offering to invest in accordance with the Fund’s investment objective and policies (as stated below) as soon as practicable after completion of the Offering. The Fund currently anticipates being able to invest the net proceeds within six (6) months after the completion of the Offering. Pending investment of the net proceeds in accordance with the Fund’s investment objective and policies, the Fund will invest in money market securities or money market mutual funds. Investors should expect, therefore, that before the Fund has fully invested the proceeds of the Offering in accordance with its investment objective and policies, the Fund’s NAV would earn interest income at a modest rate.

INVESTMENT OBJECTIVE AND INVESTMENT STRATEGIES

The disclosure below describes the Fund’s current Investment Objective and Investment Strategies. As noted earlier, at a special meeting on February 21, 2025, the Shareholders approved an investment advisory agreement (the “Advisory Agreement”) between the Fund and Bulldog whereby Bulldog will provide investment management services to the Fund. At the February 21, 2025 special meeting, the Shareholders also approved replacing 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 and changes to the Fund’s fundamental investment restrictions in order to expand the types of investments the Fund can make to meet its new investment objective (the “Investment Changes”).

Investment Objective

The Fund’s current investment objective is to seek to provide long-term total return. There can be no assurance that the Fund’s objective will be achieved.

Investment Strategies

The Investment Adviser currently manages the Fund’s assets with a primary focus on purchasing U.S. securities or other assets that, in its opinion, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived discount from their intrinsic value is likely to narrow over time. When advisable, the Investment Adviser may seek to influence the management of a portfolio company to take actions to increase the market price of the Fund’s investment in that company’s securities (e.g., by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions, such as selling or