Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 19

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 19
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     |      |      15 |  % |     |      |      11 | % |     |      |      12 | % |

1 Calculated
using the average shares method.

2 Includes
net realized and unrealized currency gains and losses.

3 Total
investment return based on market value differs from total investments return based on net asset value due to changes in the relationship
between the market value of the Fund’s shares and its NAV per share.

4 Less
than 0.5 cents per share.

5 Not
annualized for periods less than one year.

6 Annualized
for periods less than one year.

7 If interest expense and commitment fees had been excluded, the expense ratios would have been lower
by 0.05% for the years ended December 31, 2022 and December 31, 2023.

<div align='center'>16

USE OF PROCEEDS</div>

If fully-subscribed, including full utilization
of the Additional Subscription Privilege, the net proceeds of the Offering will be approximately $78,463,858 or approximately $6.04 per
Share. The Fund intends to use the net proceeds of the Offering to invest in accordance with the Fund’s investment objective and
policies (as stated below) as soon as practicable after completion of the Offering. The Fund currently anticipates being able to invest
the net proceeds within six (6) months after the completion of the Offering. Pending investment of the net proceeds in accordance with
the Fund’s investment objective and policies, the Fund will invest in money market securities or money market mutual funds. Investors
should expect, therefore, that before the Fund has fully invested the proceeds of the Offering in accordance with its investment objective
and policies, the Fund’s NAV would earn interest income at a modest rate.

INVESTMENT OBJECTIVE AND INVESTMENT STRATEGIES

The disclosure below describes the Fund’s current Investment Objective and Investment Strategies. As noted earlier, at a special meeting on February 21, 2025, the Shareholders approved an investment advisory agreement (the “Advisory Agreement”) between the Fund and Bulldog whereby Bulldog will provide investment management services to the Fund. At the February 21, 2025 special meeting, the Shareholders also approved replacing the Fund’s fundamental investment objective of capital appreciation by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing long-term total return and changes to the Fund’s fundamental investment restrictions in