Company: SWZ
Filing Date: 2025-01-10
Form Type: PRE 14A
Source: 0000894189-25-000129
Chunk: 30

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 30
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 additional brokerage charges. In addition, the Fund will incur legal and accounting fees for services received in connection with proposing and effecting the changes to the Fund’s investment objective and investment policies. -17- Exhibit B attached hereto contains supplemental disclosure regarding the securities in which the Fund may invest and the associated risk factors. If Bulldog becomes the Fund’s investment adviser, while the Fund will sell the liquid portions of its Swiss investments to permit Bulldog to implement the Fund’s new investment objective and strategy, the Fund anticipates holding for an indefinite period of time the illiquid private equity securities of the Fund’s current portfolio. As of December 31, 2024, illiquid securities represented [●]% of the Fund’s total assets and [●]% of the Fund’s total assets. If Bulldog does not become the Fund’s investment adviser and Proposal 2 or Proposal 3 is approved, the Fund’s Board, including the Non-Interested Directors, would consider what actions, if any, to take to manage the Fund in accordance with the requirement of such proposal. Implementation of each of Proposal 2 and Proposal 3.a is contingent on stockholder approval of the other proposal. Recommendation of the Board.The Board met in person on December 13, 2024 to consider, among other things, replacing the Fund’s fundamental investment objective with a non-fundamental investment objective of providing long-term total return. At the Board meeting, the Board reviewed materials furnished by Bulldog and information provided by representatives of Bulldog regarding the proposed non-fundamental investment objective of providing long-term total return. The Board, including the Non-Bulldog Directors, unanimously approved the proposed non-fundamental investment objective of providing long-term total return and recommended that stockholders 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 Board considered numerous factors in approving the non-fundamental investment objective of providing long-term total return and making its recommendation, including: (1) 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.; (2) Bulldog’s demonstrated experience and capabilities with respect to providing long-term total return to investors; (3) the opportunity to avoid delay and costly stockholder meetings by changing the Fund’s investment objective from fundamental to non-fundamental if the Board deems