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

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 2
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” below.

The foregoing allocation process may involve a series of allocations in order to assure that the total number of Unsubscribed Shares available are distributed on a pro-rata basis.

The Rights are non-transferable and may not be purchased or sold. As such, the Rights will not be listed for trading on any exchange. The Rights will expire without residual value at the Expiration Date (defined below). The Shares to be issued pursuant to the Offering will be listed for trading on the New York Stock Exchange (the “NYSE”), subject to the NYSE being officially notified of the issuance of those Shares. On October 20, 2025, the last reported net asset value (“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. The subscription price per Share (the “Subscription Price”) will be 85% of the NAV per Share on the Expiration Date.

The Offering:

| ● | will                                                                                                                         
 dilute the NAV of Shares owned by Shareholders who do not fully exercise their rights, and such dilution may be substantial; |

| ● | will                                                                                                                                
 dilute the voting power of Shareholders who do not fully exercise their Rights since they will own a smaller proportionate interest 
 in the Fund upon completion of the Offering;                                                                                        |

| ● | may                                                                                                                               
 cause the discount below NAV at which the Fund’s Shares have recently traded to increase, especially if Rights holders exercising 
 the Rights attempt to sell sizable numbers of Shares shortly after such issuance; however, this possibility may be mitigated by   
 the Fund’s commitment to conduct the self-tender offer described in “Summary – The Offering” below.                               |

RIGHTS HOLDERS WHO CHOOSE TO EXERCISE THEIR RIGHTS WILL NOT KNOW THE PRECISE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY EXERCISE SUCH RIGHTS BECAUSE THE OFFERING WILL EXPIRE PRIOR TO THE DETERMINATION OF THE SUBSCRIPTION PRICE. ONCE A RIGHTS HOLDER EXERCISES RIGHTS TO PURCHASE SHARES AND THE FUND RECEIVES PAYMENT, SUCH DECISION IS IRREVOCABLE. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 5, 2025 (THE “EXPIRATION DATE”), UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.

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