Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 58

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 58
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 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 on the NYSE during the calendar year ended December 31, 2024 was [●]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 |     | High 
 NAV  |  9.47 |     | Low 
 NAV | 8.85 |     | Premium/      
 (Discount) to 
 High          
 NAV           | -13.41 | % |     | Premium/   
 (Discount) 
 to         
 Low        
 NAV        | -14.92 | % |
|:-----------|:----|:------|-----:|:----|:------|-----:|:----|:-----|------:|:----|:----|-----:|:----|:--------------|-------:|:--|:----|:-----------|-------:|:--|
| 06/30/2023 |     |       | 8.37 |     |       | 7.97 |     |      | 10.13 |     |     | 9.39 |     |               | -17.77 |   |     |            | -15.12