Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 59

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 59
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 Provisions of the Charter

The Fund’s Charter includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund, or to cause it to engage in certain transactions or to modify its structure. Under the Charter, actions by Shareholders may be taken by a vote of the majority of the outstanding Shares of the Fund, except that the vote of at least 75% of the outstanding Shares of the Fund is required to authorize any of the following acts:

| (1) | merger                                                 
 or consolidation of the Fund with another corporation, |

| (2) | the                                     
 liquidation or dissolution of the Fund; |

| (3) | the                                                                                                                                
 sale of all or substantially all of the assets of the Fund (other than in the regular course of the Fund’s investment activities); |

| (4) | conversion                                        
 of the Fund to an open-end investment company; or |

| (5) | any                                                                                                           
 amendment to the Charter that reduces the 75% vote required to authorize the actions listed in (1)-(4) above. |

The Directors have determined that the 75% requirement described above, which is greater than the minimum requirements under the 1940 Act, is in the best interests of the Fund and its Shareholders generally. Please refer to the Fund’s Charter, on file with the SEC, for the full text of these provisions. These provisions could have the effect of depriving Shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction and may have the effect of inhibiting the Fund’s conversion to open-end status.

<div align='center'>LEGAL MATTERS</div>

Certain legal matters in connection with the Shares will be passed upon for the Fund by Sullivan & Cromwell LLP, located at 125 Broad Street, New York, New York 10004.

<div align='center'>REPORTS TO STOCKHOLDERS</div>

The Fund makes available to its Shareholders unaudited semi-annual and audited annual reports, including a list of investments held.

<div align='center'>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

Tait, Weller & Baker LLP is the independent registered public accounting firm for the Fund and will audit the Fund’s financial statements. Tait, Weller & Baker LLP is located at Two Liberty Place, 50 South 16th Street, Suite 290