Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 29

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 29
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/2023 |
| Audit-Related Fees | 0%              | 0%              |
| Tax Fees           | 0%              | 0%              |
| All Other Fees     | 0%              | 0%              |

(f) N/A (g) The following table indicates the non-audit fees billedor expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

| Non-Audit Related Fees          | FYE  12/31/2024 | FYE  12/31/2023 |
| Registrant                      |          $5,500 |          $5,500 |
| Registrant’s Investment Adviser |              $- |              $- |

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence. (i) Not applicable (j) Not applicable Item 5. Audit Committee of Listed Registrants. (a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Moritz Sell, Gerald Hellerman and Richard Dayan. (b) Not applicable Item 6. Investments.

| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |

| (b) | Not applicable |

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies. Not applicable to closed-end investment companies. Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies. Not applicable to closed-end investment companies. Item 9. Proxy Disclosure for Open-End Investment Companies. Not applicable to closed-end investment companies. Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies. Not applicable to closed-end investment companies. Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. Not applicable. Item