Company: SWZ
Filing Date: 2025-01-10
Form Type: PRE 14A
Source: 0000894189-25-000129
Chunk: 17

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 17
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 had received unsolicited communications from institutional investors asking that the Board consider a change in the Fund’s current focus on Swiss investments. Mr. Goldstein reminded the Board that in 2019 the Fund sought stockholder approval for a change in the Fund’s investment objective and fundamental investment restrictions as well as a change in the Fund’s investment adviser to Bulldog. Mr. Goldstein noted that while the Fund did not get the requisite stockholder approval in 2019 to implement the changes, of the shares voted at the meeting, more votes were cast “for” the proposals than against. Mr. Goldstein stated that in light of the recent communications from investors, Bulldog would like to submit a new proposal to the Fund for its consideration. In response to Bulldog’s request, the Board established a committee comprised of Non-Interested Directors who are not “interested persons” of Bulldog (Richard Dayan, Gerald Hellerman and Moritz Sell, collectively, the “Non-Bulldog Directors”) regarding a possible change in the Fund’s fundamental investment objective and fundamental investment restrictions together with a change in the investment adviser of the Fund in order to make the Fund a more attractive investment opportunity. At in-person meetings of the Board in December 2023, March 2024, June 2024 and September 2024, the Non-Bulldog Directors met in executive session with Messrs. Goldstein and Dakos with respect to a potential change in the Fund’s investment objective, fundamental restrictions and investment adviser. At an in-person meeting of the Board on December 13, 2024, the Directors, including all of the Non-Bulldog Directors (meeting with the full Board and separately in an executive session) met 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 the 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