Company: SWZ
Filing Date: 2025-01-10
Form Type: PRE 14A
Source: 0000894189-25-000129
Chunk: 7

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 7
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 primarily by purchasing U.S. securities or other assets that, in the opinion of Bulldog, 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. When advisable, Bulldog may seek to influence the management of a portfolio company to take actions to increase the market price of the Fund’s investment in that company’s securities, e.g., by such company repurchasing its 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