Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 80

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 80
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 ● | A                                                                                                                            
 corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under 
 the laws of the United States, any state thereof, or the District of Columbia;                                               |

| ● | An                                                                                                  
 estate, the income of which is subject to U.S. federal income taxation regardless of its source; or |

For purposes of this summary, the term “Non-U.S. Holder” means a beneficial owner of the Fund’s shares that is not a U.S. Holder.

<div align='center'>B-18</div>

In addition, the possible application of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does not address all aspects of U.S. federal income taxation that may be important to a particular U.S. Holder in light of its investment or tax circumstances or to a U.S. Holder that is subject to special tax rules, including if the U.S. Holder is:

| ● | a                                   
 dealer in securities or currencies; |

| ● | a                      
 financial institution; |

| ● | a                             
 regulated investment company; |

| ● | a                             
 real estate investment trust; |

| ● | an                 
 insurance company; |

| ● | a                        
 tax-exempt organization; |

| ● | a                                                                                                                    
 person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle; |

| ● | a                                                                                                 
 trader in securities that has elected the mark-to-market method of accounting for its securities; |

| ● | a                                          
 person liable for alternative minimum tax; |

| ● | a                                                                                 
 partnership or other pass-through entity for U.S. federal income tax purposes; or |

| ● | a                                                               
 U.S. Holder whose “functional currency” is not the U.S. dollar. |

If an entity treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A holder of shares in a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of holding and disposing of the shares.

Prospective U.S. Holders are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares, including the application of U