Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 1

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 1
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 under the Securities Act).                                                                      |
| ☐ | Emerging Growth                                                                                                                
 Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).                                              |
| ☐ | If an Emerging Growth                                                                                                          
 Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with     
 any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.               |
| ☐ | New Registrant (registered                                                                                                     
 or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).                         |

This registration statement shall hereafter become effective in accordance with the provisions of section 8(a) of the Securities Act of 1933.

The information in this prospectus is not complete and may be changed. The Fund may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

<div align='center'>Total Return Securities Fund

12,990,705 Rights for 12,990,705 Shares of Common Stock</div>

Total Return Securities Fund (f/k/a The Swiss Helvetia Fund) (the “Fund”) is issuing non-transferable rights (“Rights”) to its holders of record of shares of common stock (“Shares”) (such holders hereinafter referred to as “Shareholders”), which Rights will allow Shareholders to subscribe for new Shares (the “Offering”). For each one (1) Right a Shareholder receives, such Shareholder will be entitled to buy one (1) new Share. Each Shareholder will receive one (1) Right for each Share it owns on November 14, 2025 (the “Record Date”). Fractional Rights will not be issued, and the number of Rights to be issued to a Shareholder on the Record Date (a “Rights Holder”) will be rounded up to the nearest whole number of Rights. Each Rights Holder may purchase Shares not acquired by other Rights Holders in this Offering (the “Unsubscribed Shares”), subject to certain limitations discussed in this prospectus. 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 “The Offering