Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 72

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 72
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To the knowledge of the Fund’s management, as of October 20, 2025 the Directors and officers of the Fund beneficially owned, as a group, less than 5% of the shares of the Fund’s common stock. The following table sets forth the aggregate dollar range of equity securities in the Fund that is owned by each Director and principal officer as of October 20, 2025. The information as to beneficial ownership is based on statements furnished to the Fund by each Director and principal officer:

| Name                | Position                                            | Dollar                 
 Range of Equity        
 Securities in the Fund | Aggregate                
 Dollar Range             
 of Equity Securities     
 In All Funds overseen    
 by Director in Family    
 of Investment Companies* |
| Richard Dayan       | Independent Director                                | None                   | None                     |
| Moritz Sell         | Independent Director                                | $10,001-$50,000        | $10,001-$50,000          |
| Gerald Hellerman    | Independent Director                                | $10,001-$50,000        | $10,001-$50,000          |
| Andrew Dakos**      | Interested Director                                 
 and Chairman, President and Chief Executive Officer | $10,001-$50,000        | $10,001-$50,000          |
| Phillip Goldstein** | Interested Director                                 | Over $100,000          | Over $100,000            |
| Thomas Antonucci**  | Chief Financial Officer                             | None                   | None                     |
| Stephanie Darling** | Chief Compliance                                    
 Officer                                             | None                   | None                     |
| Rajeev Das**        | Secretary                                           | $1-$10,000             | $1-$10,000               |

| * | The                                                                                                              
 Family of Investment Companies consists of the Fund, Special Opportunities Fund and High Income Securities Fund. |

| ** | Messrs.                                                                                                              
 Dakos, Goldstein, Antonucci and Das and Ms. Darling each may be considered an “interested person” of the Fund within 
 the meaning of the 1940 Act.                                                                                         |

Additional Information about the Board

Board Meetings and Committees.

During the fiscal year ended December 31, 2024, the Board met four (4) times. During the fiscal year ended December 31, 2024, each present Director attended at least 75% of the meetings of the Board and of the Committees of which he is a member, held since his respective election.

Audit and Valuation Committee

At a meeting of