Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 8

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 8
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 Adviser at such meeting and discussions at that time. Based on such materials and their deliberations at this meeting, the Board determined that it would be in the best interests of the Fund and its Shareholders to conduct the Offering in order to increase the assets of the Fund available for current and future investment opportunities. In making its determination, the Board considered the various factors set forth in “The Offering – Purpose of the Offering”. The Board also considered a number of other factors, including the ability of the Fund to invest the proceeds of the Offering. As a result of these considerations, the Board determined that it is appropriate and in the best interest of the Fund and its Shareholders to proceed with the Offering.

On September 12, 2025, the Board approved the final terms of the Offering. Two (2) of the Fund’s Directors who voted to authorize the Offering may be considered “interested persons” of the Fund within the meaning of the 1940 Act. The other three (3) Directors are not “interested persons” of the Fund within the meaning of the 1940 Act.

There can be no assurance that the Fund or its Shareholders will achieve any of the foregoing objectives or benefits through the Offering.

In the future, the Fund may choose to make additional rights offerings from time to time for a number of Shares and on terms that may or may not be similar to the Offering. Any such future rights offerings will be made in accordance with the then applicable requirements of the 1940 Act and the Securities Act of 1933, as amended (the “Securities Act”).

Notice of NAV Decline. If the Shares begin to trade at a significant discount, the Board may make a determination whether to discontinue the Offering, provided that the Fund, as required by the SEC’s registration form, will suspend the Offering until it amends this prospectus if, subsequent to the date of this prospectus, the Fund’s NAV declines more than 10% from its NAV as of that date. Accordingly, the Expiration Date would be extended and the Fund would notify Rights Holders of the decline and permit Rights Holders to cancel their exercise of Rights.

The Subscription Price. The Subscription
Price for the Shares to be issued under the Offering will be 85% of the NAV per Share on the Expiration Date. For example, if the Offering
were held using the “Estimated Subscription Price” (i.e., an estimate of the Subscription Price based on the Fund’s
per-share NAV on October 20,