Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 74

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 74
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 Company Act of 1940, the Fund will “mirror vote” all such proxies received by the Fund, unless the Investment Adviser deems it appropriate to seek instructions from Fund shareholders with regard to such vote. In such circumstances, the Investment Adviser will vote such proxies proportionally based upon the total number of shares owned by those shareholders that provide instructions. In each semi-annual report to Fund shareholders, they are solicited to request to receive such information.

In certain circumstances, the Investment Adviser
may enter into a settlement agreement with an issuer of stock owned by the Investment Adviser’s clients that requires the Investment
Adviser to vote shares of such stock (or the stock of an affiliate of the issuer) held by clients in a manner that deviates from these
Policies and Procedures. In entering into any such agreement, the Investment Adviser has determined that the anticipated impact of entering
into such settlement agreement is in the interests of the Investment Adviser’s clients.

Monitoring and Resolving Conflicts of Interest

When reviewing proxy statements and related
research materials, the Investment Adviser will consider whether any business or other relationships between a portfolio manager, the
Investment Adviser and a portfolio company could influence a vote on such proxy matter. With respect to personal conflicts of interest,
the Investment Adviser’s Code of Ethics requires all partners to avoid activities, perquisites, gifts, or receipt of investment
opportunities that could interfere with the ability to act objectively and effectively in the best interests of the Investment Adviser
and its clients, and restricts their ability to engage in certain outside business activities. Portfolio managers with a personal conflict
of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that
proxy.

Form N-PX/Annual Report of Proxy Voting Record

Policy: Form N-PX is used by funds to file reports with the SEC containing the Fund’s proxy voting record for the most recent 12-month period ended June 30. The Form must be filed no later than August 31 of each year. The following information must be collected for the Fund in order to complete and file Form N-PX:

| 1. | The                                           
 name of the issuer of the portfolio security; |

| 2. | The                                               
 exchange ticker symbol of the portfolio security; |

| 3. | The                                                                                        
 CUSIP number (may be omitted if it is not available through reasonably practicable means); |

|