Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 7

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 7
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 (“DTC”), or any other depository or nominee. Shares acquired pursuant to the Additional Subscription Privilege are subject to allotment and will be distributed on a pro rata basis if allotment does not exist to fulfill all requests, which is more fully discussed below under “– Additional Subscription Privilege.”

SHARES WILL BE ISSUED AS SOON AS PRACTICABLE AFTER THE EXPIRATION DATE.

Rights will be Evidenced by Subscription Certificates. The number of Rights issued to each Rights Holder will be stated on the Subscription Certificates delivered to the Rights Holder. The method by which Rights may be exercised and Shares paid for is set forth below in “Method of Exercising Rights” and “Payment for Shares.” A RIGHTS HOLDER WILL HAVE NO RIGHT TO RESCIND A PURCHASE AFTER THE SUBSCRIPTION AGENT (DEFINED BELOW) HAS RECEIVED PAYMENT. See “Payment for Shares” below.

The Rights are non-transferable and may not be purchased or sold. Rights will expire without residual value at the Expiration Date. The Rights will not be listed for trading on the NYSE, and there will not be any market for trading Rights. The Shares to be issued pursuant to the Offering will be listed for trading on the NYSE, subject to the NYSE being officially notified of the issuance of those Shares.

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Purpose of the Offering. At meetings held on August 16, 2025 and September 12, 2025, the Board determined that the current Offering is in the best interests of the Fund and its existing Shareholders to increase the assets of the Fund so that the Fund may be in a better position to take advantage of investment opportunities that exist or may arise. Such opportunities may include acquiring shares of closed-end funds at a discount to NAV and shares of operating companies selling at market prices below perceived intrinsic value. In both cases, increased assets may enable the Fund to acquire larger positions which may enhance its ability to influence management of a portfolio company to take actions to increase the market price of the Fund’s investment. Proceeds will be invested in accordance with the Fund’s investment objective and policies as stated herein. See “Business of the Fund.”

Board Considerations in Approving the Offering. At meetings held on August 16, 2025 and September 12, 2025, the Board considered the approval of the Offering. In considering whether or not to approve the Offering, the Board relied on materials and information prepared and presented by the Fund’s management and Investment