Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 81

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 81
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 IS MADE TO PRESENT A DETAILED EXPLANATION OF ALL U.S. FEDERAL INCOME TAX CONCERNS AFFECTING THE FUND AND ITS STOCKHOLDERS, AND THE DISCUSSION SET FORTH HEREIN DOES NOT CONSTITUTE TAX ADVICE. INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS TO DETERMINE THE SPECIFIC TAX CONSEQUENCES TO THEM OF INVESTING IN THE FUND, INCLUDING THE APPLICABLE U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES TO THEM AND THE EFFECT OF POSSIBLE CHANGES IN TAX LAWS.

The discussion primarily describes the U.S. federal income tax treatment of a U.S. Holder and, unless expressly provided, does not discuss the application of these rules to a Non-U.S. Holder. A “U.S. Holder” means a beneficial owner of the Fund’s shares that is any of the following for U.S. federal income tax purposes:

| ● | An                                                            
 individual who is a citizen or resident of the United States; |

| ● | A                                                                                                                            
 corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under 
 the laws of the United States, any state thereof, or the District of Columbia;                                               |

| ● | An                                                                                                  
 estate, the income of which is subject to U.S. federal income taxation regardless of its source; or |

For purposes of this summary, the term “Non-U.S. Holder” means a beneficial owner of the Fund’s shares that is not a U.S. Holder.

<div align='center'>B-18</div>

In addition, the possible application of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does not address all aspects of U.S. federal income taxation that may be important to a particular U.S. Holder in light of its investment or tax circumstances or to a U.S. Holder that is subject to special tax rules, including if the U.S. Holder is:

| ● | a                                   
 dealer in securities or currencies; |

| ● | a                      
 financial institution; |

| ● | a                             
 regulated investment company; |

| ● | a                             
 real estate investment trust; |

| ● | an                 
 insurance company; |

| ● | a                        
 tax-exempt organization; |

| ● | a                                                                                                                    
 person holding shares as