Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 67

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 67
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80% of the    
 value of its assets in investments in accordance with the investment focus of long-term 
 total return. The Fund has also adopted a policy to provide Fund shareholders with at   
 least 60 days prior notice of any change in this policy and any change in the Fund’s    
 name that would accompany this change.                                                  |

All percentage limitations on investments will apply at the time of investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Except for the fundamental investment restrictions listed above, the other investment policies described in this SAI or the Prospectus are not fundamental and may be changed by approval of the Directors.

<div align='center'>B-2

MANAGEMENT</div>

The Fund’s business and affairs are managed under the direction of the Fund’s Board of Directors (the “Board”). The Board currently consists of five (5) individuals, three (3) of whom are not “interested persons” as that term is defined in Section 2(a)(19) of the 1940 Act. These individuals are referred to as “Independent Directors.” The Board elects the Fund’s officers, who serve at the discretion of the Board.

The Directors approve all significant agreements between the Fund and persons or companies furnishing services to it, including the Fund’s agreements with its Investment Adviser, administrator, custodian and transfer agent. The management of the Fund’s day-to-day operations is delegated to its officers, the Investment Adviser and the Fund’s administrator, subject always to the investment objective and policies of the Fund and to the general supervision of the Directors.

Directors and Executive Officers

The following table sets forth the Directors and executive officers of the Fund, their name, address, age, position with the Fund, term of office and length of service with the Fund, principal occupation or employment during the past five years and other directorships held at October 20, 2025. The address for all Directors and executive officers of the Fund is c/o Total Return Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.

| Name,      
 Address    
 and        
 Age        | Position(s)                                                   
 Held                                                          
 with                                                          
 the                                                           
 Fund (Since)                                                  | Term   
 of     
 Office 
 and    
 Length 
 of     
 Time   
 Served | Principal                                                                                                                   
 Occupation                                                                                                                  
 During                                                                                                                      
 the Past                                                                                                                    
 Five                                                                                                                        
 Years                                                                                                                       |     Number 
         of 
 Portfolios 
         in