Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 7

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 7
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 securities, paying a special dividend, or by considering restructuring actions, such as selling or liquidating the company. The Fund’s investments may also include the securities of companies undergoing a corporate event such as mergers, liquidations, reorganizations, or spin-offs. Investments will not be restricted to any types of securities, e.g., equity, fixed income, or their liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities of companies with any market capitalization and will not be required to be fully invested at any time. There will be no limitation with respect to the portion of the Fund’s total assets held in cash and cash equivalents. The Fund may use leverage and may hedge its investments.

| Q. | How will the Proposed Agreement affect me as a Fund stockholder? |

| A. | Although approval of the Proposed Agreement does not, by its terms, change the Fund’s investment objective, principal investment strategies or fundamental investment policies, the                                                             
 Non-Interested Directors have determined that implementation of the Proposed Agreement is contingent on stockholder approval of Proposal 2 (replacement of the Fund’s fundamental investment objective of capital appreciation by investing in  
 equity and equity-linked securities of Swiss companies) and Proposal 3.a (an amendment to a fundamental investment restriction to exclude closed-end funds from the Fund’s concentration limit).  That is, if stockholders approve the Proposed 
 Agreement but fail to approve Proposal 2 and Proposal 3.a, the Proposed Agreement will not be implemented and Bulldog will not become the Fund’s investment adviser.  If the Fund’s stockholders approve Proposal 2 and Proposal 3, the Fund’s  
 investment objective, principal investment strategies and fundamental investment restrictions will change significantly.  For more detailed information about the proposed changes to the Fund’s investment objective, principal investment     
 strategies and fundamental investment restrictions see the enclosed Proxy Statement.                                                                                                                                                            |

-4- Bulldog’s duties under the Proposed Agreement include supervising the Fund’s investment program, including consulting with the Fund’s Board regarding the Fund’s overall investment strategy; making investment strategy decisions for the Fund (in consultation with the Fund’s Board); managing the investing and re-investing of Fund assets; placing purchase and sale orders on behalf of the Fund; advising the Fund with respect to all matters relating to the Fund’s use of leveraging techniques; and providing or procuring the provision of research and statistical data to the Fund in relation to investing and other matters within the scope of the investment objective and limitations of the Fund. The terms of the