Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 19

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 19
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 respect to: (i) closed-end investment companies; and (ii) identifying investment opportunities that have attractive risk-reward characteristics capable of generating attractive risk-adjusted returns. In particular, the Non-Bulldog Directors considered that Bulldog has served since 2009 as investment adviser of SPE, a publicly traded, closed-end investment company with approximately $240 million under management as of November 30, 2024, which accounted for approximately 44% of Bulldog’s total assets under management as of that date. Bulldog also serves as investment adviser of PCF, a publicly traded, closed-end investment company with approximately $211 million under management as of November 30, 2024, which accounted for approximately 39% of Bulldog’s total assets under management as of that date. In addition, Bulldog manages a number of separately-managed accounts (the “Bulldog SMAs”). As of November 30, 2024, the Bulldog SMAs accounted for approximately $93 million or 17% of Bulldog’s total assets under management. The Non-Bulldog Directors reviewed the nature, extent and quality of the management services proposed to be provided by Bulldog, and in particular, that Bulldog’s investment objective for the Fund is to achieve long-term total return. They considered that, subject to approval of Proposals 2 and 3.a, Bulldog, as a component to the proposed investment objective and strategy for the Fund, intends, when it deems it appropriate, to utilize an “activist” approach to investing in order to unlock underlying value in the companies in which the Fund invests. More specifically, it was noted that Bulldog proposes to achieve its proposed investment objective for the Fund 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. In particular, the Non-Bulldog Directors noted that Bulldog proposes adopting a “3-bucket” approach to managing the Fund’s portfolio. Bucket 1 involves the purchase of securities that, in the opinion of Bulldog, are undervalued at the time of purchase and have the potential for growth with the intent of holding such securities for the long-term. Bucket 2 involves the purchase of securities that, in the opinion of Bulldog, are undervalued at the time of purchase with the intent of seeking