Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 65

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 65
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 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. | Make                                                                                   
 short sales of securities or maintain a short position in any securities, except that  
 the Fund may make short sales of securities or maintain a short position in securities 
 for hedging and risk management purposes.                                              |

| 6. | Purchase                                                                               
 securities on margin, except such short-term credits as may be necessary or routine of 
 the clearance or settlement of transactions.                                           |

| 7. | Act                                                                                    
 as an underwriter, except to the extent the Fund may be deemed to be an underwriter in 
 connection with the sales of securities in its portfolio.                              |

| 8. | Invest                                                                                      
 10% or more of the total value of its assets in securities which cannot be readily resold   
 because of legal or contractual restrictions or which are not otherwise readily marketable. |

Non-Fundamental Policy

The following non-fundamental investment policy of the Fund may be changed by the Directors without shareholder approval:

| 1. | The                                                                                   
 Fund will pursue its investment objective primarily by purchasing U.S. securities or  
 other assets that, in its view, are undervalued at the time of purchase and (1) have  
 the potential for growth and/or (2) where the perceived discount from their intrinsic 
 value is likely to narrow over time.                                                  |

| 2.