Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 28

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 28
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 objective of providing long-term total return. A non-fundamental investment objective may be changed at any time by the Board without approval by stockholders. However, stockholders would be given at least 60 days’ prior written notice of any proposed future change to the Fund’s investment objective. -16- What are the material differences between the current objective of long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies and the proposed objective of providing long-term total return?The Board is proposing to adopt a non-fundamental objective of providing long-term total return. This means that the Fund would seek investments that would provide capital appreciation as well as current income, by investing in a broad range of products, not limited to equity and equity-linked securities in Swiss companies. Bulldog believes, and the Board concurs, that the Fund’s current fundamental objective of long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies is no longer in the best interests of the Fund or its stockholders. In particular, the Board considered that there are a number of Swiss-equities focused ETFs available to investors in the U.S. that operate with lower expense ratios than the Fund and that the Fund therefore no longer provides a necessary investment outlet for investors seeking exposure to Swiss equities. As indicated above, if approved by stockholders, Bulldog would seek to implement its proposed investment objective of long-term total return primarily by purchasing U.S. securities or other assets that, in its view, 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. In particular, Bulldog proposes adopting a “3-bucket” approach to managing the Fund’s portfolio. Bucket 1 involves the purchase of securities that, in the opinion of Bulldog, are undervalued at the time of purchase and have the potential for growth with the intent of holding such securities for the long-term. Bucket 2 involves the purchase of securities that, in the opinion of Bulldog, are undervalued at the time of purchase with the intent of seeking to influence the management of the applicable portfolio companies to take actions to increase the market price of the Fund’s investments in such companies’ securities (e.g., by repurchasing such securities, paying a special dividend, or by considering restructuring actions, such as selling or liquidating the company). Bucket 3 involves the purchase of securities whose issuer is undergoing a corporate event such as mergers