Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 46

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 46
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 2017, and Tejon Ranch Co., a real estate development company, since 2025. He served as a director of BNY Mellon Municipal Income, Inc., a closed-end fund, from 2024-2025 and as a trustee of Crossroads Liquidating Trust from 2015-2020.

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The Statement of Additional Information provides additional information about the Investment Adviser’s compensation, other accounts managed by the Investment Adviser and the Investment Adviser’s ownership of securities in the Fund.

Fund Administrator and Fund Accountant

U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect wholly owned subsidiary of U.S. Bancorp, acts as the Fund’s Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Directors; monitors the activities of the Fund’s custodian; coordinates the preparation and payment of the Fund’s expenses; and reviews the Fund’s expense accruals. Fund Services also serves as the Fund’s fund accountant. For the fiscal year ended December 31, 2024, the Fund paid Fund Services $ 125,916 for its administration and accounting services.

The principal business address for Fund Services is 615 East Michigan Street Milwaukee, WI 53202.

Custodian

U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, located at 1555 North RiverCenter Drive, Suite 300, Milwaukee, WI 53212, serves as the Fund’s custodian and maintains custody of the securities and cash of the Fund.

Transfer Agent and Registrar

Equiniti Trust Company, LLC, located at 28 Liberty Street, 53 rdFloor, New York, NY 10005 serves as the Fund’s transfer agent and registrar.

Fund Expenses

The Investment Adviser will bear all expenses of its employees in connection with its duties under the Advisory Agreement.

Each of Fund Services and U.S. Bank is obligated to pay expenses associated with its provision of services to the Fund.

The Fund pays all of its own expenses and liabilities, including but not limited to expenses for legal, accounting and auditing services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations; fees and expenses incurred in connection with listing the Fund’s shares on any stock exchange; costs of printing and distributing stockholder reports, proxy