Company: SWZ
Filing Date: 2025-01-10
Form Type: PRE 14A
Source: 0000894189-25-000129
Chunk: 31

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 31
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 it advisable to do so; (4) the proposed amendments to certain of the Fund’s fundamental investment restrictions described in Proposal 3; (5) changing the Fund’s name to an appropriate name in the event that the Fund’s fundamental investment objective is replaced with a non-fundamental investment objective of providing long-term total return; and (6) other factors deemed relevant by the Board. The Board also considered that even if Bulldog is not approved as the Fund’s investment adviser, expanding the universe of potential investments beyond Switzerland has the potential to make the Fund a more attractive investment opportunity. Based upon a review of the above factors, the Board, including the Fund’s Non-Interested Directors, unanimously concluded that replacing the Fund’s fundamental investment objective with a non-fundamental investment objective of providing long-term total return would be in the best interests of the Fund and its stockholders. Required Vote.Approval of Proposal 2 requires the affirmative vote of a 1940 Act Majority. THE BOARD, INCLUDING THE NON-INTERESTED DIRECTORS, UNANIMOUSLY RECOMMENDS A VOTE “FOR” PROPOSAL 2 TO 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. -18- PROPOSAL 3: TO APPROVE AMENDMENTS TO
CERTAIN OF THE FUND’S FUNDAMENTAL INVESTMENT RESTRICTIONS The Board is proposing 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, pursuant to Proposal 2, and amendments to certain of the Fund’s Fundamental Investment Restrictions (defined below), pursuant to this Proposal 3, which is comprised of Proposal 3.a, to exclude closed-end funds from the Fund’s concentration limit; 3.b, to permit the issuance by the Fund of senior securities subject to the limitations of the 1940 Act and the rules and regulations thereunder; and 3.c, to permit the Fund to make short sales of securities for hedging purposes. Each of the three aforementioned sub-proposals comprising this Proposal 3 is to be voted on separately. Bulldog believes, and the Board conc