Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 7

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 7
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 2025 and September 12, 2025, the Board determined that the current Offering is in the best interests of the Fund and its existing Shareholders to increase the assets of the Fund so that the Fund may be in a better position to take advantage of investment opportunities that exist or may arise. Such opportunities may include acquiring shares of closed-end funds at a discount to NAV and shares of operating companies selling at market prices below perceived intrinsic value. In both cases, increased assets may enable the Fund to acquire larger positions which may enhance its ability to influence management of a portfolio company to take actions to increase the market price of the Fund’s investment. Proceeds will be invested in accordance with the Fund’s investment objective and policies as stated herein. See “Business of the Fund.”

Board Considerations in Approving the Offering. At meetings held on August 16, 2025 and September 12, 2025, the Board considered the approval of the Offering. In considering whether or not to approve the Offering, the Board relied on materials and information prepared and presented by the Fund’s management and Investment 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