Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 65

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 65
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. | Make                                                                                   
 short sales of securities or maintain a short position in any securities, except that  
 the Fund may make short sales of securities or maintain a short position in securities 
 for hedging and risk management purposes.                                              |

| 6. | Purchase                                                                               
 securities on margin, except such short-term credits as may be necessary or routine of 
 the clearance or settlement of transactions.                                           |

| 7. | Act                                                                                    
 as an underwriter, except to the extent the Fund may be deemed to be an underwriter in 
 connection with the sales of securities in its portfolio.                              |

| 8. | Invest                                                                                      
 10% or more of the total value of its assets in securities which cannot be readily resold   
 because of legal or contractual restrictions or which are not otherwise readily marketable. |

Non-Fundamental Policy

The following non-fundamental investment policy of the Fund may be changed by the Directors without shareholder approval:

| 1. | The                                                                                   
 Fund will pursue its investment objective primarily by purchasing U.S. securities or  
 other assets that, in its view, are undervalued at the time of purchase and (1) have  
 the potential for growth and/or (2) where the perceived discount from their intrinsic 
 value is likely to narrow over time.                                                  |

| 2. | The                                                                                     
 Fund has adopted a policy to invest, under normal circumstances, at least 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