Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 32

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 32
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 Exercise of Subscription Rights.Rights Holders who desire to purchase Shares in the Offering must act promptly to ensure that all required forms and payments are actually received by the Subscription Agent before the Expiration Date of the Offering, unless extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank or other nominee acts for you and that all required forms and payments are actually received by the Subscription Agent before the Expiration Date. The Fund will not be responsible if your broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the Subscription Agent before the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the Offering, the Subscription Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received. Neither the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.

Discount to Net Asset Value (NAV).
The Fund’s shares of common stock have historically traded on the NYSE at a discount to the Fund’s NAV per share. On October
20, 2025, the last reported NAV per Share was $7.11 and the last reported sales price per Share on the NYSE was $5.99, which represents
a 15.75% discount to the Fund’s NAV per Share. There is no assurance that this Offering will not have an effect on the discount
to NAV experienced by the Fund.

Dilution of Ownership.As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.

Dilution to NAV. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion of the Offering because (i) the Subscription Price per share will be less than the Fund’s NAV per share, and (ii) the Fund will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if they do not exercise their Rights in full.

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Principal Risks

Closed-End Investment Company Risk.The Fund invests in the