SRH Total Return Fund, Inc. Section 19a Notice

Rhea-AI Summary

SRH Total Return Fund (NYSE:STEW) will pay a quarterly distribution of $0.1650 per share to holders of record as of October 24, 2025, payable October 31, 2025. The Fund uses a managed distribution policy that may include realized capital gains and return of capital.

The Fund estimates the current distribution breakdown as: 6.70% net investment income, 1.29% short-term gains, 71.96% long-term gains and 20.05% return of capital. Fiscal year-to-date distributions total $0.6600 per share with 29.76% YTD return of capital.

Performance metrics: annualized distribution rate 2.87% of NAV, cumulative NAV total return 7.69%, five-year average annual NAV total return 17.84%. Amounts are estimates and final tax-reportable figures will appear on Form 1099-DIV.

Positive

• Quarterly distribution of $0.1650 per share
• Fiscal year-to-date distributions total $0.6600 per share
• 71.96% of current distribution from long-term capital gains
• Cumulative NAV total return of 7.69% (Dec 1, 2024–Sep 30, 2025)
• Five-year average annual NAV total return of 17.84%

Negative

• Estimated 20.05% of current distribution is return of capital
• Fiscal YTD 29.76% of distributions estimated as return of capital
• Distribution amounts are estimates and may change before tax reporting
• Board may modify or suspend the distribution policy, which could hurt market price

News Market Reaction – STEW

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-0.06% News Effect

On the day this news was published, STEW declined 0.06%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Notification of Sources of Distribution

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

DENVER, CO / ACCESS Newswire / October 31, 2025 / On October 31, 2025, SRH Total Return Fund, Inc. (NYSE:STEW) (the "Fund"), a closed-end investment company, will pay a distribution on its common stock of $0.1650 per share to stockholders of record at the close of business on October 24, 2025. The Fund, acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund may utilize capital gains, where applicable, as part of regular quarterly cash distributions to its stockholders. This policy gives the Fund greater flexibility to realize capital gains and to distribute those gains to stockholders.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. In addition, the table shows the percentages of the total distribution amount per share attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

Current Distribution from:
	Per Share ($)	Percentage (%)
Net Investment Income	0.01106	6.70%
Net Realized Short-Term Capital Gains	0.00213	1.29%
Net Realized Long-Term Capital Gains	0.11873	71.96%
Return of Capital or other Capital Source	0.03308	20.05%
Total (per common share)	0.16500	100.00%
Fiscal Year-to-Date Cumulative
Distributions from1:
	Per Share ($)	Percentage (%)
Net Investment Income	0.05083	7.70%
Net Realized Short-Term Capital Gains	0.00213	0.32%
Net Realized Long-Term Capital Gains	0.41062	62.22%
Return of Capital or other Capital Source	0.19642	29.76%
Total (per common share)	0.66000	100.00%

¹ The Fund's fiscal year is December 1 to November 30. Information shown is for the period beginning December 1, 2024.

Stockholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this 19(a) Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to the distribution declaration date. While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a stockholder's investment in the Fund. The value of a stockholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Fund Performance & Distribution Rate Information

Annualized Distribution Rate as a Percentage of NAV^	2.87%
Cumulative Distribution Rate as a Percentage of NAV*	2.87%
Cumulative Total Return as a Percentage of NAV**	7.69%
Average Annual Total Return***	17.84%

^Based on the Fund's NAV as of September 30, 2025 and the quarterly distribution of $0.1650.

*Based on the Fund's NAV as of September 30, 2025 and includes distributions through October 31, 2025.

**Cumulative Total Return is the percentage change in the Fund's NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2024 through September 30, 2025.

***Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending September 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of these distributions.

The Fund has a managed distribution policy that seeks to deliver the Fund's long term total return potential through regular quarterly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Stockholders should note, however, that if the Fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund's assets and will constitute a return of the stockholder's capital. A return of capital is not taxable; rather it reduces a stockholder's tax basis in his or her shares of the Fund.

The Fund's Board of Directors reviews the amount of any distributions made pursuant to the Fund's distribution policy and considers the income earned and capital gains realized by the Fund, as well as the Fund's available capital. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration, among other things, the Fund's net asset value and market conditions. The Fund's distribution policy is subject to modification, suspension or termination by the Board of Directors at any time, which could have an adverse effect on the market price of the Fund's shares. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

For more information on the Fund, please visit us on the web at www.srhtotalreturnfund.com.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

Contact info:
Website: https://srhtotalreturnfund.com/
Email: stewclientinquiries@paralel.com

SOURCE: SRH Total Return Fund, Inc.

View the original press release on ACCESS Newswire

FAQ

What distribution did SRH Total Return Fund (STEW) declare on October 31, 2025?

STEW declared a quarterly cash distribution of $0.1650 per share, payable October 31, 2025, to holders of record on October 24, 2025.

How much of the October 2025 STEW distribution is return of capital?

The Fund estimates 20.05% of the October 31, 2025 distribution is return of capital.

What are STEW's fiscal year-to-date distributions through October 31, 2025?

Fiscal year-to-date distributions equal $0.6600 per share, with 29.76% estimated as return of capital.

What is the annualized distribution rate for STEW relative to NAV?

The annualized distribution rate as a percentage of NAV is reported at 2.87% based on NAV as of September 30, 2025.

Will STEW send tax reporting for 2025 distributions?

Yes. The Fund will issue a Form 1099-DIV for the calendar year showing final tax-reportable amounts.

Could STEW change its managed distribution policy and how would that affect shareholders?

Yes. The Board can modify, suspend, or terminate the distribution policy, which could adversely affect the Fund's market price.