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

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 27
---
 manner in which the Fund is managed. The Board is also proposing to amend the Fund’s fundamental investment restrictions, as described in Proposal 3. In addition, subject to stockholder approval of this Proposal 2, Bulldog proposed, and the Board approved, adopting the following non-fundamental investment policy (which can be changed in the future without a stockholder vote): “The Fund will pursue its investment objective primarily by purchasing U.S. securities or other assets that, in its view, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived discount from their intrinsic value is likely to narrow over time.” Subject to stockholder approval of this Proposal 2, the Board will (1) change the Fund’s name from “The Swiss Helvetia Fund, Inc.” to one more descriptive of its new investment objective; and (2) amend the Fund’s By-laws and Governance and Nominating Committee Charter to align with 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. These additional changes do not require a stockholder vote. However, because these changes are linked to the replacement of the Fund’s fundamental investment objective with a non-fundamental investment objective, they will only be implemented if the stockholders approve this Proposal 2 and Proposal 3.a. If this Proposal 2 is approved, the change in the Fund’s policy of investing in Swiss companies will take effect on the later of the Meeting Date or 60 days following the date that this Proxy Statement is first mailed to stockholders. What are the benefits of reclassifying the Fund’s investment objective from fundamental to non-fundamental?Under the 1940 Act, the Fund’s investment objective is not required to be “fundamental.” A fundamental investment objective may be changed only by vote of the Fund’s stockholders. The Fund’s investment objective was initially established as fundamental in response to then-current regulatory and market practices. To provide portfolio management with enhanced investment management flexibility by allowing changes to the Fund’s investment objective to respond to changed market conditions or other circumstances in a timely manner without the need and expense of calling a stockholder meeting, Bulldog proposed, and the Board approved, subject to stockholder approval, 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