Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 60

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 60
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0, Philadelphia, PA 19102.

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ADDITIONAL INFORMATION</div>

The prospectus and the Statement of Additional Information do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (File No. 333-290708). The complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of Additional Information without charge.

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TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</div>

|                                                                | Page |
| FORWARD-LOOKING STATEMENTS                                     | B-1  |
| GENERAL INFORMATION AND HISTORY                                | B-1  |
| INVESTMENT RESTRICTIONS                                        | B-2  |
| MANAGEMENT                                                     | B-3  |
| CODE OF ETHICS                                                 | B-14 |
| PROXY VOTING PROCEDURES                                        | B-14 |
| ADMINISTRATIVE SERVICES, CUSTODIAN, TRANSFER AGENT             | B-15 |
| PORTFOLIO MANAGERS                                             | B-16 |
| ALLOCATION OF BROKERAGE                                        | B-17 |
| CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES | B-18 |
| FINANCIAL STATEMENTS                                           | B-25 |
| OTHER INFORMATION                                              | B-25 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                  | B-25 |

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THE FUND’S PRIVACY POLICY</div>

Privacy Policy Notice

The following is a description of the Fund’s policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of the financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

CATEGORIES OF INFORMATION THE FUND COLLECTS. The Fund collects the following nonpublic personal information about you:

| 1. | Information                                                                            
 from the Consumer: this category includes information the Fund receives from you on or 
 in applications or other forms, correspondence, or conversations (such as your name,   
 address, phone number, social security number, assets, income and date of birth); and  |

| 2. | Information                                                                            
 about the Consumer’s transactions: