Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 58

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 58
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9.57 |     |               | -15.80 |   |     |            | -15.67 |   |
| 12/31/2024 |     |       | 8.93 |     |       | 7.49 |     |      | 10.23 |     |     | 8.89 |     |               | -12.71 |   |     |            | -14.62 |   |
| 03/31/2025 |     |       | 9.22 |     |       | 7.57 |     |      | 10.17 |     |     | 8.90 |     |               |  -9.73 |   |     |            |  -9.55 |   |
| 06/30/2025 |     |       | 9.38 |     |       | 6.13 |     |      |  9.93 |     |     | 6.94 |     |               |  -5.54 |   |     |            |  -7.78 |   |
| 09/30/2025 |     |       | 6.33 |     |       | 6.00 |     |      |  7.19 |     |     | 6.93 |     |               | -12.10 |   |     |            | -12.41 |   |

Repurchase of Shares

The Fund may, pursuant to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such times, and in such amounts as may be deemed advantageous to the Fund. Nothing herein shall be considered a commitment to purchase such Shares. No limit has been placed on the number of Shares to be repurchased by the Fund other than those imposed by federal securities laws. All purchases will be made in accordance with federal securities laws, with Shares repurchased held in treasury for future use by the Fund. In determining to repurchase Shares, the Board will consider such factors as the market price of the Shares, the NAV of the Shares, the liquidity of the assets of the Fund, the effect on the Fund’s expenses, whether such transactions would impair the Fund’s status as a regulated investment company or result in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on the Fund’s ability to consummate such transactions.

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Additional