Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 78

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 78
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 dealers who may, but need not, provide research or statistical material or other services to the Fund or the Investment Adviser for the Fund’s use. Such allocation is to be in such amounts and proportions as the Investment Adviser may determine.

The Investment Adviser may employ such brokers and dealers as may, in the judgment of the Investment Adviser, obtain the best results taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction involved, the firm’s general execution and operational facilities and the firm’s risk in positioning the securities involved. In addition, the Investment Adviser may select broker-dealers for portfolio transactions who provide services over and above simple trade execution. For example, with respect to certain complex or difficult trades, the Investment Adviser will utilize the services of a broker-dealer with the proven capability to effect such trades, and in such case, the Investment Adviser may be willing to pay higher commission rates than those of other execution-only type desks. When, in the view of the Investment Adviser, execution is the only criteria relevant to a particular investment, competitive commission rates will be a priority.

Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Investment Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Investment Adviser’s clients, including the Fund.

In allocating portfolio brokerage, the Investment Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Investment Adviser exercises investment discretion. Some of the services received as the result of the Fund’s transactions may primarily benefit accounts other than the Fund’s, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.

During the fiscal years ended December 31, 2022, 2023 and 2024, the Fund paid $14,870.74 ,$14,154.43 and$9,287.37, respectively, in brokerage commissions.

<div align='center'>B-17

CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>

THE FOLLOWING IS A SUMMARY DISCUSSION OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO A STOCKHOLDER OF ACQUIRING, HOLDING AND DISPOSING OF SHARES OF THE