Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 77

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 77
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2020.

Other Accounts Managed. The following table shows the number of other accounts managed by Messrs. Dakos and Goldstein as of March 31, 2025:

|                                 |             |                 ADVISORY 
 FEE BASED ON PERFORMANCE |                  |
| TYPE                            
 OF ACCOUNTS                     |      NUMBER 
 OF ACCOUNTS |                   NUMBER 
              OF ACCOUNTS |            TOTAL 
           ASSETS 
 ($ IN MILLIONS)* |
| Registered Investment Companies |           2 |                        0 |               $0 |
| Other Pooled Investments        |           5 |                        0 |               $0 |
| Other Accounts                  |         174 |                        2 |       $2,376,831 |

*Estimated

Conflicts of Interest. Certain conflicts of interest may arise in connection with the Investment Adviser’s management of the Fund’s portfolio and the portfolios of other accounts managed by members of the Investment Adviser. For example, certain inherent conflicts of interest exist in connection with managing accounts that pay a performance-based fee or allocation alongside an account that does not. These conflicts may include an incentive to favor such accounts over the Fund because the investment advisor of such accounts can potentially receive greater fees from accounts paying a performance-based fee than from the Fund. As a result, certain members of the Investment Adviser may have an incentive to direct their best investment ideas to, or allocate or sequence trades in favor of such accounts. In addition, in cases where the investment strategies are the same or very similar, various factors (including, but not limited to, tax considerations, amount of available cash, and risk tolerance) may result in substantially different portfolios in such accounts.

<div align='center'>B-16</div>

Compensation.Compensation for Messrs. Dakos and Goldstein is comprised solely of net income generated by the Investment Adviser.

Ownership of Securities. As of December
31, 2024, Mr. Goldstein beneficially owned 16,783 shares (held Directly) of beneficial interest in the Fund and Mr. Dakos beneficially
owned 3,000 shares (held Indirectly) and 64 shares (held Directly) of beneficial interest in the Fund.

<div align='center'>ALLOCATION OF BROKERAGE</div>

Subject to the supervision of the Board, decisions to buy and sell securities for the Fund are made by the Investment Adviser. The Investment Adviser is authorized by the Board to allocate the orders placed by it on behalf of the Fund to brokers and