Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 63

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 63
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</div>

<div align='center'>PROSPECTUS

November 14, 2025</div>

<div align='center'>STATEMENT OF ADDITIONAL INFORMATION

November 14, 2025

TOTAL RETURN SECURITIES FUND

C/O U.S. BANCORP FUND SERVICES, LLC

615 EAST MICHIGAN STREET

MILWAUKEE, WI 53202</div>

THIS STATEMENT OF ADDITIONAL INFORMATION (“SAI”) IS NOT A PROSPECTUS. THIS SAI SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF TOTAL RETURN SECURITIES FUND (THE “FUND”), DATED NOVEMBER 14, 2025 (THE “PROSPECTUS”), AS IT MAY BE SUPPLEMENTED FROM TIME TO TIME. CAPITALIZED TERMS USED BUT NOT DEFINED IN THIS SAI HAVE THE MEANINGS GIVEN TO THEM IN THE PROSPECTUS.

A COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT 1-800-937-5449OR BY VISITING THE FUND’S WEBSITE AT WWW.TOTALRETURNSECURITIESFUND.COM. THE REGISTRATION STATEMENT OF WHICH THE PROSPECTUS IS A PART CAN BE REVIEWED AND COPIED AT THE PUBLIC REFERENCE ROOM OF THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) AT 100 F STREET NE, WASHINGTON, D.C. 20549-0102. YOU MAY OBTAIN INFORMATION ON THE OPERATION OF THE PUBLIC REFERENCE ROOM BY CALLING THE SEC AT (800) SEC-0330. THE FUND’S FILINGS WITH THE SEC ARE ALSO AVAILABLE TO THE PUBLIC ON THE SEC’S WEBSITE AT WWW.SEC.GOV. COPIES OF THESE FILINGS MAY BE OBTAINED, AFTER PAYING A DUPLICATING FEE, BY ELECTRONIC REQUEST AT THE FOLLOWING E-MAIL ADDRESS: PUBLICINFO@SEC.GOV, OR BY WRITING THE SEC’S PUBLIC REFERENCE SECTION, 100 F STREET NE, WASHINGTON, D.C. 20549-0102.

<div align='center'>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</div>

|                                                                | Page |
| FORWARD-LOOKING STATEMENTS                                     | B-1  |
| GENERAL INFORMATION AND HISTORY                                | B-1  |
| INVESTMENT RESTRICTIONS                                        | B-