Total Return Securities Fund to Issue Nearly 4M Shares, Then Offer to Buy Back 23% of Stock

Total Return Securities Fund (the "Fund") (NYSE:SWZ) announced today that its non-transferable rights offering to purchase up to 12,990,705 additional shares of its common stock expired on December 5, 2025. The total number of shares to be issued to subscribing Rights Holders is expected to be 3,983,157. The Subscription Price is $6.07, which is greater than the Estimated Subscription Price of $6.04.  Each subscribing Rights Holder will be required to pay an additional $0.03 per share to the Fund prior to, or simultaneously with, issuance of the number of shares requested by such Rights Holder.

As soon as practicable after issuance of the shares to subscribing Rights Holders, the Board intends to authorize commencement of a tender offer to purchase up to approximately 23% of the Fund's outstanding shares of its common stock at a price of at least 98% of the net asset value per share at the expiration of the tender offer.