Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 63

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 63
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 plans, strategies and goals and the Fund’s beliefs and assumptions concerning future economic or other conditions and the outlook for the Fund based on currently available information. In this SAI, words such as “anticipates,” “believes,” “expects,” “objectives,” “goals,” “future,” “intends,” “seeks,” “will,” “may,” “could,” “should,” and similar expressions are used in an effort to identify forward-looking statements, although some forward-looking statements may be expressed differently.

The Fund’s actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in the section headed “Risk Factors” in the Prospectus and elsewhere in the Prospectus and this SAI. You should consider carefully the discussions of risks and uncertainties in the “Risk Factors” section in the Prospectus. The forward-looking statements contained in this SAI are based on information available to the Fund on the date of this SAI, and the Fund assumes no obligation to update any such forward-looking statements, except as required by law.

<div align='center'>GENERAL INFORMATION AND HISTORY</div>

Total Return Securities Fund (f/k/a The Swiss Helvetia Fund) (the “Fund”) was incorporated in Delaware on October 24, 1986 and is a closed-end management investment company registered with the SEC under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940 Act”). Bulldog Investors, LLP (“Bulldog”) is the Fund’s investment adviser (the “Investment Adviser”). On February 21, 2025, shareholders approved replacing the Fund’s investment objective with a non-fundamental investment objective of long-term total return. Also on that date shareholders approved a new investment advisory agreement between the Fund and Bulldog as the Fund’s investment adviser. On March 31, 2025, Bulldog became the Fund’s investment adviser.

Bulldog intends to achieve the Fund’s investment objective primarily by purchasing U.S. securities or other assets that, in the opinion of Bulldog, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived discount from their intrinsic value is likely to narrow over time. When advisable, Bulldog may seek to influence the management of a portfolio company to take actions to increase the market price of the Fund’s investment in that company’s securities (e.g.,