Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 61

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 61
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 above. |

The Directors have determined that the 75% requirement described above, which is greater than the minimum requirements under the 1940 Act, is in the best interests of the Fund and its Shareholders generally. Please refer to the Fund’s Charter, on file with the SEC, for the full text of these provisions. These provisions could have the effect of depriving Shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction and may have the effect of inhibiting the Fund’s conversion to open-end status.

<div align='center'>LEGAL MATTERS</div>

Certain legal matters in connection with the Shares will be passed upon for the Fund by Sullivan & Cromwell LLP, located at 125 Broad Street, New York, New York 10004.

<div align='center'>REPORTS TO STOCKHOLDERS</div>

The Fund makes available to its Shareholders unaudited semi-annual and audited annual reports, including a list of investments held.

<div align='center'>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

Tait, Weller & Baker LLP is the independent registered public accounting firm for the Fund and will audit the Fund’s financial statements. Tait, Weller & Baker LLP is located at Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, PA 19102.

<div align='center'>42

ADDITIONAL INFORMATION</div>

The prospectus and the Statement of Additional Information do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (File No. 333-290708). The complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of Additional Information without charge.

<div align='center'>43

TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</div>

|                                                                | Page |
| FORWARD-LOOKING STATEMENTS                                     | B-1  |
| GENERAL INFORMATION AND HISTORY                                | B-1  |
| INVESTMENT RESTRICTIONS                                        | B-2  |
| MANAGEMENT                                                     | B-3  |
| CODE OF ETHICS                                                 | B-14 |
| PROXY VOTING PROCEDURES                                        | B-14 |
| ADMINISTRATIVE SERVICES, CUSTODIAN, TRANS