Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 18

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 18
---
 Under the laws of Delaware, the state in which the Fund is incorporated, under certain circumstances, the Board is authorized to approve rights offerings without obtaining Shareholder approval. The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a rights offering at a price below the then current NAV so long as certain conditions are met, including a good faith determination by the Board that such offering would result in a net benefit to the Fund’s existing shareholders.

<div align='center'>15

FINANCIAL HIGHLIGHTS</div>

Set forth below is, for each period indicated, per share operating performance data for one share of common stock of the Fund (“Share”), total investment return, ratios to average net assets and other supplemental data. This information has been derived from the financial statements and market price data for the Fund’s Shares. The information in the table below for the fiscal years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020 is derived from the Fund’s financial statements for the fiscal year ended December 31, 2024 which have been audited by Tait, Weller & Baker LLP, the Fund’s independent registered public accounting firm, whose report on such financial statements is contained in the Fund’s December 31, 2024 Annual Report. Information shown in the table below for the six-month period ending June 30, 2025 is derived from the unaudited financial statements for the Fund for the six-month period ended June 30, 2025 included in the Fund’s June 30, 2025 Semi-Annual Report. The audited financial statements and notes thereto for the fiscal year ended December 31, 2024 (together with the report thereon of the Fund’s independent registered public accounting firm) and the unaudited financial statements and notes thereto for the six-month period ended June 30, 2025, are incorporated by reference in the Statement of Additional Information and are available without charge by visiting the Fund’s website at www.totalreturnsecuritiesfund.com, by calling toll free 1-800-937-5449 or by writing to the Fund at 615 East Michigan Street, Milwaukee, WI 53202.

|                                                         |     | (Unaudited) |   For the Six 
  Months Ended 
 June 30, 2025 |   |     | 2024 |      For