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

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 25
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 Investors, LLP, 250 Pehle Ave, Suite 708, Saddle Brook, NJ 07663. |     | Head of Trading, Bulldog                            |
| Stephanie Darling |     | General Counsel / Chief Compliance Officer |     | c/o Bulldog Investors, LLP, 250 Pehle Ave, Suite 708, Saddle Brook, NJ 07663. |     | General Counsel / Chief Compliance Officer, Bulldog |

Bulldog Investors, LLP’s address is 250 Pehle Ave, Suite 708, Saddle Brook, New Jersey 07663, U.S.A. Bulldog has represented that it is not aware of any adverse financial conditions that are likely to impact its ability to manage the Fund. If this Proposal 1 is approved, Bulldog has represented that, except as described below, it would not currently propose any changes to the Fund’s service providers, including U.S. Bancorp Fund Services, LLC, the Fund’s custodian, Equiniti Trust Company, LLC, the Fund’s transfer agent, or legal counsel. -14- Required Vote and the Board’s Recommendation Approval of the Proposed Agreement will require the affirmative vote of a 1940 Act Majority. Proposal 1 will be implemented by the Fund if approved by stockholders, but is contingent on stockholder approval of Proposal 2 and Proposal 3.a. If stockholders fail to approve Proposal 2 or Proposal 3.a, or if the Proposed Agreement is not approved, the Board currently expects that Schroders would continue to manage the Fund and the Board, including the Non-Interested Directors, would consider what actions, if any, would be appropriate. THE BOARD, INCLUDING THE NON-INTERESTED DIRECTORS, UNANIMOUSLY RECOMMEND A VOTE “FOR” PROPOSAL 1 TO APPROVE THE PROPOSED AGREEMENT BETWEEN THE FUND AND BULLDOG. -15- 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. As described below, 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