Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 76

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 76
---
 and/or refrain from attending a shareholder meeting, if the Investment Adviser determines that refraining from such action is in the Fund’s best interest. The Investment Adviser may also determine to refrain from voting in other instances, including routine meetings of investment companies, and meetings at which no contested matters are at issue.

Proxy Voting Procedures

In evaluating proxy statements, the Investment Adviser relies upon its own fundamental research, and information presented by company management and others. It does not delegate its proxy voting responsibility to a third party proxy voting service.

<div align='center'>B-14</div>

Proxy Voting Guidelines

The Investment Adviser will generally vote proxies in favor of proposals that, in the opinion of the portfolio managers, seek to enhance shareholder value and shareholder democracy. The Investment Adviser will generally vote proxies against any director who has voted to take action to materially impair shareholder voting rights (e.g., has voted to “opt in” to any state’s control share statute).

With respect to proxies of closed-end investment companies held by the Fund, in order to comply with Section 12(d) of the Investment Company Act of 1940, the Fund will “mirror vote” all such proxies received by the Fund, unless the Investment Adviser deems it appropriate to seek instructions from Fund shareholders with regard to such vote. In such circumstances, the Investment Adviser will vote such proxies proportionally based upon the total number of shares owned by those shareholders that provide instructions. In each semi-annual report to Fund shareholders, they are solicited to request to receive such information.

In certain circumstances, the Investment Adviser
may enter into a settlement agreement with an issuer of stock owned by the Investment Adviser’s clients that requires the Investment
Adviser to vote shares of such stock (or the stock of an affiliate of the issuer) held by clients in a manner that deviates from these
Policies and Procedures. In entering into any such agreement, the Investment Adviser has determined that the anticipated impact of entering
into such settlement agreement is in the interests of the Investment Adviser’s clients.

Monitoring and Resolving Conflicts of Interest

When reviewing proxy statements and related
research materials, the Investment Adviser will consider whether any business or other relationships between a portfolio manager, the
Investment Adviser and a portfolio company could influence a vote on such proxy matter. With respect to personal conflicts of interest,
the Investment Adviser’s Code of Ethics requires all partners to avoid activities, perquisites, gifts, or receipt of investment
opportunities