Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 72

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 72
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 held since his respective election.

Audit and Valuation Committee

At a meeting of the Board held on September 12, 2025, the Board determined to combine the Audit Committee and the Valuation Committee (which had previously been established on March 21, 2025). The Audit and Valuation Committee's responsibilities include: (i) the integrity of the Fund’s financial statements; (ii) the Fund’s compliance with legal and regulatory requirements; (iii) the independent registered public accounting firm’s qualifications, independence and performance and (iv) overseeing the implementation and operation of the Fund's security valuation procedures applicable to the Fund's portfolio assets. The Audit and Valuation Committee has direct responsibility to appoint, retain, determine the compensation of, evaluate and terminate the Fund’s independent registered public accounting firm, including sole authority to approve all audit engagement fees and terms, and in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm. The Audit and Valuation Committee also oversees the accounting and financial reporting processes of the Fund and the audits of the Fund’s financial statements as well as the administration of the Fund.

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Although the Audit and Valuation Committee is expected to take a detached and questioning approach to the matters that come before it, the review of the Fund’s financial statements by the Audit and Valuation Committee is not an audit, nor does the Audit and Valuation Committee’s review substitute for the responsibilities of the Fund’s management for preparing, or the independent auditors for auditing, the financial statements. Members of the Audit and Valuation Committee are not full-time employees of the Fund and, in serving on the Audit and Valuation Committee, are not, and do not hold themselves out to be, acting as accountants or auditors. As such, it is not the duty or responsibility of the Audit and Valuation Committee or its members to conduct “field work” or other types of auditing or accounting reviews. In discharging their duties, the members of the Audit and Valuation Committee are entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) one or more officers of the Fund whom such Director reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, public accountants, or other persons as to matters the Director reasonably believes are within the person’s professional or expert competence; or (3) a Board committee