Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 82

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 82
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 part of a hedging, integrated or conversion transaction, a constructive sale or a straddle; |

| ● | a                                                                                                 
 trader in securities that has elected the mark-to-market method of accounting for its securities; |

| ● | a                                          
 person liable for alternative minimum tax; |

| ● | a                                                                                 
 partnership or other pass-through entity for U.S. federal income tax purposes; or |

| ● | a                                                               
 U.S. Holder whose “functional currency” is not the U.S. dollar. |

If an entity treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A holder of shares in a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of holding and disposing of the shares.

Prospective U.S. Holders are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares, including the application of U.S. federal, state, local and foreign tax laws.

Taxation as a Regulated Investment Company

The Fund has elected to be treated and intends to qualify each year as a regulated investment company (a “RIC”) under Subchapter M of the Code. To qualify as a RIC, the Fund must, among other things, (i) derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and (b) net income from interests in “qualified publicly traded partnerships” (as defined in the Code); (ii) diversify its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund’s total assets and not more than 10% of the outstanding voting securities of such issuer and (b) not