Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 64

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 64
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 by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions, such as selling or liquidating the company). The Fund’s investments may also include the securities of companies undergoing a corporate event such as mergers, liquidations, reorganizations, or spin-offs. Investments will not be restricted to any types of securities (e.g., equity, fixed income) or their liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities of companies with any market capitalization and will not be required to be fully invested at any time. There will be no limitation with respect to the portion of the Fund’s total assets held in cash and cash equivalents. The Fund may use leverage and may hedge its investments.

<div align='center'>B-1

INVESTMENT RESTRICTIONS</div>

Fundamental Policies

The Fund has adopted the following investment restrictions that may not be changed without the affirmative vote of a “majority of the outstanding voting securities” of the Fund, which is defined in the 1940 Act to mean the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund, or (2) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares of the Fund are represented at the meeting in person or by proxy. The Fund may not:

| 1. | Invest                                                                               
 25% or more of the total value of its assets in any particular industry, except that 
 the Fund’s investment in closed-end funds (including business development companies) 
 shall not be deemed to be an investment in a particular industry.                    |

| 2. | Issue                                                                                
 senior securities, borrow money or pledge its assets, except to the extent permitted 
 under the 1940 Act and the rules and regulations thereunder.                         |

| 3. | Make                                                                              
 loans, except through the purchase of debt obligations consistent with the Fund’s 
 investment policies.                                                              |

| 4. | Buy                                                                                      
 or sell commodities, commodity contracts, futures contracts, real estate or interests    
 in real estate, except that the Fund may purchase and sell securities issued by Swiss    
 Real Estate Companies, and the Fund may acquire, hold and sell real estate or mortgages  
 on real estate as a result of default, liquidation or other distributions of an interest 
 in real estate as a result of the Fund’s ownership of securities of Swiss Real           
 Estate Companies.                                                                        |

| 5