Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 6

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 6
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-diversified closed-end management investment company. The Fund was incorporated in Delaware on October 24, 1986. The Fund’s principal office is located c/o U.S. Bancorp Fund Services, LLC at located at 615 East Michigan Street, Milwaukee, WI 53202, and its telephone number is 1-800-937-5449.

<div align='center'>THE OFFERING</div>

Terms of the Offering. The Fund
is issuing to Record Date Shareholders (i.e., Shareholders who hold Shares on the Record Date) non-transferable Rights to subscribe
for Shares. Each Record Date Shareholder is being issued one (1) non-transferable Right for each Share owned on the Record Date. The
Rights entitle a Record Date Shareholder (or Rights Holder) to acquire one (1) Share at the Subscription Price for every Right held.
Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Record Date
Shareholder on the Record Date will be rounded up to the nearest whole number. Rights may be exercised at any time during the Subscription
Period, which commences on or about November 14, 2025 and ends at 5:00 p.m., New York City time, on December 5, 2025, unless extended
by the Fund. See “Expiration of the Offering.” The right to acquire one (1) additional Share for every Right held at the
Subscription Price is hereinafter referred to as the “Basic Subscription.”

In addition to the Basic Subscription, Rights Holders who exercise all of their Rights are entitled to subscribe for Unsubscribed Shares that were not otherwise subscribed for by others in the Basic Subscription (the “Additional Subscription Privilege”), with such Shares subject to the same terms and conditions of the Offering. To the extent that sufficient Unsubscribed Shares are not available to honor all additional subscription requests, available Shares will be allocated to assure that the total number of Unsubscribed Shares available are distributed on a pro-rata basis. See “– Additional Subscription Privilege” below. For purposes of determining the maximum number of Shares a Rights Holder may acquire pursuant to the Offering, broker-dealers whose Rights are held of record by any Nominee will be deemed to be the holders of the Rights that are issued to such Nominee on their behalf. The term “Nominee” shall mean, collectively, Cede & Company (“Cede”), as nominee for the Depository Trust Company