Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 75

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 75
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 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 is also available for inspection at the Public Reference Room of the SEC in Washington, D.C. Information regarding the operation of the Public Reference Room is available by calling the SEC at 1-202-551-8090, on the EDGAR Database on the SEC’s website at www.sec.gov, and may also be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC’s Public Reference Section, Washington, D.C. 20549-0102.

<div align='center'>PROXY VOTING PROCEDURES</div>

The Board has delegated the voting of proxies with respect to securities owned by the Fund to the Investment Adviser.

Proxy Voting Policies

The Investment Adviser believes that the right to vote on issues submitted to shareholder vote, such as election of directors and important matters affecting a company’s structure and operations, can impact the value of its investments. The Investment Adviser generally analyzes the proxy statements of issuers of stock owned by the Fund, as necessary and votes proxies on behalf of the Fund.

The Investment Adviser’s decisions with respect to proxy issues are made in light of the anticipated impact of the issue on the value of the investment. Proxies are voted solely in the interests of Fund shareholders. Inherent in the Investment Adviser’s authority to vote proxies on behalf of the Fund is the authority to refrain from voting