Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 80

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 80
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. In addition, in cases where the investment strategies are the same or very similar, various factors (including, but not limited to, tax considerations, amount of available cash, and risk tolerance) may result in substantially different portfolios in such accounts.

<div align='center'>B-16</div>

Compensation.Compensation for Messrs. Dakos and Goldstein is comprised solely of net income generated by the Investment Adviser.

Ownership of Securities. As of December
31, 2024, Mr. Goldstein beneficially owned 16,783 shares (held Directly) of beneficial interest in the Fund and Mr. Dakos beneficially
owned 3,000 shares (held Indirectly) and 64 shares (held Directly) of beneficial interest in the Fund.

<div align='center'>ALLOCATION OF BROKERAGE</div>

Subject to the supervision of the Board, decisions to buy and sell securities for the Fund are made by the Investment Adviser. The Investment Adviser is authorized by the Board to allocate the orders placed by it on behalf of the Fund to brokers and 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