Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 79

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 79
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 Ryan Heritage, LLP, each a registered investment adviser. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 as the general partner of several private investment partnerships in the Bulldog group of funds, and the owner of Kimball & Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He is a director/trustee of the following closed-end funds: High Income Securities Fund. since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico Equity and Income Fund since 2000. He also is a director of: Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017. He served as a director of BNY Mellon Municipal Income, Inc., a closed-end fund, from 2024-2025 and MVC Capital, Inc., a business development company, from 2012-2020; and served as a trustee of Crossroads Liquidating Trust from 2016-2020.

Other Accounts Managed. The following table shows the number of other accounts managed by Messrs. Dakos and Goldstein as of March 31, 2025:

|                                 |             |                 ADVISORY 
 FEE BASED ON PERFORMANCE |                  |
| TYPE                            
 OF ACCOUNTS                     |      NUMBER 
 OF ACCOUNTS |                   NUMBER 
              OF ACCOUNTS |            TOTAL 
           ASSETS 
 ($ IN MILLIONS)* |
| Registered Investment Companies |           2 |                        0 |               $0 |
| Other Pooled Investments        |           5 |                        0 |               $0 |
| Other Accounts                  |         174 |                        2 |       $2,376,831 |

*Estimated

Conflicts of Interest. Certain conflicts of interest may arise in connection with the Investment Adviser’s management of the Fund’s portfolio and the portfolios of other accounts managed by members of the Investment Adviser. For example, certain inherent conflicts of interest exist in connection with managing accounts that pay a performance-based fee or allocation alongside an account that does not. These conflicts may include an incentive to favor such accounts over the Fund because the investment advisor of such accounts can potentially receive greater fees from accounts paying a performance-based fee than from the Fund. As a result, certain members of the Investment Adviser may have an incentive to direct their best investment ideas to, or allocate or sequence trades in favor of such accounts