Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 33

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 33
---
 the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.

Discount to Net Asset Value (NAV). The Fund’s shares of common stock have historically traded on the NYSE at a discount to the Fund’s NAV per share. On [●], 2025, the last reported NAV per Share was $[●] and the last reported sales price per Share on the NYSE was $[●], which represents a [●]% discount to the Fund’s NAV per Share. There is no assurance that this Offering will not have an effect on the discount to NAV experienced by the Fund.

Dilution of Ownership.As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.

Dilution to NAV. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion of the Offering because (i) the Subscription Price per share will be less than the Fund’s NAV per share, and (ii) the Fund will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if they do not exercise their Rights in full.

25

Principal Risks

Closed-End Investment Company Risk.The Fund invests in the securities of other closed-end investment companies. Investing in other closed-end investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its pro rata portion of the closed-end investment company’s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company’s portfolio securities, and a shareholder in the Fund will bear not only his proportionate