Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 5

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 5
---
quired Funds in which the Fund invests. Acquired Fund 
 fees and expenses are based on estimated amounts for the current fiscal year.                                              |

| (6) | The                                                                                                                             
 example assumes that the estimated “Other Expenses” set forth in the Annual Expenses table remain the same each                 
 year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. 
 The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize      
 any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund’s actual rate           
 of return will vary and may be greater or less than the hypothetical 5% annual return.                                          |

The purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly or indirectly. The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown.

<div align='center'>7

THE FUND</div>

The Fund is a non-diversified closed-end management investment company. The Fund was incorporated in Delaware on October 24, 1986. The Fund’s principal office is located c/o U.S. Bancorp Fund Services, LLC at located at 615 East Michigan Street, Milwaukee, WI 53202, and its telephone number is 1-800-937-5449.

<div align='center'>THE OFFERING</div>

Terms of the Offering. The Fund
is issuing to Record Date Shareholders (i.e., Shareholders who hold Shares on the Record Date) non-transferable Rights to subscribe
for Shares. Each Record Date Shareholder is being issued one (1) non-transferable Right for each Share owned on the Record Date. The
Rights entitle a Record Date Shareholder (or Rights Holder) to acquire one (1) Share at the Subscription Price for every Right held.
Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Record Date
Shareholder on the Record Date will be rounded up to the nearest whole number. Rights may be exercised at any time during the Subscription
Period, which commences on or about November 14, 2025 and ends at 5:00 p.m., New York City time, on December 5, 2025, unless extended
by the Fund. See “Expiration of the Offering.” The right to acquire