Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 8

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 8
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Notice of NAV Decline. If the Shares begin to trade at a significant discount, the Board may make a determination whether to discontinue the Offering, provided that the Fund, as required by the SEC’s registration form, will suspend the Offering until it amends this prospectus if, subsequent to the date of this prospectus, the Fund’s NAV declines more than 10% from its NAV as of that date. Accordingly, the Expiration Date would be extended and the Fund would notify Rights Holders of the decline and permit Rights Holders to cancel their exercise of Rights.

The Subscription Price. The Subscription Price for the Shares to be issued under the Offering will be 85% of the NAV per Share on the Expiration Date. For example, if the Offering were held using the “Estimated Subscription Price” ( i.e., an estimate of the Subscription Price based on the Fund’s per-share NAV on [●], 2025), the Subscription Price would be $ [●]per share ( 85% of $ [●]).

Additional Subscription Privilege. If all of the Rights initially issued are not exercised, any Shares for which subscriptions have not been received will be offered, by means of the Additional Subscription Privilege, to Rights Holders who have exercised all of the Rights initially issued to them and who wish to acquire more than the number of Shares for which the Rights held by them are exercisable. Rights Holders who exercise all of their Rights will have the opportunity to indicate on the Subscription Certificate how many unsubscribed Shares they are willing to acquire pursuant to the Additional Subscription Privilege.

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If enough Unsubscribed Shares remain after the Basic Subscriptions have been exercised, all additional subscription requests will be honored in full, with such Shares subject to the same terms and conditions of the Offering. In the event that the Subscription Price is less than the Estimated Subscription Price, Unsubscribed Shares may be used by the Fund to fulfill any Shares subscribed for under the Basic Subscription. The method by which any Unsubscribed Shares will be distributed and allocated pursuant to the Additional Subscription Privilege is as follows:

| (i) | If                                                                                                                               
 there are sufficient Unsubscribed Shares to satisfy all additional subscriptions by Rights Holders exercising their rights under 
 the Additional Subscription Privilege, each such Rights Holder shall be allotted the number of Shares requested.                 |

| (ii) | If                                                                                                                            
 the aggregate number of Shares subscribed for under the Additional Subscription Privilege exceeds the number of Unsubscribed