Company: SWZ
Filing Date: 2025-01-27
Form Type: DEF 14A
Source: 0000894189-25-000453
Chunk: 24

Company: Total Return Securities Fund
Filing Date: 2025-01-27
Form: DEF 14A
Chunk 24
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 the Fund and that such level of profitability was sufficient and appropriate to provide the necessary advisory services to the Fund. Other Benefits of the Proposed Relationship The Non-Bulldog Directors also considered that Bulldog may receive certain “fall-out” or ancillary benefits from its relationship with the Fund, such as research and other services in exchange for brokerage allocation, and determined that such benefits would be of a de minimisnature. The Non-Bulldog Directors concluded that the profits and other ancillary benefits that Bulldog and its affiliates would receive were reasonable. Resources of Bulldog The Non-Bulldog Directors noted that Bulldog appeared to have the financial resources necessary to fulfill its obligations under the Proposed Agreement. -14- After considering all factors that they considered relevant, including the depth and continuity of the proposed portfolio-management team, the financial strength and stability of Bulldog, the administrative expertise of Bulldog and the other specific factors identified above, the Board, including 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. Information about Bulldog Bulldog Investors, LLP, which has its principal office at 250 Pehle Ave, Suite 708, Saddle Brook, New Jersey 07663, is a Delaware limited liability partnership. It was formed on August 27, 2009 for the purpose of providing investment advisory services to investment companies and registered with the SEC as an investment adviser on September 23, 2009. Bulldog serves as an investment adviser to investment companies (including closed-end investment companies), high-net-worth individuals, charitable organizations, insurance companies, corporations and other businesses. As of November 30, 2024, Bulldog had approximately $547 million under management. The following persons serve as principal executive officers of Bulldog:

| Name              |     | Position                                   |     | Address                                                                       |     | Principal Occupation                                |
| Andrew Dakos      |     | Managing Partner / Portfolio Manager       |     | c/o Bulldog Investors, LLP, 250 Pehle Ave, Suite 708, Saddle Brook, NJ 07663. |     | Managing Partner / Portfolio Manager, Bulldog       |
| Phillip Goldstein |     | Managing Partner / Portfolio Manager       |     | c/o Bulldog Investors, LLP, 250 Pehle Ave, Suite 708, Saddle Brook, NJ 07663. |     | Managing Partner / Portfolio Manager,