Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 71

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 71
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B-12</div>

Although the Audit and Valuation Committee is expected to take a detached and questioning approach to the matters that come before it, the review of the Fund’s financial statements by the Audit and Valuation Committee is not an audit, nor does the Audit and Valuation Committee’s review substitute for the responsibilities of the Fund’s management for preparing, or the independent auditors for auditing, the financial statements. Members of the Audit and Valuation Committee are not full-time employees of the Fund and, in serving on the Audit and Valuation Committee, are not, and do not hold themselves out to be, acting as accountants or auditors. As such, it is not the duty or responsibility of the Audit and Valuation Committee or its members to conduct “field work” or other types of auditing or accounting reviews. In discharging their duties, the members of the Audit and Valuation Committee are entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) one or more officers of the Fund whom such Director reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, public accountants, or other persons as to matters the Director reasonably believes are within the person’s professional or expert competence; or (3) a Board committee of which the Director is not a member.

The Audit and Valuation Committee currently consists of Messrs. Dayan, Sell and Hellerman. None of the members of the Audit and Valuation Committee has any relationship to the Fund that may interfere with the exercise of his independence from management of the Fund, and each is independent as defined under the listing standards of the New York Stock Exchange (“NYSE”) applicable to closed-end funds. Mr. Sell is the Chairman of the Audit and Valuation Committee. The Board has determined that each of Messrs. Dayan, Sell and Hellerman is an “audit committee financial expert” as such term is defined by the Securities Exchange Act of 1934, as amended. The Board has determined that Mr. Sell’s service on the audit committees of more than three (3) public companies does not impair his ability to effectively serve on the Fund’s Audit and Valuation Committee because, like the Fund, those other companies are listed closed-end funds. The Board has likewise determined that Mr. Hellerman’s service on the audit committees of more than three (3) public companies does not impair his ability to effectively serve on the Fund’s Audit and Val