Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 1

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 1
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 NAV of Shares owned by Shareholders who do not fully exercise their rights, and such dilution may be substantial; |

| ● | will                                                                                                                                
 dilute the voting power of Shareholders who do not fully exercise their Rights since they will own a smaller proportionate interest 
 in the Fund upon completion of the Offering;                                                                                        |

| ● | may                                                                                                                               
 cause the discount below NAV at which the Fund’s Shares have recently traded to increase, especially if Rights holders exercising 
 the Rights attempt to sell sizable numbers of Shares shortly after such issuance; however, this possibility may be mitigated by   
 the Fund’s commitment to conduct the self-tender offer described in “Summary – The Offering” below.                               |

RIGHTS HOLDERS WHO CHOOSE TO EXERCISE THEIR RIGHTS WILL NOT KNOW THE PRECISE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY EXERCISE SUCH RIGHTS BECAUSE THE OFFERING WILL EXPIRE PRIOR TO THE DETERMINATION OF THE SUBSCRIPTION PRICE. ONCE A RIGHTS HOLDER EXERCISES RIGHTS TO PURCHASE SHARES AND THE FUND RECEIVES PAYMENT, SUCH DECISION IS IRREVOCABLE. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 5, 2025 (THE “EXPIRATION DATE”), UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.

For information regarding delivery of Shares to Shareholders who exercise their Rights, see “The Offering – Delivery of the Shares” below.

The Fund is a closed-end management investment company. Bulldog Investors, LLP (“Bulldog”) is the Fund’s investment adviser (the “Investment Adviser”). The Fund’s investment objective is long-term total return. There can be no assurance that the Fund’s investment objective will be achieved.

For more information, please call InvestorCom (the “Information Agent”) toll free at (877) 972-0090.

Investing in the Fund involves risks. See “Risk Factors” on page 24 of this prospectus.

|           |     | Estimated    
 Subscription 
 Price(1)     |      |     | Estimated  
 Sales Load |      |     | Estimated   
 Proceeds to 
 the Fund(2) |            |
|:----------|:----|:-------------|-----:|:----|:-----------|:-----|:----|:------------|-----------:|
| Per Share |     | $            | 6.04 |     |            |