Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 61

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 61
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COME TAX CONSEQUENCES | B-18 |
| FINANCIAL STATEMENTS                                           | B-25 |
| OTHER INFORMATION                                              | B-25 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                  | B-25 |

<div align='center'>44

THE FUND’S PRIVACY POLICY</div>

Privacy Policy Notice

The following is a description of the Fund’s policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of the financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

CATEGORIES OF INFORMATION THE FUND COLLECTS. The Fund collects the following nonpublic personal information about you:

| 1. | Information                                                                            
 from the Consumer: this category includes information the Fund receives from you on or 
 in applications or other forms, correspondence, or conversations (such as your name,   
 address, phone number, social security number, assets, income and date of birth); and  |

| 2. | Information                                                                            
 about the Consumer’s transactions: this category includes information about your       
 transactions with the Fund, its affiliates, or others (such as your account number and 
 balance, payment history, parties to transactions, cost basis information, and other   
 financial information).                                                                |

CATEGORIES OF INFORMATION THE FUND DISCLOSES.The Fund does not disclose any nonpublic personal information about its current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

CONFIDENTIALITY AND SECURITY.The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

Not part of the prospectus

<div align='center'>Total Return Securities Fund

[●]Rights for

[●] Shares of Common Stock</div>

<div align='center'>PROSPECTUS

[●], 2025</div>

The information in this Statement of Additional Information is not complete and may be changed. The Fund may not sell these securities until the registration statement filed