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Total Return Securities Fund, Inc. Announces Rights Offering

1. Total Return Securities Fund plans to issue non-transferable rights to shareholders. 2. Rights allow purchase of shares at 85% of NAV on expiration date. 3. A tender offer to buy back shares will follow the rights offering. 4. 30% of outstanding shares may be repurchased if conditions meet. 5. Shares will be offered at a minimum of 98% of NAV.

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Why Bullish?

The issuance of rights at a discount typically signals trust in future growth. Historical examples show positive market reactions to similar rights offerings, leading to increased valuations.

How important is it?

The rights offering and subsequent tender can attract investors, boosting share demand. If executed well, it can enhance overall fund perception, improving stock performance.

Why Short Term?

The immediate effects of stock offerings and rights tend to influence market response quickly. Past occurrences show price movements in weeks following announcements.

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NAVSPY
August 19, 2025 16:10 ET  | Source: Total Return Securities Fund NEW YORK, Aug. 19, 2025 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Total Return Securities Fund, Inc. (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) announced today that it intends to authorize the issuance of one non-transferable right for each share of the Fund held on a date to be announced to purchase one additional share of the Fund’s common stock at a subscription price of 85% of the net asset value (“NAV”) of the Fund’s shares on the expiration date (unless extended). Rights holders that fully exercise their rights will also be entitled to subscribe, subject to certain limitations to be set forth in a prospectus (which shall be available on the website of the Securities and Exchange Commission at www.sec.gov) and subject to allotment, for additional shares of stock that are not subscribed for by other rights holders.  Shortly after completion of the rights offering, the Board intends to authorize a tender offer to purchase (1) 30% of the Fund’s outstanding shares if at least 8 million shares are issued in the rights offering, or (2) the greater of (a) 15% of the Fund’s outstanding shares and (b) the number of shares that would result in the Fund having approximately $90 million in net assets after completion of the tender offer if less than 8 million shares are issued in the rights offering, in either case at a price of at least 98% of NAV. Contact: Tom Antonucci at 201-881-7102 or tantonucci@bulldoginvestors.com.   This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any of the Fund’s securities in any jurisdiction, nor shall there be any sale, issuance or transfer of its securities in any jurisdiction in contravention of applicable law. No offer of the Fund’s securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Fund’s common stock.  No tender offer for the outstanding shares of our common stock has commenced.  If any tender offer is commenced, the Fund will file a Tender Offer Statement on Schedule TO with the SEC related to the tender offer.  The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other tender offer documents) will contain important information, including the terms and conditions of the tender offer, that should be read carefully before any decision is made with respect to the tender offer.  Stockholders will be able to obtain these documents free of charge, when they become available, from the SEC’s website (www.sec.gov) or the Fund’s current website (www.totalreturnsecuritiesfund.com).

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