Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 59

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 59
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 |     |     | 6.94 |     |               |  -5.54 |   |     |            |  -7.78 |   |

Repurchase of Shares

The Fund may, pursuant to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such times, and in such amounts as may be deemed advantageous to the Fund. Nothing herein shall be considered a commitment to purchase such Shares. No limit has been placed on the number of Shares to be repurchased by the Fund other than those imposed by federal securities laws. All purchases will be made in accordance with federal securities laws, with Shares repurchased held in treasury for future use by the Fund. In determining to repurchase Shares, the Board will consider such factors as the market price of the Shares, the NAV of the Shares, the liquidity of the assets of the Fund, the effect on the Fund’s expenses, whether such transactions would impair the Fund’s status as a regulated investment company or result in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on the Fund’s ability to consummate such transactions.

41

Additional Provisions of the Charter

The Fund’s Charter includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund, or to cause it to engage in certain transactions or to modify its structure. Under the Charter, actions by Shareholders may be taken by a vote of the majority of the outstanding Shares of the Fund, except that the vote of at least 75% of the outstanding Shares of the Fund is required to authorize any of the following acts:

| (1) | merger                                                 
 or consolidation of the Fund with another corporation, |

| (2) | the                                     
 liquidation or dissolution of the Fund; |

| (3) | the                                                                                                                                
 sale of all or substantially all of the assets of the Fund (other than in the regular course of the Fund’s investment activities); |

| (4) | conversion                                        
 of the Fund to an open-end investment company; or |

| (5) | any                                                                                                           
 amendment to the Charter that reduces the 75% vote required to authorize the actions listed in (1)-(4) above. |

The Directors have determined that the 75% requirement described above, which is greater than the minimum requirements under the 1940 Act, is in the best interests of the Fund and its Shareholders generally. Please