Company: SWZ
Filing Date: 2025-01-10
Form Type: PRE 14A
Source: 0000894189-25-000129
Chunk: 18

Company: Total Return Securities Fund
Filing Date: 2025-01-10
Form: PRE 14A
Chunk 18
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 Fund with a higher expense ratio than is otherwise available to investors seeking exposure to Swiss equities in the U.S.; (ii) that Bulldog is an SEC-registered investment adviser with approximately $547 million under management as of November 30, 2024; (iii) that the principals of Bulldog each have over 25 years of investment management experience, including more than 15 years as the adviser to a publicly traded, closed-end investment company; and (iv) that 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, a majority of the Non-Bulldog Directors, voting in person and constituting a majority of the Board, unanimously approved the Proposed Agreement as in the best interests of the Fund and its stockholders. -10- Factors Considered by the Non-Bulldog Directors in Approving the Proposed Agreement In making their decision to approve and recommend to stockholders for their approval the Proposed Agreement, the Non-Bulldog Directors considered all factors that they considered relevant with respect to Bulldog, including the specific factors described below. The Non-Bulldog Directors did not identify any one factor as all-important or controlling, and each Director attributed different weights to the various factors. Nature, Extent and Quality of the Services to Be Provided by Bulldog.The Non-Bulldog Directors considered various data and information regarding the nature, extent and quality of services to be provided under the Proposed Agreement, including responses by Bulldog to detailed requests submitted by counsel on behalf of the Non-Bulldog Directors on among other things, information about the background and experience of senior management and investment personnel who would be responsible for managing the Fund. The Non-Bulldog Directors considered the information provided regarding the portfolio managers and other resources that would be dedicated to the Fund and the investment philosophy and process that would be followed by those individuals in managing the Fund. The Non-Bulldog Directors noted that Bulldog is an SEC-registered investment adviser with approximately $547 million of assets under management as of November 30, 2024. The Non-Bulldog Directors discussed the prior experience of Bulldog’s principals with 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