Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 57

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 57
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 the Fund among its Shareholders. Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.

The Fund has no present intention of offering additional Shares, except as described herein in connection with the exercise of the Rights. Other offerings of its Shares, if made, will require approval of the Board. Any additional offering will not be sold at a price per Share below the then current NAV (exclusive of underwriting discounts and commissions) except in connection with an offering to existing Shareholders or with the consent of a majority of the Fund’s outstanding Shares.

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The Fund generally will not issue share certificates. The Fund’s Transfer Agent will maintain an account for each Shareholder upon which the registration and transfer of Shares are recorded, and transfers will be reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a Shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.

Outstanding Securities

The following table sets forth certain information regarding the Fund’s authorized shares and shares outstanding as of June 30, 2025.

| (1)             |                -2 |                    -3 |                  -4 |
| Title of Class  | Amount Authorized |                Amount 
               Held By 
 Registrant or for its 
               Account |              Amount 
         Outstanding 
 Exclusive of Amount 
     Shown Under (3) |
| Shares          
 of Common Stock |        50,000,000 |                     0 |          12,990,705 |

Trading and Net Asset Value Information

In the past, the Shares have traded at a discount in relation to NAV.Shares of closed-end investment companies such as the Fund frequently trade at a discount from NAV.
See “Risk Factors.” The Shares are listed and traded on the NYSE. The average weekly trading volume of the Shares during
the calendar year ended December 31, 2024 was 93,475 Shares.

The following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and low NAV per Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of NAV):

| Fiscal     
 Quarter    
 Ended      
 03/31/2023 |     | High  
 Close | 8.21 |     | Low   
 Close | 7.53