Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 72

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 72
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uation Committee because, like the Fund, those other companies are listed closed-end funds. The Board’s then existing Audit Committee met four (4) times during the year ended December 31, 2024.

Nominating and Corporate Governance Committee

The Board has established a Nominating and Corporate Governance Committee whose responsibilities include: (i) selecting and nominating persons for election or appointment to the Board and (ii) overseeing the annual assessment of the effectiveness of the Board and such other matters of Fund governance as may be delegated to it by the Board or determined by the Nominating and Corporate Governance Committee to be appropriate. In evaluating potential nominees, including any nominees recommended by shareholders, the Nominating and Corporate Governance Committee may consider whether a potential nominee’s professional experience, education, skills and other individual qualities and attributes, including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to the Board’s membership and collective attributes. Such considerations will vary based on the Board’s existing membership and other factors, such as the strength of a potential nominee’s overall qualifications relative to diversity considerations. The Nominating and Corporate Governance Committee will consider nominees recommended by a shareholder if such recommendation is in writing and is received in a timely manner by the Fund and otherwise complies with the requirements for such proposals contained in the Nominating and Corporate Governance Committee Charter, the Fund’s By-Laws and other applicable law. Any such recommendations should be submitted to the Fund’s Secretary, Total Return Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.

<div align='center'>B-13</div>

The Nominating and Corporate Governance Committee currently consists of Messrs. Dayan and Sell. Mr. Dayan serves as the Chairman of the Nominating and Corporate Governance Committee. The Board’s Nominating and Corporate Governance Committee met four (4) times during the year ended December 31, 2024.

<div align='center'>CODE OF ETHICS</div>

The Fund has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, a copy of which is available on the Fund’s website at www.totalreturnsecuritiesfund.com. The code of ethics establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made pursuant to the code’s requirements. A copy of the code