Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 28

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 28
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 report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. Item 3. Audit Committee Financial Expert. The registrant’s board of [trustees/directors] has determined that there is at least one audit committee financial expert serving on its audit committee. Messrs. Moritz Sell, Gerald Hellerman, and Richard Dayan each a member of the Audit Committee of the Board, are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N‑CSR. Item 4. Principal Accountant Fees and Services. The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” provided by the principal accountant were not applicable. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

|                          | FYE  12/31/2024 | FYE  12/31/2023 |
| ( a ) Audit Fees         |         $50,000 |         $50,000 |
| ( b ) Audit-Related Fees |              $- |              $- |
| ( c ) Tax Fees           |          $5,500 |          $5,500 |
| ( d ) All Other Fees     |              $- |              $- |

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant. (e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

|                    | FYE  12/31/2024 | FYE  12/31