Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 6

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 6
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 to consider Bulldog’s proposals to become the Fund’s investment adviser and to change the Fund’s fundamental investment objective and fundamental investment restrictions. The Non-Bulldog Directors discussed and considered materials which had been distributed to them in advance of the meeting and prepared by Bulldog, including responses to questionnaires provided by the Fund’s counsel that were reviewed and commented on by the Non-Bulldog Directors prior to submission to Bulldog with respect to certain matters that counsel believed are relevant to the approval of the Proposed Agreement under Section 15 of the 1940 Act. In addition, the Non-Bulldog Directors met in person with representatives from Bulldog to ask them follow-up and additional questions. After consideration of various factors, including (i) the limited ongoing utility of a Swiss-equities concentrated Fund with a higher expense ratio than is otherwise available to investors seeking exposure to Swiss equities in the U.S.; (ii) that Bulldog is an SEC-registered investment adviser with approximately $547 million under management as of November 30, 2024; (iii) that the principals of Bulldog each have over 25 years of investment management experience, including more than 15 years as the adviser to a publicly traded, closed-end investment company; and (iv) that Bulldog, as a component to the proposed investment objective and strategy for the Fund, intends, when it deems it appropriate, to utilize an “activist” approach to investing in order to unlock underlying value in the companies in which the Fund invests, a majority of the Non-Bulldog Directors, voting in person and constituting a majority of the Board, unanimously approved the Proposed Agreement as in the best interests of the Fund and its stockholders. Pursuant to the 1940 Act, an agreement with a new investment adviser of the Fund requires stockholder approval.

| Q. | What is the proposed investment objective and strategy for the Fund? |

The Fund’s proposed investment objective is long-term total return. Bulldog intends to achieve that objective primarily by purchasing U.S. securities or other assets that, in the opinion of Bulldog, 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, Bulldog 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