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      <regStreet1>225 Pictoria Drive</regStreet1>
      <regStreet2>Suite 450</regStreet2>
      <regCity>Cincinnati</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>513-587-3400</regPhone>
      <seriesName>Total Return Securities Fund</seriesName>
      <seriesLei>549300HQZ0XPGTS5Q724</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>423447.49</totLiabs>
      <netAssets>92547642.27</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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        <name>Berkshire Hathaway Inc.</name>
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        <name>Bny Mellon Strategic Muni Bd Fd Inc</name>
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        <name>BNY MELLON MUN BD INFRASTRUCTURE FD INC</name>
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        <title>BNY Mellon Municipal Bond Infrastructure Fund </title>
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        <fairValLevel>1</fairValLevel>
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        <name>SRH Total Return Fund Inc</name>
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        <title>SRH Total Return Fund, Inc. </title>
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        <name>Central Securities Corporation</name>
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        <title>CENTRAL SECURITIES CORPORATION </title>
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        <name>Fidelity Colchester Street Trust</name>
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        <title>Fidelity Institutional Money Market Government Portfolio</title>
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        <name>MFS INVT GRADE MUN TR</name>
        <lei>TQV30XJRB3S7V50XRW52</lei>
        <title>MFS Investment Grade Municipal Trust </title>
        <cusip>59318B108</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>MFS HIGH YIELD MUN TR</name>
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        <title>MFS High Yield Municipal Trust </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Monroe</name>
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        <title>Monroe Capital Corporation </title>
        <cusip>610335101</cusip>
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        <name>Norwood Finl Corp</name>
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        <name>Sakata Inx Corp</name>
        <lei>N/A</lei>
        <title>Sakata INX Corporation </title>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Artience Co Ltd.</name>
        <lei>N/A</lei>
        <title>Toyo Ink SC Holdings Co Ltd </title>
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        <name>Nestle SA</name>
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        <name>The Progressive Corporation</name>
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        <title>Progressive Corporation (The) </title>
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        <name>Short-Term Invts T</name>
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        <title>Invesco Treasury Portfolio Institutional Class</title>
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        <name>Tejon Ranch Co</name>
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        <title>Tejon Ranch Company </title>
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        <name>Texas Pacific Land Corporation</name>
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        <name>Fidelity Colchester Street Trust</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>US BANK MM DEPOSIT ACCT </title>
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        <name>Village Super Market Inc.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elme Communities</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>Elme Communities REIT</title>
        <cusip>939653101</cusip>
        <identifiers>
          <isin value="US9396531017"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4020000.00000000</valUSD>
        <pctVal>4.343708711964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ARAVIS BIOTECH II LP </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>3294705.05000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79957000"/>
        <valUSD>443829.41000000</valUSD>
        <pctVal>0.479568575831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Financiere Richemont Sa</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Cie Financiere Richemont S.A. </title>
        <cusip>H25662182</cusip>
        <identifiers>
          <isin value="CH0210483332"/>
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        <balance>22000.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.79957000"/>
        <valUSD>3812174.04000000</valUSD>
        <pctVal>4.119147658973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aryzta AG</name>
        <lei>549300W2PUDQQVRD8W85</lei>
        <title>Aryzta A.G. </title>
        <cusip>H0336C126</cusip>
        <identifiers>
          <isin value="CH1425684714"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79957000"/>
        <valUSD>1164063.18000000</valUSD>
        <pctVal>1.257798849811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chubb Ltd. Switzerland</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb Ltd. </title>
        <cusip>H1467J104</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
        </identifiers>
        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4563020.00000000</valUSD>
        <pctVal>4.930455155937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Spineart SA </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>221085.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86520000"/>
        <valUSD>65288.05000000</valUSD>
        <pctVal>0.070545341187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Andrew Dakos</ncom:nameOfApplicant>
      <ncom:signature>Andrew Dakos</ncom:signature>
      <ncom:signerName>Andrew Dakos</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
