Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 21

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 21
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-Bulldog Directors considered the historical performance of SPE, a publicly-traded closed-end investment fund managed by Bulldog, as compared with the historical performance of the Fund. Other than as noted therein, performance information is net of fees and expenses.

| Fund Name                         | Total Returns 1/1/24 – 10/31/24 | Total Return 
 (1 year)     | Annualized Returns 
 (3 year)           | Annualized Returns 
 (5 year)           | Annualized Returns 
 (10 year)          | Annualized Returns 
 (15 year)          | Annualized Returns (since 10/1/2001) |
| Special Opportunities Fund, Inc.* | 20.39%                          | 38.00%       | 8.37%              | 10.19%             | 7.90%              | **                 | **                                   |
| The Swiss Helvetia Fund, Inc.*    | 3.59%                           | 19.16%       | 1.47%              | 6.78%              | 5.54%              | 7.30%              | 7.57%                                |

| ** | SPE’s annualized returns for 15-years and since 10/1/2001 are as follows: 8.40%, and 7.01%, respectively.  Such returns include performance prior to January 25, 2010, the date Bulldog was appointed investment adviser of SPE. |

The Non-Bulldog Directors noted that while Bulldog occasionally employs activism in managing SPE and PCF, for the Fund activism would be a component to the Fund's proposed investment objective and strategy. Bulldog intends to achieve the Fund's investment objective 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 repurchasing such securities, paying a special dividend, or by considering restructuring actions, such as selling or liquidating the company. Bulldog advised that, to its knowledge, with the possible exception of SPE, there are no registered investment companies or indexes that are comparable to the Fund in the